Shenzhen, China – BYD, the world’s leading manufacturer of new energy vehicles and power batteries, achieved a historic milestone as its 6 millionth new energy vehicle rolled off the production line at the Zhengzhou factory. This achievement which establishes the manufacturer as the first company in the world to achieve such a milestone, underscores BYD’s…
(Reuters) – Sri Lanka’s in-principle pact with creditor nations to restructure its debt prepares the way for the International Monetary Fund (IMF) to consider clearing the first review of a bailout next month, the global lender said on Thursday. The deal comes about a month after Sri Lanka’s agreement with the Export-Import Bank of China covering…
The Sri Lanka Foreign Employment Bureau (SLFEB) has contributed a total of Rs.07 billion to the NTreasury this year, with a formal presentation of a Rs.04 billion cheque was presented to President Ranil Wickremesinghe by the Minister of Labour and Foreign Employment, Mr. Manusha Nanayakkara, yesterday (29) at the Presidential Secretariat. In light of the prevailing…
The Government of the Democratic Socialist Republic of Sri Lanka is pleased to announce that it has reached agreement in principle with its Official Creditor Committee (OCC) on the financial terms of a debt treatment. The agreement in principle covers approximately US$ 5.9bn of outstanding public debt and consists in a mix of long-term maturity…
A Comprehensive Overview of the President’s Address and the Path to Economic Sustainability. In a groundbreaking address at the 2023 Sri Lanka Economic Summit, President Ranil Wickremesinghe declared the imperative need for radical economic restructuring to ensure the sustainability of the country’s economy. The President emphasized that continuous commitment to a new economic policy framework…
Following the launch event in April 2023, 17 countries formally formed, on May 9, an Official Creditor Committee (OCC) co-chaired by India, Japan and France (as chair of the Paris Club) to respond to the Sri Lankan authorities’ request for a debt treatment. The committee includes India and Hungary in addition to Paris Club creditors….
Ceylon Chamber of Commerce chairman Mr. Duminda Hulangamuwa said, as the private sector, they are not satisfied with an economy growing under 3%, noting that the economy needs to expand by at least 4-5% annually in order to create new jobs and innovate. He said this delivering the welcome speech at the inauguration of Sri…
Reuters – Sri Lanka has been informed that a debt-restructuring agreement with creditor nations has been reached but is yet to receive a letter of confirmation from the official creditor committee, a government source told Reuters on Wednesday. Sri Lanka, mired in its worst financial crisis in decades, has been trying to reach restructuring deals…
Reuters – A group of Sri Lanka’s creditor nations are likely to reach an agreement on debt relief and an extension of repayment deadlines for the South Asian nation, Japan’s Jiji News reported on Wednesday, without naming a source or giving any details. Japan co-chairs this group, together with France and India. China is Sri…
The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon’s Rs 6 billion Debenture Issue opening on Tuesday 12th December 2023. The Bank has announced an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at…
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