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United Motors to Acquire Dutch Lanka Trailers for LKR700mn
October 17, 2023 (LBO) – Colombo Stock Exchange listed United Motors (UML) has entered into a share purchase agreement for the purchase of 100% of Dutch Lanka Trailer Manufacturers Limited (DLT) for a price of LKR700mn. The seller TRF Singapore (a Tata group firm) purchased DLT for a total price of approximately USD$17mn from 2009 […]
Imperative for SOE Reforms in focus at Sri Lanka Economic Summit 2023
The second session of the Sri Lanka Economic Summit 2023 titled ‘SOE Reforms – Now or Never’ will focus on the imperative for SOE reforms, sharing invaluable insights into the ongoing SOE reforms and their potential impact on economic growth. The session will center around a deep dive into the transformation of large SOEs, their […]
Re-designing Sri Lanka’s foreign policy, “need of the hour”: Eran
Sri Lankan’s economy is not standalone, but is interlinked with foreign policy, says SJB parliamentarian Eran Wickramaratne. “Whilst our internal decision making is decisive, international decision making and events play a key role in our economy, lifestyle and security, more so, because we are a small island nation,” he says. Wickramaratne is of the view […]
Recognizing contribution of women in Sri Lanka towards food security and sustainable economic recovery
Achieving gender equality and empowering women is not only the right thing to do but is a critical ingredient in the fight against extreme poverty, hunger and malnutrition. As the world celebrates International Rural Women’s Day on 15th October each year, the day shines a spotlight and recognizes the significant contributions of women to global […]
”’, Removes RWN
Fitch Ratings has downgraded Sri Lanka-based Senkadagala Finance PLC’s (Senka) National Long-Term Rating to ‘BBB(lka)’ from ‘BBB+(lka)’. The Outlook is Stable. Fitch has also downgraded Senka’s subordinated debt rating to ‘BB+(lka)’ from ‘BBB-(lka)’, and removed the Rating Watch Negative (RWN) from all of Senka’s ratings. KEY RATING DRIVERS Weakened Asset Quality Drives Downgrade: Senka’s exposure […]
Opinion: Energy, EVs, Environment and the Economy
By M. Rizwan Muzzammil According to an article in ‘The Diplomat’ (2nd Oct 23), the Sri Lankan government has committed to supplying 70% of its domestic electricity with renewable energy sources by 2030, with the longer-term goal of achieving a fully renewable electricity supply by 2050. The government is incentivized by “debt-for-renewables swap”, which enables […]
JICA Supports NWSDB to Transform Operations with Digital Solution
The National Water Supply and Drainage Board (NWSDB) is set to digitalize its operations with the introduction of a cutting-edge Electronic Document Management System (EDMS) with the supports extended by the Japan International Cooperation Agency (JICA). JICA delivered comprehensive recommendations to enhance project implementation efficiency and effectiveness in May 2023; accordingly, further support to develop […]
Borders and Budget: Visa reform will boost tourism and reverse brain drain
By Daniel Alphonsus Three million tourists are set to visit our shores next year. We will issue nearly as many online visas – millions too many. ETAs are a tourist’s bane: rather than dreamy sun, sea and sand, the weary salaryman’s getaway begins with the tedium of forms. The tourist’s ayubowan to Sri Lanka begins […]
President to attend 3rd Belt & Road Forum for International Cooperation in China
President Ranil Wickremesinghe left for China to attend the 3rd Belt & Road Forum for International Cooperation. The President will engage in a four-day official visit to China from October 16 to 20. During his absence, the responsibilities of the ministries under his purview have been temporarily entrusted to the respective state ministers and a […]
Japan-Sri Lanka Free Trade Zone to be established in Bingiriya and Iranavila areas
Minister of State for Investment Promotion Dilum Amunugama, announced plans to establish a Japan-Sri Lanka Free Trade Zone in the country. He mentioned that the areas of Bingiriya and Iranavila have been selected for this purpose. The minister made this announcement during a news conference at the Presidential Media Centre, held under the theme ‘ […]