Sri Lanka Purchasing Managers’ Index for Construction (PMI – Construction) reached 59.5 in June 2024, recording its highest index value in thirty consecutive survey rounds. Most of the respondents highlighted that the industry is mainly driven by projects funded by multilateral agencies, particularly related to road rehabilitation and water distribution. New orders increased at a…
By Priyanka Jayawardena Public sector workers’ pensions are paid by tax revenue, with 12% of government revenue allocated for pensions. An IPS analysis shows that public service pensions are not a progressive welfare programme, with half of the publicly funded pensions benefitting the top 20% wealthier group. Implementing a contributory pension fund is crucial to…
By Prof. Samitha Hettige In Hindi & Bengali word ‘Deshabandu’ literary means ‘friend of the nation’ & it’s translated into English as ‘patriot’. Late F.R. Senanayake who pioneered independence from the English is referred a ‘Deshabandu’ by some. In post English Sri Lanka ‘Deshabandu’ is the 3rd highest ‘National Honour’ bestowed on those who bring…
Business Sentiment: Index Dips as Challenges Persist Having endured a challenging period, Sri Lanka formalised an agreement with its bilateral creditors led by Japan and India to the tune of US$ 5.8 billion recently. Sri Lanka also closed a US$ 12.5 billion International Sovereign Bond (ISB) restructuring arrangement with the parties reportedly agreeing on the…
By Dr. Dan Seevaratnam Sri Lanka continues to grapple with severe economic challenges that affect all its citizens, including those in the plantation sector. At a time when nearly one in four Sri Lankans has fallen below the poverty line as a result of the Sri Lankan economy’s historic downturn over the past 4 years,…
The skin they say is the largest organ of the human body. Despite conflict provocative news on tattoo studios, predominantly ‘Tan’ Sri Lankans may continue to make their skins fairer & mark it with tattoos. Tattooing goes back centuries even to the Iceman of the Italian-Austrian border who lived approx 5200 years ago. Globally, across…
Fitch Ratings: The majority of ratings on Sri Lankan finance subsidiaries are underpinned by the expectation parental support, says Fitch Ratings in a report. This often results in higher subsidiary ratings than that implied by their standalone performance. Fitch’s non-bank financial institution (NBFI) shareholder support framework considers the parent’s ability and propensity to support its…
When a Software Update Grounded the World: Lessons from the CrowdStrike Crisis and the Urgent Need for Cybersecurity Overhaul By Jithendra Antonio In the ever-evolving landscape of cybersecurity, the recent debacle involving CrowdStrike serves as a stark reminder of the fragility of our digital infrastructure. A seemingly innocuous software update spiraled into a global crisis,…
In 2023, overseas interest in Sri Lankan properties surged by 33% compared to the previous year, as reported in the Real Estate Market Outlook Report 2024 (REMOR24) by LankaPropertyWeb, the leading real estate portal in Sri Lanka. According to the report, the demand for residential apartments in Sri Lanka is set to dominate the market…
Harnessing Foreign Investment Amid Climate and Political Challenges – By Jithendra Antonio Sri Lanka, an island nation rich in history and culture, is grappling with severe economic vulnerabilities. With limited land and finite natural resources, the country faces significant challenges in commercializing these assets. Climate change further exacerbates these issues, casting a shadow over key…
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