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☆ Sri Lanka's economy shrinks 11.8% in second-worst quarterly performance
▼ + stars: | 2022-12-15 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, Dec 15 (Reuters) - Sri Lanka's economy shrank 11.8% in the July-September quarter from a year ago, government data showed on Thursday, the second-worst quarterly contraction ever for the country going through a severe financial crisis. Economic mismanagement and the impact of the COVID-19 pandemic have left Sri Lanka short of dollars for essential imports including food, fuel, fertilisers and medicine. "This is the second-worst contraction Sri Lanka has experienced in a quarter after a 16.4% contraction in the second quarter of 2020," said Dimantha Mathew, head of research at First Capital. Sri Lanka's central bank estimates the economy will contract by about 8% in 2022. The economy had contracted 8.4% year-on-year in the second quarter, one of the worst performances in the island of 22 million people.

☆ Exclusive: Sri Lanka expects up to $8 bln more in loans, asset restructuring
▼ + stars: | 2022-12-15 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

[1/2] Sri Lanka's Foreign Minister Ali Sabry speaks during an interview with Reuters at his office, in Colombo, Sri Lanka December 14, 2022. Sabry said Sri Lanka was still waiting for "letters of assurance" for debt restructuring from its largest bilateral creditor China, as well as India. The two countries have backed the restructuring efforts and Sri Lanka has shared documents and data with them, he said. Overall, Sri Lanka's economy has improved with essential imports such as fuel and food becoming regular, Sabry said. "So that should start in the next quarter of next year with the IMF loan coming in, other multilateral agencies coming in.

☆ Asia's year in review: Who had it good — and who had it bad — in 2022
▼ + stars: | 2022-12-15 | by ( Curtis Chin | Jose Collazo | ) www.cnbc.com time to read: +7 min

As the new year approaches, we turn again to our annual look at Asia's winners and losers. Government and business leaders in every major economy — China now included — may well hope 2023 is the year when draconian pandemic-related lockdowns become a matter of history. Underscoring the Taiwanese tech industry's critical role, a Semiconductor Industry Association (SIA)/Boston Consulting Group 2021 study found that 92% of the world's most advanced semiconductor manufacturing capacity is located in Taiwan. With numbers like those, Taiwan's semiconductor industry ends the year on the move, still building ties and winning growing support from business and government in the United States and elsewhere. Mixed Year: Asia's 'love' for cryptoAs in much of the world, investors in Asia — once bedazzled if not bewitched by the crypto industry — end the year in a mixed mood.

☆ Fiji national election a tight race in early provisional counting
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +4 min

[1/2] Voters queue at a polling station to vote during the Fijian general election in Suva, Fiji, December 14, 2022. Bainimarama is in a tight race against another former coup leader and one-time prime minister, Sitiveni Rabuka, whose People's Alliance Party has formed a coalition with Fiji's oldest political party, the National Federation Party. The election office said result updates were put "temporarily on hold" shortly before 11 p.m., and later said its election results app, used by the public, had errors. Bainimarama's Fiji First supporters campaigned on stability and progress, while the opposition said national debt was too high and questioned the state of democracy, he said. A multinational observer group led by Australia, India and Indonesia includes 90 election observers who are also monitoring the national vote counting centre.

CNN —The body of Lemekani Nathan Nyirenda, a fighter recruited by the mercenary group Wagner for combat operations in Ukraine, was returned to Zambia on Sunday. The body was received by Nyirenda’s family and foreign ministry officials, the ministry stated in a series of tweets Sunday. A relative of Lemekani Nyirenda, who died in the conflict in Ukraine in September, is consoled as his coffin arrives at the Kenneth Kaunda International Airport in Lusaka on Sunday. A hearse carrying the remains of Lemekani Nathan Nyirenda at Lusaka's Kenneth Kaunda International Airport. Salim Dawood/AFP/Getty ImagesFlorence Nyirenda, Lemekani Nyirenda's mother, is comforted by family members at the airport in Lusaka, on December 11.

☆ Michael Cohen says Donald Trump 'doesn't care' that Ivanka's family is Jewish and he will not denounce Kanye West's antisemitism
▼ + stars: | 2022-12-11 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Michael Cohen said that Donald Trump won't apologize for failing to condemn Kanye West. The former president "doesn't care" that his daughter's family is Jewish, Cohen said on MSNBC. Cohen was asked about a Rolling Stone article that said Jewish Republicans are "begging" Trump to denounce Ye. Cohen responded: "He doesn't care that Ivanka married Jared, doesn't care that Ivanka converted. Cohen said Trump would not apologize for failing to condemn Ye because he "can't even acknowledge fault."

