Sri Lankan Government suspends China port city project in Colombo

Sri Lanka’s newly elected government on 5 March 2015 temporarily suspended constriction work of China’s ambitious port city project in Colombo with immediate effect.

The decision was taken in Cabinet meeting chaired by Sri Lanka’s Prime Minister Ranil Wickremasinghe based upon the Interim Report submitted by a cabinet sub-committee.

The committee was appointed by the Sri Lankan Government to review the project. The Interim Report had alleged that this mega real estate deal with China was signed

  • Without cabinet approval.
  • Without following procedures.
  • Implemented without relevant approvals from the concerned institutions.

About Colombo Port City project

  • Colombo Port City project is the single-largest foreign direct investment in Sri Lanka worth 1.5 billion dollar. The project was inaugurated in September 2014, by Chinese President Xi Jinping.
  • China is expecting that this project will play a key role in its ambitious Maritime Silk Road Project.
  • Then President of Sri Lanka Mahinda Rajapaksa had signed the deal with China to reclaim 233 hectares of land from the sea to build a port city on a 99-year lease.
  • As part of the project, Chinese company was to develop commercial and entertainment hub which include shopping malls, water sports, golf, hotels, apartments and marinas.

Forbes’s 2015 billionaires list: Bill Gates retains title as world’s richest person

Microsoft Co-founder, Bill Gates retained the title of the world’s richest person in the Forbes 2015 billionaire list. Mr. Gates has topped the list for 16 of the last 21 years, with a net worth of $79 billion and Mexico’s telecommunications mogul Carlos Slim Helu is at second place.

As per the Forbes’ 29th annual ranking of the world’s billionaires 2015

Total number of billionaires in the world: 1826 with combined net worth of $$7.05 trillion.

The US leads the list of billionaires in the world with 536 billionaires, followed by China (213), Germany (103), India (90) and Russia (88).

  • Top 5 billionaires: Bill Gates ($79 billion), Mr. Carlos Slim Helu ($77.1 billion), Mr. Warren Buffett ($72.7 billion), Mr. Amancio Ortega ($64.5 billion) and Mr. Larry Ellison ($54.3 billion).
  • Highest ranked women on the list: Christy Walton (8), with a net worth of $41.7 billion.
  • World’s youngest billionaire: Evan Spiegel (1250) founder of Snapchat from United States.
  • From Internet field: com Inc’s founder Jeff Bezos (15), Facebook Inc’s Mark Zuckerberg (16), and Google Inc founders Larry Page and Sergey Brin ranked 19th and 20th.
  • Business Tycoon, Mr. Mukesh Amabani: India’s richest person for the 8th year in a row. Mr. Ambani is ranked 29th globally with net worth of $21 billion.
  • It should be noted that India has 90 billionaires in this edition of list.

About Forbes’s list of billionaires

The Forbes list of billionaires is an annual ranking of the world’s wealthiest people, compiled and published by the American business magazine Forbes. The list only represents each person’s valuation on a single day, due to daily fluctuations among exchange rates and stock valuations

China kicks off Silk Road infrastructure project worth $79.8bn in Gansu province

China has launched a massive Silk Road infrastructure project worth $79.8 billion in the northwest province of Gansu as part of its ambitious Silk Road plan.

These project will facilitate trade and people exchanges between China and central Asian Countries.

Key facts

  • It will be six-year Silk Road development project. On its completion it is going to add more than 60,000 kilometres of road network including 4,070 km expressways. Thus improving the connectivity of the existing transportation network.
  • This project will also build 12 civilian airports in the next six years. Thus, expanding the air service reach to 82 per cent of the province’s population.
  • Gansu province does not share its borders with any central Asian countries but it will be an important part of the Silk Road Economic Belt.

About Silk Road projects

The Silk Road projects are part of China’s ambitious Silk Route plan, which involves maze of roads and ports connecting Asia, Europe and Africa.

These projects aims to revive China’s trade links especially its declining exports besides globally enhancing its sphere of influence.