United Arab Emirates

UAE Executive Team for Ease of Doing Business Indicators meets WB experts in Washington

Emirates News Agency | Mar 22, 2019 at 6:57 PM
  • The 21-member UAE team includes federal and local officials from the Federal Competitiveness and Statistics Authority, FCSA, Ministry of Finance, Securities and Commodities Authority, Dubai Competitiveness Office, Dubai Municipality, Dubai Courts, Dubai Electricity and Water Authority, Dubai Land Department and Dubai Trade.
  • The country is fast closing in to become one among the top 10 in the Ease of Doing Business ranking of 190 countries by the World Bank.
  • The report ranks economies on the basis of ease of doing business from 1 190.
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India

Sri Lanka signs loan agreement with China

The Hindu | Mar 22, 2019 at 5:53 PM
  • Sri Lanka signed a $989 million loan with China’s Exim Bank on Friday to build a highway linking the centre of the Indian Ocean island to a Chinese-built seaport in the south.
  • Samaratunga and China’s Ambassador Cheng Xueyuan signed the agreement in Colombo.
  • The agreement, signed after four years of negotiations, is part of China’s latest push in Sri Lanka.
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Canada

China to give $989 million to build new highway in Sri Lanka

Financial Post | Mar 22, 2019 at 5:48 PM
  • China has agreed to provide a loan of $989 million to Sri Lanka to build an expressway that will connect the island nation’s tea-growing central region to a China-run seaport on the southern coast, the island’s finance ministry said Friday.
  • The loan comes as Sri Lanka struggles to repay $5.9 billion in foreign loans this year, of which 40 per cent must be paid by the end of this month.
  • Much of Sri Lanka’s foreign debt is from China, with loans obtained to build highways and other infrastructure projects, including some that have become white elephants, deepening the country’s debt burden.
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United States

China to give $989 million to build new highway in Sri Lanka

Fox News | Mar 22, 2019 at 5:47 PM
  • China has agreed to provide a loan of $989 million to Sri Lanka to build an expressway that will connect the island nation’s tea-growing central region to a China-run seaport on the southern coast.
  • The loan comes as Sri Lanka struggles to repay $5.9 billion in foreign loans this year, of which 40 percent must be serviced by the end of this month.
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Switzerland

Pictet Hit by Alleged Fraud

Finews.com | Mar 22, 2019 at 5:28 PM
  • A Pictet employee is alleged to have embezzled funds from the Geneva-based private bank.
  • The local prosecutor has opened a criminal investigation.
  • A spokesman for Pictet acknowledged a criminal investigation.
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India

GDR manipulation: Sebi bars Bhoruka Aluminium, 4 others for five years from securities market

Times of India | Mar 22, 2019 at 5:12 PM
  • New Delhi, Mar 22 () Markets regulator Sebi Friday barred Bhoruka Aluminium Ltd and its four senior officials from securities market for five years in a matter related to alleged manipulation in issuance of global depository receipts (GDR).
  • During the probe, Sebi observed that the entire 1.21 million GDR was subscribed by only one entity, Vintage FZE (now known as Alta Vista International FZE).
  • The subscription amount for GDR was paid by Vintage after obtaining loan from European American Investment Bank (EURAM).
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