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Dec 19, 2019 (LBO) – Fitch Ratings has revised the Outlook on Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and has affirmed the IDR at ‘B’. KEY RATING DRIVERS Revision of the Outlook to Negative from Stable reflects rising risks to debt sustainability from a significant shift in fiscal policy […]
‘s Multi Purpose Development Task Force to be launched on January 15
Dec 18, 2019 (LBO) – Sri Lanka’s government is to launch the programme of generating 100,000 employment opportunities for poor families, on January 15, 2020. During the first phase, 100,000 jobs will be provided covering the entire island and more than 10,000 graduates to be recruited for the positions of management and monitoring at the […]
SriLankan Airlines & Gulf Air ink codeshare agreement
Dec 18, 2019 (LBO) – SriLankan Airlines and Gulf Air, the national carrier of the Kingdom of Bahrain have entered into a codeshare partnership significantly enhancing the travel options of their respective customers. Under this agreement, SriLankan Airlines will place its ‘UL’ code on Gulf Air’s flights from Bahrain to Colombo, the Greek capital Athens […]
Opinion: Gender dimension of remittances to Sri Lanka: Who remits more?
Bilesha Weeraratne Remittances are often considered a stable and a reliable source of development financing. In 2018, remittances to Sri Lanka totaled to USD 7.015 billion. At the macro level, the contribution of remittances to the Sri Lankan economy is immense. In 2018, remittances accounted for 7.8 % of the GDP, and could cover 59% […]
Sri Lanka’s tallest A-grade office complex, MAGA ONE achieves full occupancy
Dec 18, 2019 (LBO) – MAGA ONE, Sri Lanka’s tallest A-grade office complex developed by the country’s largest construction company, Maga Engineering, has reached full occupancy within its first year of operations. According to the company, the building is now home to multinational giants such as Chevron, Pearson, AkzoNobel, Wiley Global, and Wabtec Corporation, together […]
World Bank approves USD25mn loan to strengthen public sector efficiency in Sri Lanka
Dec 18, 2019 (LBO) – The World Bank on Tuesday approved a 25 million dollar loan to Sri Lanka to improve the transparency and efficiency of core government and public financial management functions. The Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance to improve efficiency and […]
CA Sri Lanka’s groundbreaking alliance with ICAEW
Turning a new leaf in the country’s dynamic accounting profession, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) broke new ground on Monday as it entered into a strategic alliance with one of the world’s most respected and prestigious accounting bodies, the Institute of Chartered Accountants in England and Wales (ICAEW). The […]
Uber launches two new safety features in Sri Lanka
Dec 17, 2019 (LBO) – Uber, the world’s largest mobility platform, announced two new safety features, Two-way Phone Anonymisation and Driving Hour Limits, as a part of their ‘Safety Never Stops’ campaign in Colombo. Two-way Phone Anonymisation, a new technology, will improve the way riders and driver partners connect and communicate with each other. With […]
Singapore fashion platform buys Lankan software firm nCinga for USD15.5mn
Dec 17, 2019 (LBO) – Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for 15.5 million dollars in cash and stock, marking one of the largest tech exits in Sri Lanka in recent times, foreign media reported. nCinga, which is backed by Sri Lanka and Singapore-based venture capital firm BOV […]
Chandani Werapitiya appointed new DG of SLTDA
Dec 17, 2019 (LBO) – Chandani Werapitiya, a senior banking professional, lecturer, global speaker and a panelist in international forums with 32+ years’ experience has been appointed as the new Director-General of Sri Lanka Tourism Development Authority (SLTDA). Before joining SLTDA, she served as the senior deputy general manager of People’s Bank, alternate Board Director […]