Construction of the Central Expressway section I from Kadawatha to Mirigama began yesterday (15), the Chinese Embassy in Colombo stated. The project will create 1,500 direct and indirect jobs for Sri Lankans, the Chinese Embassy tweeted yesterday (15). The main contractor is Metallurgical Corporation of China. The Export- Import Bank of China (EXIM Bank) agreed…
Price competition among non-life insurers in Sri Lanka is likely to intensify as a ban on auto imports and an economic downturn hinder premium growth, Fitch Ratings says. Fitch believes that new business premiums from motor insurance – which accounted for around 60% of the non-life insurance industry’s gross premiums – will contract in 2020…
A substantial increase was observed in workers’ remittances in July 2020, recording the highest amount of monthly remittances since January 2018, the Central Bank said in its latest report. Workers’ remittances continued to increase, recording a growth of 12.2% in July 2020, year-on-year, to US$ 702 million. However, on a cumulative basis, workers’ remittances declined…
Economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic, according to a report released by the Asian Development Bank (ADB) yesterday (14). The Asian Development Outlook (ADO) 2020 Update forecasts -0.7% gross domestic product (GDP) growth for developing Asia this year—marking its first negative economic growth since the early 1960s. Growth will…
CSE Chairman Dumith Fernando yesterday (14) stated that he expects better returns from the tourism sector and to post good corporate earnings in the coming quarters, stating that many areas of the economy have bounced back from the COVID-19. “Since the shutdown of the market in March 20, markets have gone up by about 20%….
An initiative of the Urban Development Authority (UDA) of Sri Lanka, this 11-storey housing complex situated on Colombage Mawatha, Narahenpita is part of the Government’s long-term Urban Regeneration Project. The Urban Regeneration Project focuses on enhancing the status and livelihoods of under-privileged communities in urban areas around Sri Lanka’s capital. As such, the project aims…
CNBC, the world’s leading channel for consumer and business news, extended their support to Sri Lanka Tourism by providing USD 100,000 worth of advertising on CNBC, gratis, Sri Lanka Tourism announced yesterday (14). The complimentary advertising opportunity was offered in an effort to promote and uplift the Sri Lankan tourism economy. The tourism promotional campaign…
The eagerly-anticipated 10th edition of the ‘Top 50’ Professional and Career Women Awards 2020’ will be evaluated by a panel of eminent judges, many of whom are top achievers in their own right, across diverse sectors. The selection of this panel of prominent corporate leaders as judges for the awards reflects the respected credentials of…
Expenditure on personal vehicle imports declined considerably by 93.6% in July 2020, the lowest monthly outlay since 8 December 2009, the Central Bank said in its latest report. According to the CBSL, The year-on-year declining trend observed in expenditure on merchandise imports since March 2020 continued in July 2020 as well, recording a decline of…
Severe economic fallout from the coronavirus pandemic will lead to a sharp increase in government borrowing needs Financing pressures to persist for lowest-rated sovereigns with large upcoming external debt repayments and limited track records in securing market financing Moody’s Investors Service says in a new report that while global financing conditions have eased markedly in…
Video Story
