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JAAF welcomes electricity tariffs reduction :Calls for continued energy policy reforms
The Joint Apparel Association Forum (JAAF) welcomed the recent decision by the Public Utilities Commission of Sri Lanka (PUCSL) to implement a 25.3 percent reduction in industrial electricity tariffs, parallel to a 27 percent reduction for domestic customers and a 22.5 percent overall reduction effective from July 16, 2024. In addition to easing the burden […]
Opinion: Sri Lanka’s Path to Prosperity – Harnessing Foreign Investment Amid Climate & Political Challenges
By Jithendra Antonio Sri Lanka, an island nation rich in history and culture, is grappling with severe economic vulnerabilities. With limited land and finite natural resources, the country faces significant challenges in commercializing these assets. Climate change further exacerbates these issues, casting a shadow over key sectors like agriculture, fisheries, and tourism. Despite these challenges, […]
PMI indicate expansions in both manufacturing and services activities in June 2024
Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 56.6 in June 2024, indicating an expansion in manufacturing activities. All the sub-indices, except for employment, remained above the neutral threshold during the month. The expansion in New Orders and Production was mainly due to the growth in the manufacture […]
”’; Withdraws Rating
Fitch Ratings has affirmed the rating on SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at ‘C’, and withdrawn the rating. The rating on the bonds was driven by the unconditional and irrevocable guarantee of the government of Sri Lanka (Long-Term Foreign-Currency Issuer Default Rating (IDR): RD). Fitch has […]
Sri Lanka Uses Tea Exports to Payoff USD 55mn of USD 251mn Iran Fuel Debt – Tea Board
Under the Memorandum of Understanding between Iran and Sri Lanka, Sri Lanka commenced the repayment of its USD 250.9 million fuel debt to Iran through tea exports. “As per the agreement, Sri Lanka aims to settle this debt through tea exports. To date, Sri Lanka has repaid USD 55 million of this debt,” Sri Lanka […]
K.C.Vignarajah, 1940-2024, An Appreciation
By Jekhan Aruliah I first met Kangasu Chelvadurai Vignarajah, known to many by his initials KC, in 2016. I remember from that first meeting, a dinner of the Sri Lanka India Society, the mischief in his smile, the glint in his eye. Always elegantly dressed, Vigna had rare poise, manners and eloquence. It was a […]
VIDEO: FBI releases identity of suspected gunman in assassination attempt of former president Donald Trump
Former President Donald Trump was the target of an assassination attempt Saturday at a Pennsylvania rally, days before he was to accept the Republican nomination for a third time. A barrage of gunfire set off panic, and a bloodied Trump, who said he was shot in the ear, was surrounded by Secret Service and hurried […]
Seylan LKR 10Bn Debenture Issue oversubscribed on opening day
Seylan Bank, announced that its recent LKR 10Bn Debenture issue was oversubscribed on its opening day, with applications for over 100 million debentures, signalling strong investor confidence. The Bank issued an initial LKR 5 billion in Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. These debentures, priced at Rs. 100 each, have maturity […]
‘s debt restructuring deal with bondholders, says IMF
The International Monetary Fund (IMF) is currently evaluating Sri Lanka’s recent debt restructuring deal with bondholders, according to Julie Kozack, Director of the Communications Department at the IMF. The IMF highlighted that their team is assessing whether the agreed terms align with the parameters set forth in their program for Sri Lanka. This assessment will […]
Director General of UNESCO Audrey Azoulay to visit Sri Lanka
The Director-General of the United Nations Educational, Scientific and Cultural Organization (UNESCO) Audrey Azoulay will visit Sri Lanka from 16 – 19 July 2024 at the invitation of the Government of Sri Lanka. During the visit, Director-General Azoulay will call on President Ranil Wickremesinghe and will have meetings with Minister of Education Susil Premajayantha and […]
COPF uncovers major failings in online visa procurement; calls for forensic audit & possible abrogation or amendment
The Committee on Public Finance (COPF), chaired by Dr. Harsha de Silva, has released a critical report revealing major discrepancies in the procurement process and agreement with the Consortium comprising GBS Technology Services, IVS Global-FZCO, and VF Worldwide Holdings Ltd. The Committee’s findings highlight significant concerns and recommend urgent corrective actions. Key Findings: Uncompetitive Procurement […]
Growth and Scale Summit 2024: Learn from global experts online for free
The Global Growth and Scale Summit 2024 is poised to be a transformative event for business owners, entrepreneurs, and working professionals worldwide. Hosted by Shihan Sheriff, a 3X Amazon Best Selling and international award-winning author, this free global online summit will feature 45 global experts, each offering unique insights and expertise. The event is supported […]