The second wave of the pandemic in Sri Lanka is expected to worsen the contraction of the economy this year, the Asian Development Bank (ADB) warned in its latest outlook. “In Sri Lanka, economic recovery was under way in Q3, but a rapidly expanding outbreak from early October brought localized lockdowns and restrictions, their economic effects compounded by…
Pacific Asia Travel Association (PATA) one of the apex bodies in Global Tourism, teamed up with GIZ to organize a virtual training program via Zoom for Sri Lanka Tourism on four days including 12, 13, 24 and 25 November 2020. Sri Lanka’s long standing proud membership induced PATA’s collaboration with GIZ to sponsor two global…
Instagram and Facebook Messenger, both under the umbrella of Facebook, seem to be glitching for users worldwide. Facebook Messenger users report that new messages aren’t coming in and Instagram users are reporting similar issues with direct messages. Complaints against both platforms seem to have started at around 3:00 pm Indian Standard Time (IST). In what…
WASHINGTON/PALO ALTO (Reuters) – Facebook Inc could be forced to sell its prized assets WhatsApp and Instagram after the U.S. Federal Trade Commission and nearly every U.S. state filed lawsuits against the social media company, saying it used a “buy or bury” strategy to snap up rivals and keep smaller competitors at bay. With the…
As part of his recent provincial visit, Afghanistan’s Ambassador in Colombo, Ashraf Haidari called on the Governor of Eastern Province Anuradha Yahampath yesterday (09). During the meeting, both parties reviewed the status of growing Afghanistan-Sri Lanka relations, welcoming the commitment of the two countries’ top leadership to further expanding bilateral ties to encompass new areas of cooperation,…
The United States launched a new LKR 3.6 billion (USD 19.5 million) initiative to help small businesses and economically empower Sri Lankan women. The Private Sector Development Project, which is funded through the U.S. Agency for International Development (USAID), will provide technical assistance and financing to small businesses in the tourism, technology, and commercial care industries. It will also…
LOLC Holdings PLC, one of the leading listed companies in Sri Lanka announced today (10) that it has decided to issue Rs. 65 million Listed, Rated, Unsecured, Senior, Redeemable debentures amounting to Rs. 6.5 billion. In a Stock Exchange filing the company confirmed that the aforesaid issue will be subjected to necessary approval regulations and then…
Slated to be country’s largest featuring advanced European technology end-to-end State-of-the-art cement manufacturing facility Lanwa Sanstha Cement Corporation Ltd., which is slated to be one of the largest in the region, is scheduled for commissioning in June 2021. The facility, spread across 63 acres, is in the Mirijjawila Export Processing Zone, Hambantota. A Board of…
Shemara Wikramanayake, the CEO and Managing Director of Australian firm Macquarie Group, became the twenty-ninth most powerful woman in the world, according to the latest ranking of a popular annual power list. She was catapulted right into the No 29 sport on Forbes magazine’s world’s 100 most powerful women 2020 list which was published this…
Fitch Ratings has downgraded Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength (IFS) Rating to ‘CCC+’ from ‘B’. Fitch typically does not apply Outlooks to ratings in the ‘CCC’ category or below. SLIC’s National IFS Rating was not covered in this review. KEY RATING DRIVERS The rating action follows the downgrade of the Sri…
