Unpacking South Asia’s growing role in global debt
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Unpacking South Asia’s growing role in global debt

Half of the countries in the region-Afghanistan, Maldives, Pakistan, and Sri Lanka-are either in debt distress or at high risk of it. In 2006, South Asia’s total external debt stock increased by a record 23 percent. In 2022, the ratio of government debt-to-GDP in the region averaged 86 percent, higher than that of any other…

United Petroleum of Australia to enter retail market from mid-year
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United Petroleum of Australia to enter retail market from mid-year

Power and Energy Minister Kanchana Wijesekera revealed yesterday that United Petroleum of Australia has finalised an agreement with the Power and Energy Ministry to venture into petroleum retail operations in Sri Lanka. The announcement comes following last month’s signing of the agreement between the two parties. “They plan to sign the agreement with the BOI…

SriLankan & Korean Air Announce Codeshare Partnership
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SriLankan & Korean Air Announce Codeshare Partnership

SriLankan Airlines and Korean Air have officially activated a new codeshare partnership effective 15 March 2024, presenting enhanced travel options and connections for customers of both airlines travelling between Colombo and Seoul. Richard Nuttall, Chief Executive Officer of SriLankan Airlines stated: “We are delighted to launch our first-ever codeshare partnership with Korean Air, and boost…

President makes case for introducing new legal framework to modernize economy
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President makes case for introducing new legal framework to modernize economy

President Ranil Wickremesinghe on Sunday made a compelling case for the need to introduce a new legal framework to modernise the economy. He revealed that over the past 14 months, the Parliament has enacted 42 new laws to facilitate the country’s economic transformation. Furthermore, the President highlighted the necessity of passing an additional 62 laws…

EU opens formal investigation into TikTok over possible online content breaches
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EU opens formal investigation into TikTok over possible online content breaches

The European Union will investigate whether ByteDance’s TikTok breached online content rules aimed at protecting children and ensuring transparent advertising, an official said on Monday, putting the social media platform at risk of a hefty fine. EU industry chief Thierry Breton said he took the decision after analysing the short video app’s risk assessment report…

JICA chief and President Ranil discuss economic reforms, investment projects
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JICA chief and President Ranil discuss economic reforms, investment projects

The President of Japan International Cooperation Agency (JICA) has commended President Ranil Wickremesinghe’s commitment to the program aimed at implementing economic reforms in Sri Lanka, acknowledging its challenging nature. Dr. Tanaka Akihiko made these remarks when he called on the Sri Lankan leader on (Feb.14), according to the President’s Media Division (PMD). In response, President…

Implementation of a Loan Scheme to Support Small and Medium-Scale Rice Industry
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Implementation of a Loan Scheme to Support Small and Medium-Scale Rice Industry

President Director General (Community Affairs), Rajith Keerthi Thennakoon, announced the initiation of an “Odapana” loan scheme during a meeting held at the President’s Office the day before yesterday (14). This loan scheme, implemented in response to President Ranil Wickremesinghe’s directives, aims to address the financial challenges encountered by small and medium-scale rice mill owners, rice…

ADB financial aid a victory for Mahaweli farming community
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ADB financial aid a victory for Mahaweli farming community

The Asian Development Bank has pledged to assist in developing Smart Agriculture in Mahaweli Zones in a positive move made over a request made by Minister of Irrigation, Wildlife and Forest Resources Conservation Pavithra Wanniarachchi. Accordingly, ADB has pledged to provide US$ 8 million to introduce modern technology in the field of agriculture and livestock…

Harin says Indian companies likely to acquire major hotel chains in Sri Lanka
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Harin says Indian companies likely to acquire major hotel chains in Sri Lanka

Tourism Minister Harin Fernando disclosed that three out of four potential parties are Indian companies that are shortlisted to buy Hotel Developers Lanka Ltd., the owning company of the popular five-star Hilton Colombo. “Most probably it will go to an Indian firm,” he said speaking at the Sri Lanka Tourism Networking Evening held recently in…