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CBSL Governor sets record straight on export remittances & conversions

The Joint Apparel Association Forum (JAAF) asserts that its membership strictly abides by the Central Bank laws on repatriating export income, reiterating that the apparel sector brings back the entirety of its export proceeds to Sri Lanka. Governor of the Central Bank of Sri Lanka Dr Nandalal Weerasinghe affirmed this in an interview on December…

(0)Comments | December 9, 2022 10:51 pm

China Eastern takes delivery of the world’s first made-in-China C919 jet

Reuters – The world’s first C919, a Chinese-made narrowbody jet, was delivered to launch customer China Eastern Airlines (600115.SS) in Shanghai on Friday and took off for a 15-minute flight to mark the historic moment. The plane, a rival to the Airbus (AIR.PA) A320neo and Boeing (BA.N) 737 MAX single-aisle jet families, is expected to…

(0)Comments | December 9, 2022 4:58 pm

Sri Lanka Tourism hosts a Media FAM for a group of Indian Media personnel

A group of Indian media personnel including Journalists, bloggers and influencers arrived in Colombo on the 15th of November, in order to develop Bilateral connections and show their support as a good neighbor to promote Sri Lanka and help it to keep its status as one of the most popular tourist destinations in the world….

(0)Comments | December 9, 2022 11:40 am

Global Lodging Sector Recovery Stalled by Weaker Macro Environment

Fitch Ratings : The deteriorating sector outlook for global lodging reflects Fitch Ratings’ expectation that the strong recovery in demand that started in 2022 will be halted in 2023 by a weaker macroeconomic environment. Demand will soften in the European and North American markets, although in APAC (excluding China) it may continue rebounding as travel…

(0)Comments | December 9, 2022 10:58 am

Hayleys Group companies honoured for export innovations and nation-mindedness

Wins 20 prestigious accolades at National Chamber of Exports Annual Awards 2022 Ranked No.1 Corporate for 2nd consecutive year by Business Today Top 40 2021-2022 The Hayleys Group received top honours at the recently concluded National Chamber of Exports Awards, with its export manufacturing, agriculture, tea export, and transportation and logistics sectors honoured for their…

(0)Comments | December 9, 2022 8:43 am

Budget 2023 unrealistic and becomes a failed budget amidst ever-shrinking economy – Eran

Mr. Eran Wickramaratne, commencing the Parliamentary debate on the budget heading of the Ministry of Finance Thursday questioned as how to increase the state revenue by 61% as stated in the budget proposals presented by the President and Finance Minister Mr. Ranil Wickramasinghe, while the country’s economy continues to shrink. Mr. Wickramaratne, who started the…

(0)Comments | December 8, 2022 4:40 pm

Fitch Ratings: APAC Sovereigns to Face Risks from Slowing Global Growth in 2023

Fitch Ratings: Continued global headwinds imply lower GDP growth for many Asia-Pacific (APAC) sovereigns in 2023, as well as higher interest costs and slower fiscal consolidation, Fitch Ratings says. Asia’s export outlook is deteriorating, and US Fed rate hikes have led to a strong US dollar, declining FX reserve buffers, and refinancing pressures for “frontier…

(0)Comments | December 8, 2022 9:55 am

Global Home Prices to See Declines or Lower Growth in 2023

Fitch Ratings : Nominal home price growth will decline or slow substantially in 2023 in most countries, primarily as a result of cooling demand due to high mortgage rates and rising cost of living, Fitch Ratings says in its Global Housing and Mortgage Outlook. This will follow a period of price declines in the second…

(0)Comments | December 8, 2022 8:52 am

ADB Vice-President Meets Sri Lanka President and Discusses Future Assistance

Asian Development Bank (ADB) Vice-President Shixin Chen met with Sri Lanka President Ranil Wickremesinghe on 5 December. Mr. Chen noted the measures that are being taken to contain the crisis and address its underlying causes, and supported the steps taken to seek international assistance. Mr. Chen briefed the President on ADB’s emergency response to the…

(0)Comments | December 8, 2022 8:45 am

Merchandise trade deficit records notable contraction in October 2022

Earnings from merchandise exports declined in October 2022, on a year-on-year basis, for the first time since March 2022, mainly due to lower earnings from garments exports. The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording an increase, compared to September 2022. The merchandise trade deficit recorded…

(0)Comments | December 7, 2022 8:16 am