Raging crisis puts Sri Lanka’s creditors on spot 11 Jul 2022 Protesters are forcing out the president after petrol pumps ran dry. It removes one obstacle to an IMF rescue. Now bondholders need to swallow big losses on Colombo’s $50 bln of foreign debt. An ugly global economy means citizens and lenders face a long, hard road to recovery.
Sri Lanka crisis sends inflation warning worldwide 4 Apr 2022 The island is in turmoil after the war in Ukraine sent prices surging, leading to crippling shortages. Its foreign debt is now heading for a harder restructuring. Years of mismanagement make Sri Lanka an extreme case, but it’s a warning on the risks even for sturdier economies.
Sri Lanka debt pain will go from China to Wall St 11 Jan 2022 The poster child for Beijing’s “debt-trap diplomacy” is asking for easier repayment terms amid a worsening financial crisis. Defaulting on U.S. dollar bonds may be a better option. That would help Colombo kick a credit addiction as worrying as its growing dependence on China.
Sri Lanka earns a no-confidence discount 29 Apr 2019 The likes of France and Egypt have suffered economically after tragic attacks, but Colombo’s political infighting and botched death toll are apt to slow any recovery. Even if the IMF and China provide backstops, Sri Lanka looks vulnerable to the worst kind of collapse in tourism.
Uber races towards IPO with Southeast Asian deal 26 Mar 2018 The U.S. ride-hailing giant is exiting another cut-throat market. It will hand its regional business to Grab, a $6 bln local rival, and take 27.5 pct of the enlarged group. This is a sensible step to prepare Uber for public life – provided Grab can hold onto its leading position.
Sterling economics fails to save Sri Lankan leader 9 Jan 2015 The island’s economy thrived under President Mahinda Rajapaksa’s strongman rule, but that wasn’t enough to give him a third term. Election winner Maithripala Sirisena’s alliance is unwieldy. Multiple power centres could muddle policy. Suppressed ethnic tensions may re-emerge.