Gross official reserves of Sri Lanka were estimated at US $ 7.8 billion at end October 2019, equivalent to 4.7 months of imports, the latest external sector data outlines. Further, the total foreign assets consisting of gross official reserves and foreign assets of the banking sector amounted to US dollars 10.4 billion at end October…
Fitch Ratings Lanka has revised the Outlook on Sri Lanka-based National Insurance Trust Fund Board (NITF) to Negative from Stable and has affirmed the insurer’s National Insurer Financial Strength (IFS) Rating at ‘AA-(lka)’. KEY RATING DRIVERS The Outlook revision reflects the increased volatility in NITF’s capitalisation, measured by the regulatory risk-based capital (RBC) ratio, which…
IFC, a member of the World Bank Group, has joined hands with Ceylon Biscuits Limited (CBL) Group to provide training and business development opportunities to strengthen and increase female participation in retail supply chains in Sri Lanka. The project will also focus on promoting digital payment methods among retailers and distributors and on improving efficiencies…
The Central Bank Bond scam and 20 major financial crimes will be brought before the law, a policy document by the government said. This was affirmed in the second chapter of the policy document titled “an efficient Country Free from Corruption.” In that chapter, under the “Defeating Corruption” section it has also been said that…
Introduces Phone Anonymisation and Driving Hour Limits Keeping safety at the heart of rider and driver experience, Uber, the world’s largest mobility platform, announced two new safety features, Two-way Phone Anonymisation and Driving Hour Limits, as a part of their ‘Safety Never Stops’ campaign in Colombo. Two-way Phone Anonymisation, a new technology, will improve the…
The months of November and December were frequently marked with passenger cruises arriving from different parts of the world, and adding further to the number of tourist arrivals in Sri Lanka this year. Several cruise liners arrived during the past few months, including ‘’Costa Fortuna’’, ‘’Marella Discovery’’ Sapphire Princess’ ’and ‘’Mein Schiff 6’’ to name…
Singapore’s vogue startup Zilingo has acquired Sri Lanka’s SaaS startup nCinga in a $15.5 money and inventory deal, the 2 mentioned immediately. nCinga, based in 2013, affords an IoT platform to allow real-time manufacturing monitoring on manufacturing facility flooring and knowledge analytics instruments. Its acquisition is certainly one of Sri Lanka’s largest tech exits in current…
Sri Lanka’s tourism sector earnings were estimated at US dollars 2,806 million during the first ten months of 2019, compared to US dollars 3,538 million during the corresponding period of 2018, latest External Sector Performance report of the Central Bank of Sri Lanka outlines. Earnings from tourism were estimated at US dollars 223 million in…
The global emissions gap between government pledges and actions increases the risk of a rapid increase in the scope of climate regulation, Fitch Ratings says. Most countries lag substantially behind their existing Nationally Determined Contribution (NDC) pledges, let alone the emissions trajectories required to limit warming to 1.5C. The timings (2020 and 2023) of the…
The Food and Agriculture Organization of the United Nations (FAO) has launched a pioneering initiative – “Global Action for Fall Armyworm Control”, that aims to mobilize USD 500 million over 2020–22 to take radical, direct and coordinated measures to fight Fall Armyworm at a global level. Fall Armyworm is an invasive moth originating in the Americas. It…
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