Minister of State for Investment Promotion Dilum Amunugama, announced plans to establish a Japan-Sri Lanka Free Trade Zone in the country. He mentioned that the areas of Bingiriya and Iranavila have been selected for this purpose. The minister made this announcement during a news conference at the Presidential Media Centre, held under the theme ‘…
The Ad Hoc Group of Bondholders (the “Group“) of the Republic of Sri Lanka (“Sri Lanka“) has taken note of the progress Sri Lanka has made with its official sector creditors towards reaching an agreement in principle on a debt treatment within the framework of its IMF Programme. Consistent with the Group’s February 3, 2023 statement of financing assurances, and in…
The Colombo Stock Exchange (CSE) conducted a series of virtual workshops and intends to continue more workshops on Regulated Short Selling (RSS) through Stock Borrowing and Lending (SBL), creating awareness on the two features to diverse groups of individuals. The virtual workshops are being conducted in Sinhala, English and Tamil with the intention of reaching…
The International Chamber of Commerce (ICC) is the largest and most representative business organisation which is represented in 170 countries with a corporate membership of 45 million companies. ICC has elected Maria Fernanda Garza from Mexico as the ICC Chair, making her the first woman to hold this position. Her predecessor was Ajay Banga, who…
Bloomberg – Sri Lanka is likely to clinch an agreement in the next several days that would help it tap more funds from the International Monetary Fund even though it’s still trying to firm up negotiations with creditors on debt restructuring. Officials from the South Asian nation and the IMF are close to reaching a…
Independent Panel and Transparent Reporting Channels for Robust ESG Policies SLT-MOBITEL introduces an enhanced Whistleblowing Procedure to further strengthen the Organisation’s Environment, Social and Governance (ESG) Policies. A key component of the upgraded procedure is the impartial Whistleblowing Unit, which comprises a panel completely independent from SLT-MOBITEL to conduct preliminary investigations into reported incidents. The…
FitsAir, the trailblazing privately-owned airline in Sri Lanka known for its affordability and punctuality, recently celebrated its one-year anniversary with great enthusiasm. This milestone marked a year filled with achievements, innovation, and a vibrant, youthful spirit. In just twelve short months, this dynamic airline has made a significant impact on Sri Lanka’s aviation industry while…
Reuters – Sri Lanka’s private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure, said two sources with direct knowledge of the matter. The country of 22 million people tipped into its first foreign…
Sri Lanka had a strong momentum at International French Market (IFTM) Top Resa with the presence of 27 exhibiting companies. Sri Lanka is back after the 2021 with its new destination branding ‘You will come back for more”. This is the first travel fair participation after new brand identity is adapted. France is among the…
The half-a-billion USD global organic textile market[1] is set to grow at a compounded annual growth rate of 40% within the next five years and with eco-consumption on the rise, it is evident that apparel companies too, are gearing for the shift in consumer patterns. [2] Sri Lanka, known for its ability to produce high-end…
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