The city of Wolfsburg in Lower Saxony is not merely the hometown of Volkswagen. Wolfsburg is Volkswagen, Germany’s answer to Detroit – but rather more prosperous. It was founded in the 1930s as a place to house workers building the KdF-Wagen – the car which became the VW Beetle after the Second World War. Even…
Selling pressure in blue-chip stocks dragged the Indices down on Wednesday and the ASI declined by 34.51 index points or -0.49% to end at a 11-week low of 7,050.87. S&P SL 20 index dropped 32.46 points (-0.84%) to end at 3,826.15. Main index lost 59.93 points or 0.8% during this week. Today’s losses were mainly…
Fitch Ratings has affirmed Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength rating (IFS) at ‘BB-‘ with a Stable Outlook. The agency has also affirmed the National Insurer Financial Strength Rating and National Long-Term Rating at ‘AA(lka)’ with Stable Outlook. KEY RATING DRIVERS SLIC’s ratings reflect its well-established franchise and market position in Sri…
Colombo’s rapidly developing hospitality sector witnessed its latest advancement on 29 September when Renuka City Hotel relaunched after a complete refurbishment. Patrons can expect to find the same familiar charm that they’ve grown accustomed to over the years but set in a brand new ambience owing to a LKR 300 million revamp of the hotel’s…
South Asian countries, including Sri Lanka, can benefit from urbanization as a major opportunity to transform their economies and join the ranks of richer nations, according to a World Bank report titled ‘Leveraging Urbanization in South Asia: Managing Spatial Transformation for Prosperity and Livability’. Difficulty in dealing with the pressures that urban populations put on…
Olaf Lies, a Volkswagen board member and economy minister of Lower Saxony has told Newsnight some staff acted criminally over emission cheat tests. He said the people who allowed the deception to happen or who installed the software that allowed certain models to give false emissions readings must take personal responsibility. He also said the…
Colombo equities swung between gains and losses on Tuesday and ended the session on a mixed note. Main index managed to touch 7,099 mark but failed to retain the momentum and closed at 7,085.38, up by 6.74 index points or 0.10%. S&P SL20 index shed 10.94 index points or 0.28% to end at 3,858.61. Price…
The private healthcare sector in Sri Lanka, a country with a high rate of elderly persons, has shown high growth and that the space in government hospitals is inadequate, says the internationally recognized statistical rating organization, Fitch Ratings. According to Fitch Ratings, currently around 09 per cent of Sri Lanka’s population is 65 years or…
Latest date released by the Central Bank of Sri Lanka indicate that Sri Lanka’s tea exports have dropped drastically for the 12th consecutive time during last July in the face of the crisis situations in the Middle East and Russia. Accordingly, when compared to July 2014, Sri Lanka’s tea exports have dropped by 14 per…
Audi and Skoda say they have a total of 3.3 million cars fitted with the software that allowed parent company Volkswagen to cheat US emissions tests. Some 2.1 million Audis affected worldwide include 1.42 million in western Europe, with 577,000 in Germany, and almost 13,000 in the US. Czech-based Skoda said 1.2 million of its…
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