Sri Lanka has requested India for a new currency swap facility worth about $1 billion and a deferment of debt repayment, both of which are being discussed at the official level, and a mutual understanding on the issues would be arrived at shortly, the Ministry of External Affairs (MEA) said.

Prime Minister Narendra Modi and his Sri Lankan counterpart Mahinda Rajapaksa, in their virtual summit on Saturday –which lasted one hour, discussed strengthening of bilateral financial cooperation, reviewed the entire range of bilateral matters and exchanged views on regional and international issues of common concern.

Amit Narang, Joint Secretary, Ministry of External Affairs, in a press briefing after the meeting, said: “India has already provided a $400 million currency swap facility to the Central Bank of Sri Lanka in order to assist with economic recovery and to tackle the Covid-19 related disruptions. An additional request for a bilateral currency swap

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By Rod Nickel

WINNIPEG, Manitoba, Sept 11 (Reuters)A wave of consolidation is underway in Canada’s Montney oil and gas region as small companies struggling to weather the impact of coronavirus on the energy industry sell their holdings in what just a few years ago was a booming patch.

Lockdowns and sharp contractions in economic activity have hammered global oil demand in 2020, pushing prices so low that producers worldwide have made record output and spending cuts.

Canada, the world’s fourth-largest oil and gas producer, was already struggling as investors and foreign companies left to invest in production elsewhere that is cheaper and less carbon-intensive.

The Montney, which straddles Alberta and British Columbia, has seen at least nine significant deals worth some C$2.3 billion ($1.75 billion) in the past year.

It produces 1.5 million barrels of oil equivalent per day, including 45% of Western Canada’s gas supply,

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(Bloomberg) — Several of Alibaba Group Holding Ltd.’s biggest investors have converted billions of dollars in U.S. shares for Hong Kong stock in part to avoid potential U.S. sanctions and de-listings of major Chinese technology companies.

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Temasek Group Holdings Pte., Baillie Gifford & Co., and Matthews Asia are among the major shareholders that have swapped stakes in the Chinese e-commerce giant to take advantage of new rules easing the switch following Alibaba’s listing in Hong Kong last year. Geopolitics is contributing to the shift, according to people familiar with the moves.

“Lots of long-term fund managers, especially the ones whose fund managers are based in Asia, are switching or considering switching from ADRs into Hong Kong-listed shares,” said Nelson Yan, head of offshore capital markets investment at Creditease Wealth Management (Hong Kong) Ltd., referring to American Depositary Receipts. “Demand for these ADRs in the U.S. is now clouded

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(Bloomberg) — Several of Alibaba Group Holding Ltd.’s biggest investors have converted billions of dollars in U.S. shares for Hong Kong stock in part to avoid potential U.S. sanctions and de-listings of major Chinese technology companies.

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Temasek Group Holdings Pte., Baillie Gifford & Co., and Matthews Asia are among the major shareholders that have swapped stakes in the Chinese e-commerce giant to take advantage of new rules easing the switch following Alibaba’s listing in Hong Kong last year. Geopolitics is contributing to the shift, according to people familiar with the moves.

“Lots of long-term fund managers, especially the ones whose fund managers are based in Asia, are switching or considering switching from ADRs into Hong Kong-listed shares,” said Nelson Yan, head of offshore capital markets investment at Creditease Wealth Management (Hong Kong) Ltd., referring to American Depositary Receipts. “Demand for these ADRs in the U.S. is now clouded

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