Business and Economics
“EURO 10 Mn global publicity for SL from hosting Raid Amazones”

Participants of the 21st Raid Amazones 2023’ adventure trail, the world’s only itinerant women’s adventure race, arrived at Bandaranaike International Airport yesterday (20 March) on SriLankan Airlines’ flight UL 564 from Paris.

SriLankan Airlines is the Presenting Partner of Raid Amazones and extended a warm welcome with a traditional flare to the arriving group. The group boarded the Udarata Menike train from the Gampaha Railway Station shortly thereafter for a scenic journey to Kandy and will stay at Earl’s Regency Hotel Kandy, where the trail will unfold from March 22 to 28.

“I am happy to announce that we brought 300 French women tourists to Sri Lanka with their primary decision to support the country to uplift the present financial situation as this is a high revenue generating tourism opportunity for Sri Lanka” said CEO of Raid Amazones Alex Debanne at the Airport early yesterday.Hosting an internationally acclaimed event such as RAID AMAZONES is a privilege to Sri Lanka,
APTS demonstrates industry-leading quality with ISO 9001:2015 certification

Asia Pacific Technology Systems (Pvt) Ltd, one of Sri Lanka’s foremost IT solutions providers, has announced its recent achievement of ISO 9001:2015 certification.

ISO 9001:2015 is a globally recognized standard for quality management systems (QMS) that help organizations ensure that their products and services consistently meet customer and regulatory requirements while enhancing customer satisfaction.

The standard applies to organizations of all sizes and types, in any industry or sector. Presently, the ISO 9001:2015 standard is one of the most widely implemented ISO standards, with over one million certificates issued worldwide as of 2022.

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Emerging Market Capital Flows to Remain Weak but Should Recover in 2024

Fed tightening is likely to weigh heavily on net capital flows to emerging markets (EM) this year but we expect flows to recover in 2024 as policy rates are cut and EM growth relative to advanced economies improves, says Fitch Ratings in its report “Emerging Market Capital Flows Hit by Fed Tightening, But Should Recover in 2024”.

Fitch has analysed recent trends in net private capital flows to the largest EMs, focusing on the 10 countries covered in Fitch’s “Global Economic Outlook” (GEO). Net capital flows to EMs ex-China (EM9) fell sharply last year and at negative USD120 billion (-2% of EM9 GDP) were almost as weak as those recorded during the global financial crisis in 2008. However, this largely reflected a deterioration in flows to Russia following the war in Ukraine and a rise in Russian capital outflows. (The main analysis uses an aggregate measure that excludes China given that the country’s flows dwarf those to other EM countries.)

Net flows were actually positive last year and broadly in line with the average flows seen after taper tantrum in 2013 when excluding China and Russia.

Fitch has developed a model of global macro drivers of EM capital flows consisting of three key variables: the VIX measure of risk appetite, the GDP growth differential between EMs and developed markets (DM), and US monetary policy. The model suggests that EM capital flows will remain weak this year as a result of past and prospective Fed tightening. We see net capital flows improving significantly in 2024, to 2% of EM9 GDP, as the Fed begins to cut policy rates and EM-DM growth differentials improve.

Recent banking stresses have not been associated with a sharp jump in risk aversion (as measured by VIX) so far, but bank flows are one of the more volatile components of EM capital flows.

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