Sri Lanka banks on ‘Casino King’ to woo investors

Cash-strapped Sri Lanka’s president Friday appointed the island’s biggest casino operator Dhammika Perera as Investment minister with responsibility over a Chinese-funded tax-free enclave in the impoverished South Asian nation. The 54-year-old businessman known as Sri Lanka’s “Casino King” was sworn in by President Gotabaya Rajapaksa at his sea-front residence to attract foreign capital into the […]

How Sri Lanka’s economy went into a tailspin

Sri Lanka is suffering its worst economic crisis since its independence from Britain in 1948. Months of lengthy blackouts and acute shortages of food, fuel and medicines have infuriated the public, with huge protests demanding the government’s resignation turning violent this week. AFP reviews the origins of the snowballing economic calamity in the South Asian […]

Sri Lanka economy will ‘collapse’ if no new govt in 2 days: central bank

Sri Lanka’s economy will “collapse beyond redemption” unless a new government is appointed within two days to restore political stability, the central bank chief said Wednesday. He said the latest wave of mob violence derailed the bank’s recovery plans, and the resignation of the prime minister on Monday and the lack of a replacement were […]