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Opinion: Untold Lessons – Economic Insights from History for Sri Lanka’s Crisis
by M. Rizwan Muzzammil With a new government in power, Sri Lanka finds itself grappling with immense economic challenges. The burden of enormous debts continues to weigh heavily on a fragile economy, necessitating robust growth to overcome these hardships. However, achieving such growth is complicated by a governmental predisposition toward centralised economic control, rooted in […]
Chinese People’s Liberation Army Navy hospital ship ‘Peace Ark’ arrives in Colombo
The Chinese People’s Liberation Army Navy hospital ship ‘Peace Ark’ arrived in Colombo on a formal visit on 21st December 2024. The visiting ship was welcomed by the Sri Lanka Navy in compliance with naval traditions. ‘Peace Ark’ is a 178m long hospital ship, crewed by 310 personnel under the command of Captain Deng Qiang. […]
” from Restricted Default
Fitch Ratings has upgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’, from ‘RD’ (Restricted Default). Fitch typically does not assign an Outlook to sovereigns with a rating of ‘CCC+’ or below. Fitch has also upgraded the Local-Currency IDR to ‘CCC+’, from ‘CCC-‘, to align with the Long-Term Foreign-Currency IDR, as the risk […]
Sri Lanka to Establish Doppler Weather Radar at Puttalam with JICA Funding
Sri Lanka is set to establish a Doppler weather radar in Puttalam, thanks to funding from the Japan International Cooperation Agency (JICA). This initiative is part of a broader effort to improve the country’s weather prediction and disaster preparedness. The island nation, surrounded by vast sea areas like the Bay of Bengal, the Arabian Sea, […]
CSE announces changes to S&P Sri Lanka 20 index constituents
The Colombo Stock Exchange (CSE) announces the following changes to the S&P Sri Lanka 20 index constituents as part of the 2024 Year-End Rebalance, conducted by S&P Dow Jones Indices. The exclusions and inclusions, as announced by S&P Dow Jones Indices, will take effect from 23rd December 2024, following the market close on 20th December […]
Sri Lanka’s first 12-hour endurance karting championship concluded at SpeedBay!
The much-anticipated SpeedBay 12-Hour Endurance Karting Championship 2024 was held for the first time in Sri Lanka last Saturday (October 19) at SpeedBay, Bandaragama. Twelve teams battled for a spot on the podium, showcasing a talented mix of drivers and team managers. Each team could field up to 6 drivers, making teamwork and strategy critical. […]
NSBM opens doors for public in Jan 2025
NSBM Open Day’ for January 2025 Intake at NSBM Green University organized under the theme of “Experience the Splendour of a Green University” is scheduled to be held on 4 th and 5 th January at the NSBM premises in Pitipana, Homagama. Over these two days, prospective students and parents will have the opportunity to […]
USD 25 Mn Project at Hambantota International Port’s Industrial Park
Following Hambantota Port Group’s (HIPG) recent investment in upgrading crane facilities to expand container operations at the Hambantota International Port (HIP), Comfort Mattress Lanka (Pvt) Ltd. has become the first investor to seize the opportunity to set up operations in the port’s industrial park. With an investment of USD 25 million, the project targets key […]
Asian Development Bank extends USD 150 mn line of credit to CEB
Asian Development Bank (ADB) and Ceylon Electricity Board (CEB) signed an agreement on 19th December 2024, for ADB to provide a loan of $150 million to CEB. After rigorous due diligence by ADB on technical, economic and social merits of CEB’s upcoming investment proposals, ADB approved the loan package in November 2024. Through these funds, […]
Twinery leads Sri Lankan innovation as it celebrates 100 granted patents
Traditionally recognized in the fields of agriculture and tourism, Sri Lanka has often been overlooked as a hub for technological innovation. Twinery, the innovation arm of global apparel tech leader MAS Holdings, is redefining this narrative as it proudly announces the granting of its 100th utility patent. As a leading innovation powerhouse in Sri Lanka, […]