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S&P revises Sri Lanka’s outlook to negative; ratings affirmed at ’B/B’
Jan 16, 2020 (LBO) – Ratings agency Standard & Poor’s said it revised its outlook on Sri Lanka’s credit rating to negative from stable, citing increased risks from a deteriorating fiscal position. “Sri Lanka’s fiscal position deteriorated following the Easter Sunday attacks,” S&P said. “Although a recovery is expected, we expect a widening of the […]
China reaffirms steadfast support to Sri Lanka
Jan 16, 2020 (LBO) – The Chinese Foreign Minister and State Councilor Wang Yi met with the Minister of Foreign Relations Dinesh Gunawardena recently and reiterated its solidarity and support to the new Government of President Gotabaya Rajapaksa. Welcoming Minister Wang Yi, Foreign, Minister Dinesh Gunawardena thanked China for its consistent contribution to Sri Lanka’s […]
VIDEO: Why big tech is getting into finance
In 2019, many large tech firms announced plans to offer financial products and services. WSJ’s Liz Hoffman explains why Google, Apple, and others are offering products that might someday replace your wallet.
US Ambassador Wells conveys desire to build stronger relationship with Sri Lanka
Foreign Relations Minister Dinesh Gunawardena conveyed Sri Lanka’s appreciation for the development partnership the United States has extended to Sri Lanka as well as respect and appreciation for the democratic processes in the country. He articulated these sentiments during discussions in Colombo with US Principal Assistant Secretary of State Ambassador Alice Wells at the Ministry […]
Cabinet nod to increase estate worker daily wage to 1,000 rupees
Jan 15, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers have decided that the minimum daily wage of estate workers to be 1,000 rupees with effect from March this year. It was also decided to take swift measures to develop all areas of the plantation sector including infrastructure facilities. The cabinet proposal tabled by the […]
Sri Lanka to draft new law regulating national intelligence services
Jan 15, 2020 (LBO) – Sri Lanka will draft a new law to regulate and empower all intelligence services in the country with the aim of preventing the incidents that pose threats to national security. Accordingly, the Cabinet has approved a proposal tabled by State Minister of Defence Chamal Rajapaksa calling for the drafting of […]
Russian Foreign Minister meets with Sri Lanka President
Foreign Minister of Russia Sergey Lavrov met with President Gotabaya Rajapaksa at the Presidential Secretariat today (14). The Minister who started his diplomatic career at the Soviet Embassy in Sri Lanka was delighted with Sri Lanka’s transformation since his time in the Island. He was also very happy with the fruitful discussion he had with […]
Crystal Property Group raises Rs180mn equity investment from Singapore firm
Crystal Property Group Pvt Ltd (CPG), developers of Sri-Lanka’s first boutique condo hotel Crystal Sands – Villas in the Sky (www.crystalsands.lk) successfully raised a LKR 180 Million equity investment from a Singapore based investment firm focused on coastal real estate development. With this investment CPG will focus on further growth opportunities in Sri-Lanka’s real estate […]
Central Bank issues circular to banks about new credit support scheme for SMEs
Jan 14, 2020 (LBO) – Sri Lanka’s Central Bank says that based on the discussions they had with banks, it is observed that the proposed credit support scheme may not cause an undue level of stress or threaten the stability of the banking system. Issuing a circular, the Central Bank said that all parties have […]
”s internal matters: Chinese FM
Jan 14, 2020 (LBO) – China stands for Sri Lanka’s sovereignty, territorial integrity and independence and will not allow any outside influences to interfere with matters that are essentially internal concerns of Sri Lanka, Foreign Minister of China said. Visiting Foreign Minister of China Wang Yi who called on the President at the Presidential Secretariat […]
Galle Port to be developed as a tourist port with new Yacht Marina Zone
Jan 14, 2020 (LBO) – Sri Lanka will commence the breakwater development of the Port of Galle and to dock all passenger vessels to Galle at the outer port area to further strengthen facilities for tourism promotional activities at the port. State Minister of Ports Development Kanaka Herath during a special inspection visit at the […]
World Bank forecasts Sri Lanka’s growth at 3.3-pct in 2020
Jan 14, 2020 (LBO) – The World Bank has forecast Sri Lanka’s economic growth for 2020 at 3.3 percent, the bank said in a statement. In its latest report of “World Bank’s January 2020 Global Economic Prospects,” the World Bank said for 2021 and 2022, it maintains the same forecast of 3.7 percent of economic […]