World

Sri Lanka, an island nation south of India in the Indian ocean, has faced immense challenges over the past decades, including a brutal civil war that lasted thirty years, followed by a cascade of economic crises, political instability, and social unrest. The lingering echoes of conflict, combined with the devastating impacts of natural disasters, rising debt, and the global COVID-19 pandemic, have further strained the nation's recovery efforts. Despite these hurdles, Sri Lanka stands on the brink of a new era, ready to embark on a journey of recovery and prosperity. Aquarius Horoscope For Today, June 29, Saturday - Innovation Leads Your Way! A significant milestone in Sri Lanka's path to economic recovery has been achieved with the finalization of a debt restructuring deal with its bil...

IN BRIEF Japan is adjusting its economic relationship with China to reduce dependency, driven by rising labour costs, geopolitical concerns and changes in supply chains rather than by an intention to fully decouple economically. Despite shifts in business strategies, their mutual economic interdependence remains significant, with commitments to economic integration seen in regional agreements like the CPTPP and RCEP, and the continued growth of e-commerce trade. Japan is one of the countries most affected by geopolitical competition between the United States and China. Although the economies of Japan and China seem to be on the first track of economic decoupling in many ways as a result, they are actually only experiencing a period of structural economic change. Contrary to the p...

Earlier this year, China announced an ambitious goal of reaching 5% economic growth in 2024. Today, nearly seven months into the year, economists and government officials say they are optimistic that China can reach its goal. “We have the confidence and capability to achieve the growth target,” Chinese Premier Li Qiang said at the World Economic Forum’s Annual Meeting of the New Champions (AMNC), a gathering of top global voices from government, business, civil society and academia held in Dalian, People’s Republic of China. “China’s large market is open,” Li stated. “The rapid growth of new industries and new drivers has buttressed the sound and sustained development of the Chinese economy.” Peng Sen, the President of the China Society of Economic Reform, added at the ...

The high demand for housing is not being met in Indonesia due to a lack of supply. For Indonesian people, a house can only be a house if it is on the ground — not in a flat or apartment. This increases market demand for land and property, which drives prices to increase. But rising prices are not being matched by proportionate income increases. In response to this difficulty, the Indonesian government established the Public Housing Savings Management Agency — Tapera — in 2016. Due to socioeconomic developments, the government updated this regulation to now compel all Indonesian workers to participate in the Tapera program, with a monthly contribution of three per cent deducted from their salaries. Salary deductions to fund Tapera enraged the public. Employers were also unhappy, as t...

In Tokyo, Bank of Japan Governor Kazuo Ueda is searching for an exit from 23 years of quantitative easing. However, the answers he seeks could lie more in Beijing. Japanese policymakers are as surprised as anyone by the underperformance of China’s economy. Back in January, Team Ueda fully expected a powerful growth boost from Asia’s biggest economy that buttressed the argument for higher borrowing costs. Instead, Japan and its neighbours are grappling with the fallout from Chinese deflation, overcapacity and dithering on efforts to end the property crisis. Even if Chinese exports are thriving, weak import activity is being felt throughout the region. For Ueda to feel comfortable tapping the brakes, he must believe China will add more ...

New Delhi: Roshan Mathew’s initial response to Sri Lankan filmmaker Prasanna Vithanage’s script for Paradise was a no. The Malayali actor was worried that it paralleled Anurag Kashyap’s 2020 Netflix hit, Choked: Paisa Bolta Hai, where he played an unemployed husband from Mumbai whose marriage and life unravel in the backdrop of demonetisation. Paradise unfolds in a Sri Lanka grappling with the economic crisis of 2022, when food, fuel and funds were scarce. Once Mathew met Vithanage and went through the plot with him, he knew he had to be a part of the film. He plays a TV producer, who along with his wife, visits Sri Lanka for their fifth wedding anniversary. Paradise, presented by Mani Ratnam and Siva Ananth, and produced by Newton Cinema...