Radi

The Sri Lankan Government is getting set to privatize the national carrier, Sri Lankan Airlines in a bid to restructure the debt-ridden airline, faced with unprecedented economic turmoil on a national scale, can no longer afford to fund the carrier.

Sri Lanka’s new tourism administration headed by Minister Harin Fernando has resurrected the socio - economic crisis battered hospitality industry

Sinopec, the giant oil company with over 27,000 service stations in China, has entered into an agreement with the Beijing Sri Road Connection Trade Company Ltd., during the Shanghai CIIE, to import and market Sri Lanka Food and Beverage products at their convenience stores. The contract is worth over $ 0.8 million.

Fitch Ratings has further downgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’, and has affirmed the Long-Term Foreign-Currency IDR at ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to ratings of ‘CCC+’ or below.

Another luxury cruise ship, Azamara Quest arrived at the Colombo Port yesterday carrying more than 600 passengers, mainly from the US the third luxury cruise with in 16 days from the arrival of the first such cruise liner signaling the revival of the country’s hospitality industry.