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☆ I've visited 60 countries. Skip the crowds in Bali — visit this lesser-known gem in South Asia instead.
▼ + stars: | 2024-07-29 | by ( Kate Mcmahon | ) www.businessinsider.com time to read: +5 min

But although Sri Lanka is called India's teardrop, I think it's really its gem. AdvertisementIn my seven years of traveling to 60 countries — including most countries in Southeast Asia — I have rarely been anywhere as wild and diverse as Sri Lanka. There's a lot to do in Sri LankaElephants can be spotted in Sri Lanka. For history and culture buffs, Sri Lanka is also a must-visit countryGet to know the people of Sri Lanka — and their history. AdvertisementDuring my travels, I've also met some of the kindest, most hospitable people in Sri Lanka.

Persons: —, hasn't, Kate McMahon, Jack Lawes, chiles, I've Organizations: Service, Business, Sri Lanka —, . Locations: Sri Lanka, India, Southeast Asia, Bali, New York, Africa, Trincomalee, there's, Jack Lawes Sri Lanka, Ceylon, Kingdom of Kandy, British, . Historic

COLOMBO, Sri Lanka (AP) — The U.S. announced a $553- million project Wednesday to build a new, deep-water shipping container terminal in the Port of Colombo as it competes with China in international development financing. The U.S.-backed financing comes at a time when Sri Lanka is struggling to recover from a dire financial and economic crisis. Sri Lanka borrowed heavily from China to build the port and other infrastructure including an airport and a city being built on reclaimed land. Both neighboring India and China are jostling for influence in Sri Lanka and both have already invested in expanding facilities at the Colombo port. Colombo port also has a terminal run by China Merchants Port Holdings.

Persons: ”, Scott Nathan, Sri Lanka’s John Keells, Lanka’s, Wang Wenbin, William & Mary, AidData, China's, saysChina, Bradley Parks, “, ” ___ Didi Tang Organizations: South, U.S . International Development Finance Corp, West, Local, Sri, Sri Lanka’s John Keells Holdings, Initiative, Foreign Ministry, China Merchants Port Holdings, CHEC Port City Colombo Co, China Communications Construction Company, William & Locations: COLOMBO, Sri Lanka, U.S, Port, Colombo, China, Bay, Bengal, Beijing, Hambantota Port, Hambantota, India, oceanside, Port City, Virginia, “ Beijing, Washington

☆ Asia is in the middle of a record heatwave, and Russia is reaping the financial rewards of it
▼ + stars: | 2023-05-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Asian countries like India and China have been buying cheap Russian oil despite the sanctions. Now, they are also snapping up huge amounts of Russian coal and natural gas. That's on the back of a record heatwave in the region, which is driving the demand for air-conditioning. The country had imported a record 3.8 million tons of fuel from Russia in July, according to Kpler. Imports of Russian coal into China are high now partly due to the heatwave it's currently facing.

☆ Pakistan will do anything to get cheap oil as its economic crisis drags on — including paying for it in the Chinese yuan
▼ + stars: | 2023-05-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

An energy official signaled the country could use the CNY to pay for Russian crude oil, per a report. Pakistan, a country mired in an economic and political crisis, has become the latest to signal using the Chinese currency to make cross-border payments for Russian oil. "Pakistan will pay the price of crude most probably in China's currency — yuan," an unnamed Pakistan energy ministry official told the media outlet. Pakistan's purchase of Russian oil comes also amid sweeping sanctions against Moscow over its invasion of Ukraine. Russia's flagship Urals crude is trading at around a $20 per barrel discount to benchmark US and Brent crude oil currently.

☆ Sri Lankan court orders ex-leader to pay victims of 2019 Easter bombings
▼ + stars: | 2023-01-13 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

COLOMBO, Sri Lanka — Sri Lanka’s Supreme Court ruled Thursday that inaction by the country’s former president and four others led to Easter Sunday bomb attacks in 2019 that killed nearly 270 people and ordered them to pay compensation for violating the basic rights of the victims and their families. A seven-judge bench of the top court ordered former President Maithripala Sirisena to pay 100 million rupees ($273,300) from his personal funds. It also ordered the police chief, two top intelligence officials and the secretary to the ministry of defense at the time to pay a total of 210 million rupees ($574,000). “This dismal failure on the part of former President Sirisena resulted in disastrous consequences for this country. A presidential commission earlier recommended criminal procedures against Sirisena for alleged negligence, but it has not been followed up.

☆ Crisis-hit Sri Lanka — which ran out of fuel earlier this year — snaps up cheap Russian oil for the first time ever
▼ + stars: | 2022-10-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Sri Lanka has been buying large amounts of Russian crude since March 2022. Three months ago, Sri Lanka said it was sending an official delegation to Russia to negotiate oil deals amid a crippling fuel shortage. But it's just one of the emerging markets dealing with economic crises now lining up to buy discounted Russian oil. It's unlikely that Sri Lanka had ever purchased Russian crude before March this year, Kpler's lead crude analyst Viktor Katona said. The US has banned Russian crude and the European Union set to implement an oil embargo on Russian oil by the end of the year.

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