The governments of India, Japan, and Sri Lanka, through a tripartite agreement, have decided to develop a container terminal at Port of Colombo. A Memorandum of Cooperation (MoC) was signed in Colombo by Sri Lankan Port Minister Salaga Ratnayake, Indian High Commissioner to Sri Lanka Taranjit Singh Sandhu, and Japanese delegate to develop East Container Terminal (ECT). According to media reports, the new container terminal is located at the recently developed south part of Post of Colombo and will enable the related countries to develop a facility for large container ships. After getting ap
Hong Kong’s stock market has overtaken Japan to become the World’s 3rd largest stock market. The city’s equity market has become the 3rd most valuable, and just closely behind the US and mainland China. The market value of the companies listed on Hong Kong bourses stood at $5.78 trillion, overtaking Japan’s stock market value that pegged at $5.76 trillion. Hong Kong’s stock market benchmark Hang Seng Index rose 17% since the beginning of the year, adding $937 billion of market value for stock trading with a major contribution from Tencent Holdings Ltd. that gained 22%. The bourse cl
India is now the 6th wealthiest country in the world with fortunes raised massively from the year 2016 to an astounding $8,230 Billion in 2017. It has been rated as the best performing market globally. New World Wealth is a global wealth intelligence and market company that specializes in ratings, surveys, country reports and wealth statistics. It uses the total wealth of a country as an indicator to assess the economic patterns and determine the wealthiest of nations, and refers to the fortunes owned by all individuals living in each state, city or constituency. It includes cash, property s
Reported in June 2018, a sell-off of Chinese stocks due to the trade war between the two biggest economies of the world has resulted in lowering Asian equities to a 4-month low. United States President Donald Trump has further threatened new tariffs on Chinese goods. A 10 per cent imposition on $200 Billion worth goods is expected as a comeback to China’s decision of raising tariffs on $50 Billion U.S goods. China has warned Washington that it will take substantial measures if any more additional list of tariffs on its products were published. Asian Economies like Taiwan, South Korea and So
India has been designated as the world’s fastest growing economy with the World Bank’s projection of its growth rate at 7.3% for the year 2018. The World Bank is an international financial institution that provides loans to countries of the world for capital projects. The Global Economic Prospects is a World Bank Group flagship report that examines global economic trends, developments and prospects, with a special emphasis on upcoming markets and developing economies. After five consecutive slow quarters, India’s GDP growth bottomed out in the middle of 2017 and finally rose vigorously i
Saudi Arabian Monetary Authority and UAE Central Bank announced the launch of common digital currency ‘Aber’ to forge closer financial ties. On 29th Jan 2019, both the apex monetary bodies released a joint statement mentioning that the new digital currency will be used in financial statements between the two countries through Blockchains and Distributed Ledgers technologies. This new digital currency also serves as an additional medium for financial remittances between the two countries. In the initial stages, this pilot project concentrates on the technical aspects and focuses on the
The Union Cabinet chaired by Prime Minister Narendra Modi gave its approval of USD 75 Billion for entering into a Bilateral Swap Arrangement (BSA), a currency swap agreement, between India and Japan thereby authorizing RBI to sign an agreement between Reserve Bank of India and Bank of Japan. The agreement is concluded between the premiers of both the countries at a summitlevel meeting at Yamanashi, Japan. It is essentially meant to exchange and re-exchange a maximum amount of USD 75 Billion for maintaining the appropriate levels of the balance of payments for meeting short-term deficiencie
The 16th ASEAN-India Summit 2019 was held in Thailand in November 2019. The summit was chaired by H.E. General Prayut Chan-oCha, Prime Minister of Kingdom of Thailand. Along with 16th ASEAN-India Summit 2019, there are other summits that took place such as 35th ASEAN Summit, 14th East Asia Summit and 3rd meeting of RCEP. The honorable Indian Prime Minister Narendra Modi attended and co-chaired the summit along with the heads of member countries – Indonesia, Thailand, Singapore, Malaysia, Philippines, Vietnam, Myanmar, Cambodia, Brunei, and Laos. The summit brought up and discussed topics
The International Monetary Fund has appointed Bulgarian economist Kristalina Georgieva as its new Managing Director for a term of five years. With her appointment, she became the first person from an emerging economy to head the global lender. Additionally, she is also the second woman ever to lead the 189-member institution. As a center-right politician who witnessed communism, she built a reputation during her stint at the World Bank as CEO.The selection had been all but guaranteed after the IMF said earlier that she is the sole candidate. She was selected by 24-member Executive Board rep
In November 2019, German Chancellor Angela Merkel visited India and met Indian Prime Minister Narendra Modi and co-chaired the 5th InterGovernmental Consultations (IGC). Both countries acceded to sign seventeen agreements in the fields of agriculture, ayurveda, maritime technology, migration, occupational diseases and yoga. Five Joint Declarations of Intent were also exchanged on strategic projects, partnership for green urban mobility, research and development on Artificial Intelligence (AI) and cooperation in the field of prevention of marine litter. Following are some significant Ind