ASIA

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Sri Lanka has secured a record $3.7 billion foreign investment from Chinese oil giant Sinopec to build a "state-of-the-art oil refinery" in Hambantota. Officials announced the deal Thursday, stating the refinery will have a capacity of 200,000 barrels.

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Treasury minister Tulip Siddiq has resigned following mounting pressure related to an anti-corruption investigation in Bangladesh. Siddiq had previously referred herself to the prime minister's standards adviser, Sir Laurie Magnus, amid questions concerning her connections to her aunt, who was removed from office as Bangladesh's prime minister last year.

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Japanese Prime Minister Shigeru Ishiba conveyed "strong" concerns to US President Joe Biden regarding the blocking of Nippon Steel's proposed takeover of US Steel, according to local media reports on Monday. The issue was raised during a three-way call with the President of the Philippines, which also included discussions about China's "dangerous and unlawful" behavior in the region, as stated by the White House.

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In a bold move to secure President Joe Biden's blessing for its proposed acquisition of U.S. Steel, Japan's Nippon Steel has offered an unusual concession: giving the U.S. government veto power over potential cuts to U.S. Steel's production capacity.

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North Korea test-launched a new intermediate-range ballistic missile fitted with a hypersonic warhead on January 6, 2025, and said the development could “reliably contain any rivals in the Pacific region.”