. | . |
Sri Lanka hands over debt-laden port to Chinese owner by Staff Writers Colombo (AFP) Dec 9, 2017 Sri Lanka Saturday handed over a deep-sea port to a Chinese firm, in a deal agreed to boost the cash-strapped island's finances that has raised concerns at home and abroad over Beijing's growing influence. The $1.12 billion deal first announced in July lets a Chinese state company take over the southern port of Hambantota, which straddles the world's busiest east-west shipping route, on a 99-year lease. "With the signing of the agreement today the Treasury has received $300 million," Prime Minister Ranil Wickremesinghe said at a ceremony in the capital to mark the handover. "This is the beginning of our debt settlement," Wickremesinghe said. The loss-making port will now be jointly managed by the state-owned Sri Lanka Port Authority and China Merchants Port Holdings. Sri Lanka owes China $8 billion that former president Mahinda Rajapaksa's regime borrowed for its infrastructure development projects, including the port. The deal has raised concerns at home and overseas, where countries such as India and the United States are known to be worried that China getting a foothold at the deep-sea port could give it a military naval advantage in the Indian Ocean. On Friday Sri Lanka's parliament approved wide-ranging tax concessions for the port deal, including a tax holiday of up to 32 years for the Chinese firm, that opposition parties objected to. "Please tell this House the details of very favourable tax concessions you gave China on the deal. What are you getting out of it?" Anura Dissanayake, an opposition law marker asked in parliament Saturday. Sri Lanka has said it wants to reduce its high foreign debt with the proceeds of the Hambantota port deal, and is selling off some other enterprises to raise revenue.
Vienna (AFP) Dec 7, 2017 The United States warned Russia on Thursday that its ties with the West can never recover until it pulls its forces out of Ukraine, as OSCE foreign ministers met in Vienna. Diplomats had hoped that meetings on the sidelines of the 57-nation body would make progress on agreeing terms for a UN peacekeeping force for war-torn Ukraine. But the major powers in the dispute are still far apart, ... read more Related Links Learn about the Superpowers of the 21st Century at SpaceWar.com Learn about nuclear weapons doctrine and defense at SpaceWar.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |