Scores arrested for protests as economic crisis worsens in Sri Lanka

News Network
April 1, 2022

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Colombo: An overnight curfew imposed in several parts of Colombo, after protests outside Sri Lankan President Gotabaya Rajapaksa's residence over the worsening economic crisis turned violent, was lifted today morning at around 5 am.

Police said that 45 people have been arrested for their alleged involvement in yesterday's protests outside the President's residence.

"Five policemen were injured while several vehicles were set on fire by the protesters," officials said, adding that the injured have been admitted to the hospital for treatment.

The curfew was imposed within the Colombo North, South, Colombo Central, Nugegoda, Mount Lavinia and Kelaniya Police Divisions.

Police fired tear gas and water cannon to disperse the protesters who tried to storm the home of the Sri Lankan President in the capital yesterday. Videos shared on social media showed men and women shouting "lunatic, lunatic go home" and demanding that all members of the powerful Rajapaksa family step down.

There has been a critical shortage of food and essential items, fuel and gas for weeks as the country grapples with the worst economic downturn since its independence.

Many parts of the country are struggling with rolling power cuts for up to 13 hours due to a shortage of foreign currency to import fuel.

The crisis is a result of badly timed tax cuts and the impact of the coronavirus pandemic coupled with historically weak government finances, leading to foreign exchange reserves dropping by 70 per cent in the last two years. 

The Sri Lankan government said it is seeking a bailout from the International Monetary Fund (IMF). IMF spokesman Gerry Rice yesterday confirmed that such talks "should begin in the coming days" with Sri Lanka's Finance Minister.

The country has also sought more loans from India and China.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 11,2024

Udupi, Nov 11: A traveller reportedly lost ₹4.1 lakh after attempting to book a cab online in Udupi. 

At around 1:30 PM on November 7, the man from West Bengal searched for car rentals on Google and selected a website named "Shakti Car Rentals." Shortly after, he was contacted by someone claiming to be "Rohit Sharma," who directed him to pay a registration fee of ₹150 on the site.

After unsuccessful payment attempts via both his Canara Bank debit card and SBI credit card (without receiving an OTP), "Rohit Sharma" instructed him to pay the driver directly. But at 1:47 PM, he received messages showing deductions of ₹3.3 lakh from his SBI credit card and ₹80,056 from his Canara Bank debit card, totaling ₹4.1 lakh.

The complainant alleges fraud through a deceptive link disguised as a booking token fee. A case has been registered at Udupi Town Police Station.

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News Network
November 19,2024

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