DIRS.INFO The most relevant business & tech news

☆ Sri Lanka consumer inflation hits record 73.7% in September
▼ + stars: | 2022-10-21 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Annual food price inflation picked up to 85.8% from 84.6% in August, while prices of non-food items rose 62.8%. Sri Lanka's Central Bank Governor Nandalal Weerasinghe predicted earlier on Thursday that inflation in the island nation is peaking, with price rises likely to ease this month. read moreThe NCPI captures broader retail price inflation and isreleased with a lag of 21 days every month. The more closely monitored Colombo Consumer Price Index(CCPI) (LKCCPI=ECI), released at the end of each month, rose69.8% in August. It acts as a leading indicator for nationalprices and shows how inflation is evolving in Sri Lanka'sbiggest city.

☆ Crisis-hit Sri Lanka — which ran out of fuel earlier this year — snaps up cheap Russian oil for the first time ever
▼ + stars: | 2022-10-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Sri Lanka has been buying large amounts of Russian crude since March 2022. Three months ago, Sri Lanka said it was sending an official delegation to Russia to negotiate oil deals amid a crippling fuel shortage. But it's just one of the emerging markets dealing with economic crises now lining up to buy discounted Russian oil. It's unlikely that Sri Lanka had ever purchased Russian crude before March this year, Kpler's lead crude analyst Viktor Katona said. The US has banned Russian crude and the European Union set to implement an oil embargo on Russian oil by the end of the year.

☆ Sri Lanka to keep 'middle-income' status but seek concessional loans
▼ + stars: | 2022-10-11 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com Register"Sri Lanka will remain a middle-income country," the office said in a statement. "We will request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA)." The local World Bank office in Colombo had no immediate comment on the Sri Lankan request. It said it would continue its discussions with Sri Lanka and that the "key priority" was to move ahead with debt restructuring and economic reforms to put the country's growth back on track. Sri Lanka reached a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout in September but has to put its debt on a sustainable path before the funds can be disbursed.

☆ Sri Lanka looks to revive free trade deal with Singapore
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSri Lanka's President Ranil Wickremesinghe looks on during an interview with Reuters at Presidential Secretariat, amid the country's economic crisis, in Colombo, Sri Lanka August 18, 2022. REUTERS/ Dinuka LiyanawatteCOLOMBO, Sept 27 (Reuters) - Sri Lanka will step up efforts to revive a stalled free trade pact with Singapore, President Ranil Wickremesinghe told the city state's premier on Tuesday, his office said in a statement. The free trade pact signed in January 2018 was suspended because of objections from Sri Lankan opposition parties and professional bodies. Sri Lanka proposed more than a dozen amendments in May 2021 but talks have largely stalled. Register now for FREE unlimited access to Reuters.com RegisterReporting by Uditha Jayasinghe; Writing by Shilpa Jamkhandikar; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ IMF cites Japanese yen's volatility, says monitoring situation
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Sept 23 (Reuters) - Asked about the Bank of Japan's intervention to boost the yen, the International Monetary Fund noted the currency's recent volatility and said it was monitoring the situation carefully. "The yen has been very volatile in recent weeks, given monetary policy tightening in the U.S. and other countries. We are monitoring the situation carefully," Ranil Salgado, the fund's mission chief for Japan said in a written statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal Editing by Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ Sri Lanka to unveil debt restructuring plan to creditors
▼ + stars: | 2022-09-23 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Sri Lanka's President Ranil Wickremesinghe looks on during an interview with Reuters at Presidential Secretariat, amid the country's economic crisis, in Colombo, Sri Lanka August 18, 2022. The government has already held preliminary restructuring talks with neighbour India and diplomats based in Colombo. "Sri Lanka is focused on trying to get the IMF deal finalised by December or early next year." Sri Lanka's foreign currency debt was $47.3 billion as of end-2021 and local-currency debt at $53.6 billion, according to an update from the Ministry of Finance in August. The foreign currency debt includes $13 billion in international sovereign bonds held largely by private creditors, such as asset managers BlackRock (BLK.N) and Ashmore (ASHM.L).

