The Ceylon Motor Traders Association (CMTA) together with the Association of International Marketing Graduates in Sri Lanka (AIMG) recently organized a joint forum titled “Road to Electrification” at Jetwing Colombo, which delved into the future of the EV market in Sri Lanka. The joint forum was participated by over 100 automotive industry experts, marketers, corporate…
Fitch Ratings has downgraded the National Long-Term Ratings of five Sri Lankan finance and leasing companies (FLCs) after the recent sovereign downgrade and recalibration of the agency’s Sri Lankan National Rating scale. The FLCs’ ratings remain on Rating Watch Negative (RWN). The downgrades follow similar action on 10 Sri Lankan banks. For details, see “Fitch Downgrades…
United Arab Emirates (UAE) ruling family member HRH Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum and his team visited the Board of Investment of Sri Lanka(BOI) recently during their two-day visit to Sri Lanka. The delegation had cordial discussions with BOI Chairman Dinesh Weerakkody, Director General Renuka M Weerakone, and other top officials where…
In a very challenging year of poor supply, turbulent domestic working environment, compounded by multiple international challenges; Sri Lanka exported 250.19 Mn Kg to 148 countries. 52% of tea exports were absorbed by destinations in North Africa and The Middle East, Russia/CIS 17%, UK/Europe 10%, Asia 9%, North and South America 6%, Japan/ Australasia 4%…
JAAF raises objection to the Government’s plans to withdraw Gazette No 2041/10 of the Licensing of Shipping Agents Act which protects importers and exporters from anti-competitive practices Market-friendly legislation should not be withdrawn under any circumstances unless the ministry wishes to make Sri Lankan exports non-competitive and increase the cost of living solely based on…
NEW DELHI, (Reuters) – The number of children grappling with various forms of undernutrition in Sri Lanka increased for the first time in at least six years in 2022, a government report and data from the health ministry indicate. The island nation of 22 million people is struggling with soaring prices, including of food, largely…
The Investor Facilitation Coordinating Committee Meeting chaired by Investment Promotion State Minister Dilum Amunugama was recently held at the Investor Facilitation Centre (IFC), to review and discuss the issues currently faced by investors with respect to seeking approvals from relevant line agencies for investment projects. During the meeting, the issues faced by four BOI companies…
Reuters – India has told the International Monetary Fund that it strongly supports Sri Lanka’s debt restructuring plan as the island nation seeks a $2.9 billion loan from the global lender, according to a letter seen by Reuters. “We hereby confirm our strong support for Sri Lanka’s prospective (loan) program and commit to supporting Sri…
In support of the government’s ‘National Combined Mechanism for Food Security and Nutrition’, Fonterra will provide free milk powder to 70,000 low-income families. Joining the ‘National Combined Mechanism for Food Security and Nutrition’ programme, set up under the patronage of President Ranil Wickremesinghe, Fonterra Brands Lanka Company has donated milk powder worth Rs174 million to…
Fitch Ratings – Colombo/Sydney – 18 Jan 2023: Fitch Ratings has downgraded the National Insurer Financial Strength (IFS) Ratings of seven Sri Lankan insurers following the recent sovereign downgrade and recalibration of the agency’s Sri Lankan National Rating scale. The seven insurers’ ratings have been maintained on Rating Watch Negative (RWN). The recalibration is to…
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