☆ Twitter reinstates the account of 'Baked Alaska' — the far-right troll who pleaded guilty to a Capitol riot charge
▼ + stars: | 2022-12-10 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Twitter has reinstated the account of an internet troll who pleaded guilty to a Capitol riot charge. The reinstatement appears to be part of Elon Musk's plan to offer a "general amnesty" to suspended accounts. Gionet, who live-streamed his participation in the Capitol riot, was permanently banned from Twitter in 2017 for violating the platform's hateful conduct policy. The internet personality, who participated in the deadly Unite the Right white nationalist rally in 2017, appears to have had his account reinstated on Friday night. Gionet, who faces up to six months in prison for pleading guilty to his Capitol riot charge, has not yet received his jail sentence.

☆ A trail of oil: Keystone pipeline's history of oil spills
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

The following is a timeline of some of Keystone's biggest oil spills, along with recent other spills of crude, both onshore and offshore. 2016April: TC shut down the pipeline after about 400 barrels of oil leaked in Hutchinson County, South Dakota. 2017November: TC shut part of the Keystone pipeline system after a leak in South Dakota, caused by mechanical damage from original construction. 2019February: Portions of the Keystone pipeline were shut down after 42 barrels of oil leaked on land in rural St. Charles County, Missouri. OTHER ONSHORE SPILLS:Since 2010 there have been two spills of crude oil larger than this most recent Keystone spill.

☆ World Bank approves Sri Lanka's concessional funding request
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Dec 6 (Reuters) - The World Bank has approved crisis-hit Sri Lanka's request to access concessional financing from the International Development Association so as to help stabilise its economy, the lender said on Tuesday. Soaring inflation, a weakening currency and low foreign exchange reserves have left the island nation of 22 million struggling to pay for imports of essentials such as food, fuel and medicine. Through the IDA, Sri Lanka will receive concessional financing, technical assistance, and policy advice from the World Bank to implement reforms towards economic recovery. Access to IDA's concessional financing would also alleviate debt service pressures as it offers more favourable terms, the World Bank said in a statement. Reporting by Uditha Jayasinghe; Writing by Sudipto Ganguly; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Japan reaches World Cup knockout stages with hotly debated goal after ball appeared to go out of play
▼ + stars: | 2022-12-02 | by ( George Ramsay | ) edition.cnn.com time to read: +3 min

CNN —Japan reached the World Cup knockout stages for the fourth time on Thursday – by what appeared to be a matter of millimeters. But it’s Japan’s second goal that has been a topic of fierce debate in the aftermath of the game, specifically regarding whether the ball crossed the goal line before Kaoru Mitoma’s cutback pass to Ao Tanaka. Tanaka’s bundled goal was initially ruled out after the linesman flagged that the ball had gone out of play. 🧐 pic.twitter.com/cVXur9vMJ1 — FOX Soccer (@FOXSoccer) December 1, 2022“That Japan goal almost defied physics. pic.twitter.com/mzF7YXnQiX — Nick Levett (@nlevett) December 1, 2022The goal means Japan will play Croatia in the knockout stages on Monday, while Spain plays Morocco on Tuesday.

☆ Slick Switzerland edge Serbia in goalfest to reach last 16
▼ + stars: | 2022-12-02 | by ( Hritika Sharma | ) www.reuters.com time to read: +4 min

DOHA, Dec 2 (Reuters) - Switzerland reached the World Cup knockout phase for the third straight time after prevailing 3-2 over Serbia on Friday to finish runners-up in Group G and set up a last 16 showdown with Portugal. But Switzerland resolutely saw out the win, and finished second in Group G behind Brazil on goal difference. Switzerland have now reached the last 16 of every World Cup and European Championship since 2014 and will meet Group H winners Portugal on Tuesday for a place in the quarter-finals. Serbia, who needed a win to give themselves a chance of advancing, finished bottom of the group with only one point. They have never moved past the World Cup group stage since the break-up of Yugoslavia.

China is Sri Lanka's largest bilateral creditor and, with India and Japan, part of official creditor talks to restructure the country's debt. "China will have to play a major role in Sri Lanka's debt restructuring process," CARI researchers Umesh Moramudali and Thilina Panduwawala wrote in the report. The island nation's total external debt is $37.6 billion, according to the report. Adding central bank foreign currency debt, including a $1.6 billion currency swap with China, public external debt rises to $40.6 billion, of which 22% is from Chinese creditors. The loan agreements have clauses that "submit the loans to Chinese governing law and arbitration before the China International Economic and Trade Arbitration Commission".