☆ Factbox: Sri Lanka set to begin talks to restructure debt of $30 bln
▼ + stars: | 2022-09-22 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

WHY THE NEED TO RESTRUCTURE DEBT? That in turn requires negotiation with private creditors and two-way lenders. That includes $13 billion in international sovereign bonds held largely by private creditors, such as asset managers BlackRock (BLK.N) and Ashmore (ASHM.L). The Paris Club informal group of creditor nations that includes India and Japan holds $4.9 billion of Sri Lanka's debt, and China about $5 billion more. Sri Lanka is the first middle-income country to default after the COVID-19 pandemic.

☆ India starts debt-restructuring talks with Sri Lanka, vows support
▼ + stars: | 2022-09-20 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

A man travels in a train as the Colombo harbour is seen, amid the country's economic crisis in Colombo, Sri Lanka, April 20, 2022. "The discussions held in a cordial atmosphere symbolise India's support to early conclusion and approval of a suitable IMF programme for Sri Lanka," the High Commission said. Reuters reported last week, citing sources, that India did not plan to provide fresh financial support to Sri Lanka, as the island's battered economy had begun to stabilise. read moreThe High Commission said India had ongoing development projects worth about $3.5 billion in Sri Lanka, whose president earlier this month asked his officials to resolve obstacles to projects backed by India. President Ranil Wickremesinghe has said Sri Lanka will turn a free trade agreement with India into a comprehensive economic and technological partnership.

☆ The world's most powerful are gathered in London for Queen Elizabeth II's funeral. Here's who is — and isn't — there
▼ + stars: | 2022-09-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Wpa Pool | Getty Images Entertainment | Getty ImagesHundreds of global dignitaries are gathered in London Monday to attend the funeral of Queen Elizabeth II, marking a level of ceremony unseen in the U.K. for decades. Britain's King Charles III waves as he's driven down the Mall in London on September 19, 2022, ahead of the State Funeral Service of Britain's Queen Elizabeth II. - Leaders from around the world will attend the state funeral of Queen Elizabeth II. President of United States Joe Biden and Jill Biden arrive for the State Funeral of Queen Elizabeth II at Westminster Abbey on September 19, 2022 in London, England. Japan's Emperor Naruhito and his wife Empress Masako arrive at Westminster Abbey in London on September 19, 2022, for the State Funeral Service for Britain's Queen Elizabeth II.

☆ Sri Lanka to present debt restructuring, IMF bailout plans to creditors
▼ + stars: | 2022-09-18 | by ( ) www.reuters.com time to read: +2 min

A vendor prepares Sri Lankan notes to bundle them at a shop in Colombo July 3, 2013. REUTERS/Dinuka LiyanawatteLONDON, Sept 18 (Reuters) - Crisis-hit Sri Lanka will make a presentation to its international creditors on Friday, laying out the full extent of its economic troubles and plans for a debt restructuring and multi-billion dollar International Monetary Fund bailout. Debt crisis veterans cite uniquely difficult elements in Sri Lanka. The country's borrowings are so complex that estimates of the total range from $85 billion to well over $100 billion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marc Jones; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: World leaders to attend Queen Elizabeth's funeral
▼ + stars: | 2022-09-12 | by ( ) www.reuters.com time to read: +6 min

Canadian Prime minister Justin Trudeau and Sophie Gregoire Trudeau attend the funeral of Her Majesty Queen Elizabeth II in Westminster Abbey. Jack Hill/Pool via REUTERSRegister now for FREE unlimited access to Reuters.com RegisterLONDON, Sept 19 (Reuters) - Queen Elizabeth's state funeral will take place in London on Monday and a host of world leaders, royalty and other dignitaries will attend. Countries that have not been invited include Syria and Venezuela because London does not have normal diplomatic relations with those states. Britain has also not invited representatives from Russia, Belarus or Myanmar after it imposed economic sanctions on those countries. Related ContentFactbox: Plans for Queen Elizabeth's state funeral on MondayFactbox: Comments from crowds in London on Queen ElizabethFactbox: World leaders to attend Queen Elizabeth's funeralFactbox: Order of service for Queen Elizabeth's state funeralWindsor Castle, Queen Elizabeth's home and now final resting placeWestminster Abbey - traditional church for royals in life and death(This story was refiled to correct spelling of first name of Belize governor general)Register now for FREE unlimited access to Reuters.com RegisterCompiled by Farouq Suleiman and Kate Holton Editing by Deepa Babington and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Ranil"

11 mentions found