All Blogs
VIDEO: How poor people survive in the USA
Homelessness, hunger and shame: poverty is rampant in the richest country in the world. Over 40 million people in the United States live below the poverty line, twice as many as it was fifty years ago. It can happen very quickly. Many people in the United States fall through the social safety net. In the […]
ADB agrees to reimburse USD 85mn spent for Sinopharm vaccines in Sri Lanka: State Minister
Asian Development Bank has agreed to provide USD 85 million to reimburse the costs of Sinopharm vaccines, State Minister of Production, Supply, and Regulation of Pharmaceuticals Prof. Channa Jayasumana said. He said that the ADB has made this decision considering the transparency in purchases and progress of the vaccination programme in Sri Lanka.
Galle Face Icon partners with Sampath Bank as exclusive project funding partner
Galle Face Properties Ltd, a subsidiary of conglomerate Renuka Holdings, recently partnered with Sampath Bank as the exclusive project funding partner for the development of the Galle Face Icon, a 30-storey building with grade A office space, amenities, serviced suites and recreational areas located between the Beira Lake and Galle Face Green. Commenting on the […]
‘s official reserves position has reached around USD 3.1bn: Central Bank
Sri Lanka’s Central Bank says that with the receipt of recent inflows, the official reserves position has now reached around US dollars 3.1 billion, and is expected to remain at such level by end of 2021. Releasing a statement, the Central Bank said that the foreign currency inflows in connection with several other facilities that […]
Sri Lanka is swept away by an economic tsunami as a result of mismanagement by a family: Eran
Sri Lanka is the only country in the world amidst the Covid pandemic that has faced unprecedented price increases, gas and fuel shortages, and a dangerously low foreign reserve position. Even the countries in the Asian region have recorded a positive GDP growth, FDI, and foreign reserves said Eran Wickramaratne MP at a press conference […]
SEC wants to finalize implementation mechanism for Central Counterparty in 2022
The new Securities and Exchange Commission of Sri Lanka (SEC) Act which came into force on 19th September 2021 contains provisions that enable the setting up of a Central Counterparty (CCP). Further, the need for setting up a CCP in order to enhance the efficiency of post-trade risk management had been spoken of for a […]
Temporary closure of identified Sri Lanka missions overseas to conserve foreign reserves
The Foreign Ministry has taken a decision to temporarily close three of its Missions / Posts overseas, i.e., the Sri Lanka High Commission in Abuja, Nigeria; the Consulate General of Sri Lanka in Frankfurt, Germany; and the Consulate General of Sri Lanka in Nicosia, Cyprus; with effect from 31 December 2021. The decision, which has […]
‘s Central Bank amends annual license fee of banks
The Monetary Board requests every licensed commercial bank and licensed specialised bank to pay the licence fee in respect of the calendar year 2022 to the Central Bank on or before 31 January 2022, based on the total assets of such bank as at the end of 2021, as set out in the table below. […]
” on sovereign downgrade; affirms Local-Currency IDR
Fitch Ratings has downgraded Bank of Ceylon’s (BOC) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’. The rating does not carry an Outlook because of the high volatility at this rating level, in line with Fitch’s rating definitions. Fitch has also downgraded BOC’s Viability Rating (VR) to ‘cc’, from ‘ccc’, and has affirmed […]
‘s ancient secret to better cognitive memory
The centuries-old abacus, once a common tool in many countries, has now been abandoned around the world. But in Japan, thousands of students are still taught proficiency on the abacus. Advocates argue that sliding the beads up and down with your fingers and then thinking with your brain creates a mind-body connection that helps with […]