Ren Zhengfei, founder and chief executive of Huawei, has said that the Chinese tech giant is creating a united front with their partners, to collaboratively satisfy society and people. “I think Huawei’s goal is to work hard to develop advanced technologies, and provide cutting-edge services to humanity,” Ren said during a recent interview with…
Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) marginally increased to 3.4 % in August 2019 from 3.3 % in July 2019, earlier data from the state statistics office showed. The Year on Year inflation of Food Group has decreased from ‐2.6% in July 2019 to ‐2.8% in August 2019…
Due to the issues which cropped up while accomplishing the objectives anticipated from the Microfinance Act, No.6 of 2016, the proposal made by the Minister of Finance to repeal the said Microfinance Act and establish the ‘Credit Regulatory Authority’ as an independent entity to be administered by the Ministry of Finance, through an Act of…
GDP growth potential, incomes and institutions are stronger than many other similarly rated sovereigns Very weak public finances, large refinancing needs, remain a key credit weakness Moody’s Investors Service says in a new report that the credit profile of Sri Lanka (B2 stable) reflects ongoing government liquidity and external vulnerability risks. Key credit challenges include…
Sri Lanka’s rupee closed slightly firmer on Friday, snapping three straight sessions of losses and recovering from a seven-month closing low hit in the previous session, but risks of foreign fund outflows weighed on the currency. ** Foreign investors sold net 12.9 billion rupees worth of government securities in the week ended Aug. 21, the…
The United States hope that Sri Lanka will eventually approve the $ 480 million Millennium Challenge Corporation (MCC) grant that will assist Sri Lanka to address binding constraints to economic growth. “We plan to sign the grant last December, but the political crisis here unfortunately put our mutual plans on hold. As soon as the…
Facility completed with total investment of Rs. 225 million from Eco Solution Enables unprecedented in-house manufacture of all popular types of PU Foam mattresses Aims to capture larger share of 1.6 million mattresses sold annually Utilizes state-of-the art German & other advanced technology Ample capacity to achieve larger market share Sri Lanka’s most diversified conglomerate,…
Visa is still required for visitors from 48 countries to enter Sri Lanka, but the fee has been waved off in order to boost the tourism industry, Sri Lanka’s Immigration and Emigration Controller General Pasan Ratnayak said whilst addressing a press briefing in Colombo recently. “The exemption is only for the fee. It is still necessary for…
Sri Lanka’s rupee closed almost steady on Thursday at a fresh seven-month low, but risks of foreign fund outflows weighed on the currency after the central bank cut key monetary policy rates. ** Foreign investors sold net 12.9 billion rupees worth of government securities in the week ended Aug. 21, the worst weekly outflow in…
Sri Lanka’s state run job skilling apparatus, the Technical, Vocational Education Training (TVET) sector, is now poised to receive its largest project funding in its history. Once agreements are finalised, a US $ 50 million facility is set to spawn a fully-fledged Ocean University in Sri Lanka. Also nine new hi-tech training facilities across the…
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