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Eshan Pieris bags silver class win at Fanatec GT world challenge Asia
Eshan Pieris arrived back in Sri Lanka this week after achieving a remarkable Silver Class win in the Fanatec GT World Challenge Asia 2024 held at Fuji International Speedway, Japan, last Saturday. At the Fanatec GT World Challenge Asia, Eshan stood as the only racer on the grid representing Sri Lanka and one of the […]
U.S. Embassy in Colombo Commemorates 248 Years of American Independence
The U.S. Embassy in Colombo celebrated the 248th anniversary of the independence of the United States of America with a festive event hosted by U.S. Ambassador Julie Chung at the Galle Face Hotel on June 27. The Ambassador welcomed Chief Guest Honorable Minister Harin Fernando, Minister of Tourism, Lands, Sports and Youth Affairs, alongside distinguished […]
Ceylon Chamber of Commerce Re-elects Chairman Duminda Hulangamuwa & Board for 2024/25 at AGM
The Ceylon Chamber of Commerce announced the re-election of its Board for the Year 2024/25 at the Chamber’s 185th Annual General Meeting on June 27. The re-elected Board comprises Chairman Duminda Hulangamuwa – Country Managing Partner for Sri Lanka and The Maldives, Ernst & Young, Vice Chairman Krishan Balendra – Chairman John Keells Holdings PLC, […]
Federal Reserve should wait to reduce its policy rate until at least late 2024, recommends IMF staff mission
Despite the important progress to-date in returning inflation toward its 2 percent goal, the Federal Reserve should wait to reduce its policy rate until at least late 2024, concluding a 2024 Article IV Staff Mission, the IMF said. “This provides significant room for maneuver within the Fed’s mandate of price stability and maximum employment. Given […]
Opinion: Establishing a Climate Change Fund – A Crucial Step for Sri Lanka’s Economic Future
By Jithendra Antonio Sri Lanka is at a critical juncture. Ranked 116th out of 182 countries on the climate vulnerability index, the nation faces escalating threats from climate change, including frequent droughts, floods, and other extreme weather events. These climate-induced disruptions pose significant risks to economic activities, potentially stalling progress and destabilizing key industries. In […]
SLBA rejects “misconceived” diatribe against lending and debt recovery practices of banks
The Sri Lanka Bank’s Association (SLBA) has rejected a reported recent tirade against banks by two senior lawmakers, describing their remarks as “misconceived, inaccurate, misleading and unhelpful.” The SLBA, which represents all banks licensed by the Central Bank of Sri Lanka (CBSL) including state banks, public listed companies and branch offices of international banks, said […]
Administrative penalties imposed by FIU on Financial Institutions from Jan 1st to Apr 30th 2024
By virtue of the powers vested under Section 19(1) read together with section 19(2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA. The penalty may be prescribed taking into consideration the nature and gravity of relevant non-compliance of […]
Special Statement by President Ranil Wickremesinghe
Following is the special statement delivered by the President : Today marks a significant milestone in the recent history of our country, a special juncture reflecting the hard work and dedication of our efforts. Our country is now reaping the positive results of our persistent endeavours over the past years. This morning in Paris, […]
Sri Lanka concludes negotiations with Official Creditor Committee & China Exim Bank
Sri Lanka has concluded negotiations with the Official Creditor Committee (OCC), marking pivotal strides towards stabilizing its financial footing amid recent economic challenges, the President’s Media Division said in a statement. Sri Lanka also reached a final agreement with China’s Exim Bank on debt restructuring today (26) in Beijing. Full Statement In a significant milestone […]
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FitchRatings has downgraded the Maldives’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-‘. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS Ratings Downgrade: The downgrade of the Maldives’ […]