Sri Lanka Signs $3.7bn With China Oil | Apple Loses Top Spot in China | Canada Could Impose $105bn Tariff On US

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Sri Lanka signs landmark $3.7 bn deal with Chinese state oil giant

Sri Lanka signed a $3.7 billion deal with Chinese state oil giant Sinopec to build a state-of-the-art oil refinery in Hambantota.

The refinery will have a capacity of 200,000 barrels per day, with a significant portion of its output designated for export.

This deal is the largest foreign direct investment in Sri Lanka's history, marking a significant milestone during President Anura Kumara Dissanayake's visit to China.

The investment aims to boost Sri Lanka's economic growth and improve the livelihoods of low-income communities in the Hambantota area. [Learn more]

Apple loses top spot in China smartphone sales to local rivals

Apple lost its position as the top smartphone brand in China in 2024, with local rivals Vivo and Huawei surpassing it.

Apple's market share fell to 15%, while Vivo and Huawei held 17% and 16% respectively.

Intense competition from domestic brands has led to a decline in iPhone sales, which dropped to 42.9 million units compared to 51.8 million the previous year.

Government subsidies for smartphone purchases have contributed to the growth of the domestic market, further intensifying competition. [Learn more]

Canada could impose tariffs on $105 billion worth of US imports

Canada's Prime Minister Justin Trudeau has stated that no options are off the table when it comes to responding to potential U.S. tariffs.

Canada is considering imposing countermeasures on up to C$150 billion ($105 billion) worth of U.S. imports if President-elect Donald Trump imposes tariffs on Canadian goods and services.

Trudeau met with provincial leaders to discuss potential responses and emphasized a forceful and robust reaction, though details remain unclear.

The proposed countermeasures would be divided into three groups, with immediate targets including goods like orange juice from Florida. [Read more]

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Why was the bunny so upset?

He had a bad hare day

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