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Sri Lankan Billionaire Dhammika incorporates a new company

Vallibel properties Limited has been incorporated on 5th March 2020, as a fully owned subsidiary of Vallibel Finance PLC, to engage in the administration of construction, development, and maintenance of the proposed head office building complex, for Vallibel Finance PLC. In a stock exchange filing, the Vallibel Finance PLC noted that the said subsidiary was…

(0)Comments | March 11, 2020 3:30 pm

SLIIT Partners PRI to bring rubber research to international standards

The Plastics and Rubber Institute of Sri Lanka (PRI) recently entered into a partnership with the Sri Lanka Institute of Information Technology (SLIIT) for the institute’s graduates and undergraduates to be a part of their Finite Element Analysis and Simulation Center (FEAS Center).  The Center was established by PRI, to support the industry with the…

(0)Comments | March 11, 2020 12:10 pm

ICRA Lanka assigns [SL]A-rating for Prime Lands Residencies

ICRA Lanka Limited, Subsidiary of ICRA Limited, Group Company of Moody’s Investors Service has assigned the Issuer rating of [SL]A- (pronounced SL A minus1) with Stable outlook for Prime Lands Residencies (Pvt) Limited (“PRIMER”/ “the Company”). ICRA Lanka has taken a consolidated view of the Prime Group, in assigning the rating, given the operational and…

(0)Comments | March 11, 2020 12:07 pm

Oil Shock Compounds Sovereign Credit Risks from Coronavirus – Fitch Ratings

The dual impact of COVID-19 and the significant oil price shock will put pressure on some sovereign credit fundamentals and potentially ratings, Fitch Ratings says. In developed markets (DM), the key drivers will be the effect on growth, if it persists, and the fiscal and monetary responses. Emerging markets (EM) face additional risks related to…

(0)Comments | March 11, 2020 11:19 am

LSEG Technology announces new appointments to its Leadership Team

LSEG Technology, a wholly owned subsidiary of the London Stock Exchange Group (LSEG) today announced new appointments to its Leadership Team. Accordingly, Feroz Cader and Rob Brouwer have been appointed Co-Heads of LSEG Technology in Sri Lanka. Feroz Cader, who also heads Project Delivery and Product Management in addition to his role as Co-Head of…

(0)Comments | March 11, 2020 10:57 am

IMF calls for ‘substantial’ stimulus, coordination against virus

The International Monetary Fund called on governments worldwide Monday to join forces and roll out aggressive financial supports for the coronavirus-infected global economy, including direct payments to workers and businesses. But while several countries have taken steps to cushion the blow to their economies and boost confidence, including the United States, there has been little…

(0)Comments | March 10, 2020 2:53 pm

COVID-19 Outbreak to Have Significant Economic Impact on Developing Asia

The ongoing novel coronavirus (COVID-19) outbreak will have a significant impact on developing Asian economies through numerous channels, including sharp declines in domestic demand, lower tourism and business travel, trade and production linkages, supply disruptions, and health effects, according to a new analysis by the Asian Development Bank (ADB). The magnitude of the economic losses…

(0)Comments | March 10, 2020 2:37 pm

Alibaba founder Jack Ma unseats Indian tycoon Mukesh Ambani as Asia’s richest man after US$5.8 billion rout

As oil prices collapsed alongside global stocks amid mounting coronavirus fears, billions of dollars were erased from Ambani’s net worth While the outbreak has curtailed some of Alibaba’s businesses, demand for its cloud computing services and mobile apps has increased Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to…

(0)Comments | March 10, 2020 1:46 pm

LAN launches Sri Lanka’s First Angel Fund to Invest in Local Startups Islandwide

The Lankan Angel Network (LAN) has launched Sri Lanka’s first Angel Fund, established with the support of ecosystem development partner Ford Foundation, to catalyze the growth of Sri Lanka’s startup ecosystem. A first of its kind in Sri Lanka, this Fund will be LAN’s flagship initiative moving forward, and is based on Rs. 100 million…

(0)Comments | March 10, 2020 12:10 pm

Why oil prices are crashing and what it means

London (CNN Business) Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait. Monday’s crash spooked markets that were already freaking out about the impact of the coronavirus pandemic on the global economy and demand for oil. Brent crude futures, the global oil benchmark, were…

(0)Comments | March 10, 2020 11:24 am

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