☆ Switzerland clash with Serbia revives memories of political tensions
▼ + stars: | 2022-11-30 | by ( Gabrielle Tétrault-Farber | ) www.reuters.com time to read: +2 min

DOHA, Nov 30 (Reuters) - Switzerland and Serbia will battle for Group G's last spot in the knockout stage on Friday in a rematch of the 2018 World Cup clash that could reignite political tensions between the teams. Switzerland, on three points, look well-placed to join Brazil in the last 16. Switzerland and Serbia -- who along with Cameroon need a win for a chance to advance -- have only played each other once, in the group stage of the 2018 World Cup. That match remains etched in the memory of fans as one with heavy political undertones. The Football Federation of Kosovo, which became a member of European soccer's governing body UEFA and FIFA in 2016, decried the "aggressive action" undertaken by Serbia.

[1/4] Tolga Oncu, head of retail at Ingka group which owns most IKEA stores worldwide, poses for a photograph after his interview with Reuters inside an IKEA store in Mumbai, India, November 28, 2022. REUTERS/Abhirup RoyMUMBAI, Nov 28 (Reuters) - Ingka Group, the owner of most IKEA furniture stores, is planning additional price cuts as some input costs ease, its retail manager told Reuters on Monday, a reversal from price hikes introduced last year to counter soaring inflation. The moderation of some input costs, such as metal and sea transport, will allow the company to continue the reductions, Oncu said. Opportunities for efficiencies in operations will continue to help IKEA deliver profits while lower prices should attract new cost-conscious customers, he added. Brand owner Inter IKEA, which is in charge of supply, said this month input prices had begun to stabilise, and that promotional campaigns and lower prices on some popular products would be key to attracting cash-strapped shoppers.

☆ Results: Republican Sen. Lisa Murkowski defeated Trump-endorsed Kelly Tshibaka in Alaska's Senate election
▼ + stars: | 2022-11-28 | by ( Hanna Kang | Bartie Scott | ) www.businessinsider.com time to read: +6 min

Sen. Lisa Murkowski ran against fellow Republican Kelly Tshibaka and Democrat Patricia Chesbro, but the battle was largely between the two Republicans. Tshibaka was endorsed by Donald Trump, while Murkowski had the endorsements of several high-profile Democrats, including Sen. Joe Manchin. Republican Sen. Lisa Murkowski defeated Democrat Patricia Chesbro and fellow Republican Kelly Tshibaka in Alaska to represent the state in the US Senate. Her Republican challenger, Tshibaka, raised $4.8 million, spent $4.2 million, and had $692,428 cash on hand, as of October 19. Murkowski benefitted from most of that spending, including a $6.1 million boost from the Senate Leadership Fund, a national Republican super PAC.

☆ Russian McDonald's successor solves franchise problem as more outlets join
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Vkusno & tochka ("Tasty and that's it") restaurants started opening in June. "As of Dec. 1, Razvitie Rost enterprises will continue their work in Russia under the Vkusno & tochka brand," Rosinter said in a statement. Rosinter's restaurants, at train stations and airports in Moscow and St Petersburg, continued operating without McDonald's signs, which were covered up. Reuters found some McDonald's packaging still in use after the closure. Reporting by Olga Popova, Caleb Davis and Alexander Marrow; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Crew on a 160-foot superyacht sleep in tiny hidden cabins and only get paid about $1,400 a month – but the tips can be big
▼ + stars: | 2022-11-27 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

It's important to get on well with your colleagues, the superyacht crew told Insider. For the crew, however, it's a rather different story: they must spend months working very long days before going to sleep in tiny cabins tucked away on the vessel. The crew cabins are hidden away at the rear of the main deck. Rijeka told Insider she's trying to save as possible to achieve her dream of opening a bar in Hawaii. GooletsThe captain's right-hand man Zoran Vidović, 39, told Insider that working on a superyacht can be very enjoyable but is often quite demanding.

☆ IKEA stores owner Ingka's annual operating profit rises 9%
▼ + stars: | 2022-11-25 | by ( Anna Ringstrom | ) www.reuters.com time to read: +2 min

The world's biggest furniture retailer said operating profit in the 12 months through August was 2.04 billion euros ($2.12 billion), on sales growth of 6%. Maeztu also said the operating profit reflected good performance across divisions, which also include shopping malls and an investment arm. Ingka attributed this to higher interest rates, which hit one of Ingka Investments' investment portfolios. Ingka Investments has 20 billion euros worth of financial assets under management, according to its website. Inter IKEA in October said its operating profit fell 56% as it passed on some of its soaring raw material and transport costs to retailers.

