Category: Industry
Fitch Ratings Raises its Oil and Gas Price Assumptions
Fitch Ratings has increased its oil and gas price assumptions due to trade flows disruptions and redirection and higher post-pandemic demand. Fitch Ratings Content: Our raised oil price assumptions reflect disruptions of established supply channels and growing oil demand. The EU has banned seaborn imports from Russia, so it will have to replace about a […]
Visa introduces P2P to Sri Lanka powering cashless personal payments
Visa Inc. (NYSE: V), has today announced the launch of Person to Person (P2P) payments in Sri Lanka, enabling consumers to both make and receive payments digitally, from one person to another in real-time. In the post-pandemic world, digital transactions are growing through multiple platforms, the value of which is projected to reach $5317 million […]
UNOPS partners South Asia Co-operative Environment Program
UNOPS signed an Agreement with the South Asia Co-operative Environment Program (SACEP), an inter-governmental organisation headquartered in Sri Lanka, to support them in the implementation of the World Bank funded Plastic Free Rivers and Seas for South Asia Project (PLEASE). The PLEASE project catalyses actions to strengthen innovation and coordination of circular economy solutions to plastic […]
Hambantota Port achieves Record numbers for transshipment
Hambantota International Port (HIP) recently handled the largest RORO shipment of 2022 to date. M.V. Glovis Champion carrying 8,147 vehicles and 18 HH (High and Heavy) vehicles, called at the port last week and the port completed the operation within 28 hours. The high efficiency and productivity was achieved as a result of HIP’s skilled […]
Foreign Minister Peiris in Singapore for official visit
At the invitation of the Minister for Foreign Affairs of Singapore, Dr. Vivian Balakrishnan, Minister Foreign Affairs Prof. G. L. Peiris undertook an official visit to Singapore from 8-9 June, 2022. An official visit of a Foreign Minister of Sri Lanka to Singapore is taking place after four years. During the visit, a bilateral meeting was […]
Stop offering renewable energy projects over 10MW on unsolicited proposals: Opposition
Opposition parties are demanding the government not to offer renewable energy projects generating over 10MW on unsolicited proposals. The Parliament is currently debating an amendment brought by the government to the Sri Lanka Electricity Bill even though the opposition is proposing an amendment to it. Amendment moved by the opposition: These amendments to be applicable […]
Current exchange rate arrangement: Background, positive impact thus far, and expected outcomes
This note is intended to explain to the general public the background to the current exchange rate arrangement, and the positive impact it has already made, and expected outcomes in the period ahead. The country is facing extremely challenging economic circumstances at present while it is going through the worst balance of payments crisis in […]
Russia’s Aeroflot suspends flights to Sri Lanka
Russia’s Aeroflot airline is suspending its flights to Sri Lanka after authorities arrested its Airbus A330 jet, according to the airline’s statement. “Aeroflot is suspending commercial flights to Colombo for the immediate period due to an unreliable situation in terms of the airline’s unobstructed flights to Sri Lanka. The sales of tickets for flights to […]
Colombo Port ranked most efficient in South Asia and Indian sub-continent : World Bank and S&P
No. 1 in South Asia/Indian Sub-Continent No. 3 among ports in the Indian Ocean Rim No. 22 among 370 ports Globally The Port of Colombo has been ranked as the most efficient port in South Asia and the Indian Sub-Continent, 3rd in the Indian Ocean rim and 22nd among 370 ports globally, in the second […]
3AxisLabs another welcome entrant to Jaffna’s IT ecosystem
By Jekhan Aruliah The Yarl Geek Challenge (YGC), run by the Yarl IT Hub, has been a launch pad for hundreds of IT careers, and for a number of successful companies. What YGC showcases is not the products brought by the teams, YGC showcases the people the teams are made up of. Often the YGC’s […]
Now Uber Eats Delivery through push cycles in Sri Lanka
Uber Eats in Sri Lanka has reiterated its commitment to the market by dialing up support to Courier partners on its platform during the current challenging times. To soften the impact of the ongoing economic crisis, the company has announced initiatives that will help create new earning opportunities and provide a cushion to courier partners. […]
None of the loans discussed recently in public forums have been written off: People’s Bank
In view of the recent discussions in several public forums relating to the Non-Performing Assets (‘NPA’) portfolio of People’s Bank, the Bank has issued a media release setting out the following matters of fact: • NPAs are loans whose interest and/ or principal have not been duly serviced for a stipulated time period. A mere […]