☆ England suffer reality check in 0-0 draw with U.S.
▼ + stars: | 2022-11-25 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

AL KHOR, Qatar, Nov 25 (Reuters) - England suffered a sobering reality check as they were outplayed for long periods by a youthful United States side in a tense 0-0 draw in their second World Cup Group B game on Friday. A 6-2 thrashing of Iran on Monday sent fans' hopes soaring but Gareth Southgate's side were fortunate not to suffer a repeat of their 1950 World Cup calamity against the Americans. England captain Harry Kane sent a late header wide that would have given England a first World Cup win over the U.S. at the third attempt but it would have been a travesty. "Wasn't the best performance for sure," Kane, who remains two behind Wayne Rooney's England record 53 goals, said. Haji Wright, the only change to Gregg Berhalter's line-up from the opening draw with Wales, headed wide and England had a huge let-off when McKennie half-volleyed over.

COLOMBO, Nov 24 (Reuters) - Sri Lanka's central bank on Thursday threatened administrative intervention to control high market interest rates that it regarded as out of line with the inflation outlook. Any such action, interpreted by economists as meaning it might push market rates down, would lower the government's high borrowing costs. However, it was unclear how the central bank could force investors to support public finances at lower rates than they expected. "If an appropriate downward adjustment in the market interest rates would not take place in line with the envisaged disinflation path, the central bank will be compelled to impose administrative measures to prevent any undue movements in market interest rates," CBSL said in a statement. "The statement was quite aggressive in saying they are prepared to use non-policy rate tools to nudge market rates, including deposit rates, lower," he added.

COLOMBO, Nov 24 (Reuters) - Sri Lanka's central bank held interest rates steady on Thursday, as widely expected, but said it expected a moderation in market interest rates in line with prevailing policy rates. The Standing Lending Facility (LKSLFR=ECI) rate was held steady at 15.50% while the Standing Deposit Facility Rate (LKSDFR=ECI) was kept unchanged at 14.50%. "If an appropriate downward adjustment in the market interest rates would not take place in line with the envisaged disinflation path, the central bank will be compelled to impose administrative measures to prevent any undue movements in market interest rates," it added. Thirteen out of 15 economists and analysts polled by Reuters had forecast the central bank's interest rates to remain unchanged as it waited to see effects of its earlier hikes to filter through to prices and the broader economy. Sri Lanka, which defaulted on its foreign debt repayments in May, secured a preliminary IMF deal for a $2.9 billion bailout in early September.

WASHINGTON, Nov 23 (Reuters) - Republican Senator Lisa Murkowski and Democratic Representative Mary Peltola of Alaska both won reelection against opponents backed by Donald Trump on Wednesday, the latest high-profile defeats of candidates supported by the former president. Murkowski, 65, has represented Alaska in the Senate since 2002 and built an independent profile as one of the chamber's few centrists. Peltola, the first Alaska Native elected to Congress, beat two Republicans: former vice presidential candidate Sarah Palin and businessman Nick Begich. Tea Party era of politics and helped pave the way for Trump to win the White House. Murkowski and Peltola would have won even under Alaska's old election rules, as they had each won a plurality of votes.

Democratic Rep. Mary Peltola has won a full two-year term representing Alaska in the House, NBC News projected Wednesday, defeating former governor and GOP vice presidential nominee Sarah Palin. Shortly after news broke that she had won a full term on Wednesday night, Peltola tweeted "WE DID IT!!!" The outcome of the Nov. 8 election for the state's at-large House seat — as well as other contests, including for Senate — had been delayed for weeks because of Alaska’s new ranked-choice voting system where voters rank the candidates in order of preference. After the first round of voting, Peltola led Palin by more than 20 percentage points, with Republican Nick Begich, a scion of one of Alaska’s most well-known political families, in third. It means that a Democrat will hold the at-large House seat for the next two years, after Young and the GOP had controlled it for nearly five decades.

Sen. Lisa Murkowski has won re-election in Alaska, NBC News projected Wednesday, dealing former President Donald Trump another loss in what has largely been a miserable midterm cycle for his hand-picked candidates in competitive Senate races. Murkowski, one of only seven Republicans who voted to convict Trump at his second impeachment trial, survived a challenge from Trump-endorsed Kelly Tshibaka, a former Alaska Department of Administration commissioner. Murkowski, Tshibaka, Democrat Patricia Chesbro and Republican Buzz Kelley all advanced from a nonpartisan August primary. The Alaska Republican Party censured her and Trump began calling her the “disaster from Alaska,” ultimately backing Tshibaka to challenge her. Murkowski also is known for her moderate profile in the Senate and for her willingness to work with Democrats.

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