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Fitch Ratings has upgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’, from ‘RD’ (Restricted Default). Fitch typically does not assign an Outlook to sovereigns with a rating of ‘CCC+’ or below. Fitch has also upgraded the Local-Currency IDR to ‘CCC+’, from ‘CCC-‘, to align with the Long-Term Foreign-Currency IDR, as the risk of another default on local-currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators. Sri Lanka completed the local-currency portion of its domestic debt optimisation in September 2023, following the exchange of treasury bills and provisional advances held by Central Bank of Sri Lanka’s into new treasury bonds and bills. The upgrade of the Long-Term Foreign-Currency IDR reflects Fitch’s assessment that Sri Lanka has normalised relations with a majority of creditors, after the announcement of final results of the invitation to exchange the outstanding stock of international sovereign bonds with a 98% participation rate. One bond series with non-aggregated collective action clauses did not meet the required 75% level. Without this bond series, the acceptance results imply a restructuring of 96% of total commercial external debt. The debt exchange will convert 11 international sovereign bonds and accumulated past due interest (PDI) into a mix of four macro-linked bonds, one governance-linked bond and one PDI bond. Bondholders can choose the local alternative governed by domestic law, with rupee-denominated bonds and a US dollar bond with step-up coupon payments. Sri Lanka is also restructuring debt to commercial and official creditors. An agreement in principle has been reached with most commercial creditors including international banks for an amount of about USD200 million. Restructuring of debt owed to official creditors is expected to be completed by end-2024. Improved External Finances: Sri Lanka’s foreign-currency debt restructuring offers substantial upfront debt repayment relief, with no foreign-currency bond maturities until 2029. The first amortisation on the macro-linked bonds, which have low coupon rates until 2032, starts from 2029. Governance linked bond amortisation begins in 2034 and the US-dollar step-up bonds start amortisation in 2029. We expect foreign-exchange reserves to reach USD8.7 billion by 2026, also reflecting debt relief over the period. The debt restructuring has reduced the government’s debt service burden and liquidity risks, but general government debt/GDP and the interest/revenue ratio are likely to stay high in the medium term. The restructuring under Fitch’s baseline assumptions lowers general government debt/GDP to about 90% by 2028, while Fitch forecasts the interest/revenue ratio to decline to 42%, still well above the ‘CCC’ median of 16%. This is, however, a large drop from the 67% in 2021, prior to the sovereign default. Sri Lanka has a weak long-term revenue raising record, but the government implemented several major tax measures to boost revenue collection and achieve debt sustainability. Fitch expects general government revenue/GDP to exceed 15% by 2026, from 11% in 2023, broadly in line with IMF programme projections. Downside risks could be substantial if the government fails to raise revenue. Strong Mandate from Election Outcome: Sri Lanka’s September 2024 presidential election was won by a leader of the opposition National People’s Power, which secured over two-thirds majority in the legislature. Fitch expects the new government to support progress on reforms. The new government has said it will continue to implement the 48-month IMF extended fund facility, which began in March 2023. Sri Lanka has made major progress on the programme under the previous government. Sri Lanka’s economy is recovering after a contraction in 2022 and 2023. In seasonally adjusted terms, real GDP growth in 3Q24 recovered to 5.2%, after contracting by 7.4% in 2022 and 2.2% in 2023. This was driven by an 11.1% pick-up in industrial growth, while services grew by about 2.8%. We expect growth to recover to 4.1% in 2024 and average 3.6% over 2025-2026. The Central Bank’s policy measures have largely reversed a rise in inflation, which peaked in September 2022 at 67.2% (seasonally adjusted). Inflation continues to decline, falling to -2.1% yoy in November 2024. The central bank has eased monetary policy significantly, reducing the standing deposit facility rate by a cumulative 800 bp since June 2023. Fitch expects further easing over 2025-2026, in line with its expectation that underlying inflationary pressure will remain muted and the central bank will meet its medium-term inflation target of 5.0%. Economic reforms implemented since the crisis period have improved headline macroeconomic metrics, reduced systemic risks and support banks’ operating flexibility. Asset quality stress has peaked and declining credit costs are driving higher profitability. Pressure on foreign- and local-currency funding and liquidity has eased on better external flows and banks’ efforts to preserve liquidity. Fitch expects banks to regain access to foreign-currency wholesale funding, following the restoration of the sovereign’s creditworthiness. Sri Lanka has an ESG Relevance Score of ‘5’ for Political Stability and Rights as well as for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in Fitch’s proprietary Sovereign Rating Model (SRM). Sri Lanka has a medium WBGI ranking in the 38th percentile, reflecting a recent record of peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, established rule of law and a moderate level of corruption. Factors that could, Individually or collectively, lead to negative rating action/downgrade -Public Finances: An increase in government debt/GDP, potentially reflecting an inability to further raise revenue, resulting in wider budget deficits. – External Finances: Inability to rebuild foreign-exchange reserves that weakens debt repayment capacity.zbet 。

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The controversial Australian has played only one match in more than two years because of injury but that has not stopped him being an outspoken presence on social media during a difficult few months for the sport. First it was announced in August that Sinner had failed two doping tests in March but was cleared of fault, while in November Swiatek was handed a one-month ban for a failed test caused by contaminated medication. Feels good getting these consecutive days training in the bank man.... Wrist re construction and back out here... blessed..................Without failing any drug tests 🙂‍↕️🙏🏽 be proud kygs doing it the right way 😩😂 pic.twitter.com/J8l21lnTdI — Nicholas Kyrgios (@NickKyrgios) December 5, 2024 Kyrgios has been particularly vociferous in his criticism of Sinner, who could yet face a ban after the World Anti-Doping Agency appealed the finding of no fault or negligence in his case. At a press conference ahead of the Brisbane International, Kyrgios told reporters: “I have to be outspoken about it because I don’t think there’s enough people that are speaking about it. I think people are trying to sweep it under the rug. “I just think that it’s been handled horrifically in our sport. Two world number ones both getting done for doping is disgusting for our sport. It’s a horrible look. “The tennis integrity right now – and everyone knows it, but no one wants to speak about it – it’s awful. It’s actually awful. And it’s not OK.” Kyrgios initially underwent knee surgery in January 2023, returning to action in June of that year, but he played only one match before pulling out of Wimbledon due to a torn ligament in his right wrist. He has not played a competitive match since, and it appeared doubtful that he would be able to return, but the 29-year-old will make his comeback in Brisbane this week. Kyrgios will take on France’s Giovanni Mpetshi Perricard in singles, while he will also team up with Novak Djokovic in a blockbuster doubles pairing. “It’s good to be back,” said Kyrgios. “I honestly never thought I’d be back playing at this level. Even entering an event like this, preparing, doing all the right things. A post shared by Nick Kyrgios (@k1ngkyrg1os) “I’m really excited to just go out there and play, just play tennis. I saw Novak in the gym, playing doubles with him, a lot to be excited about that I’m able to get out there and compete again.” Asked whether he could get back to the same level that saw him reach the Wimbledon final in 2022, Kyrgios said: “I still believe I can, whether or not that’s factual or not. There was another player who was like, ‘You have to be realistic’. That’s not how I am. I always back my ability.” The new tennis season is already under way, with the United Cup team event beginning on Friday. Great Britain, who are weakened by the absence of Jack Draper through injury, begin their campaign against Argentina in Sydney on Monday before facing hosts Australia on Wednesday. That could pit Katie Boulter against fiance Alex De Minaur, with the pair having announced their engagement last week. A post shared by Katie Boulter (@katiecboulter) “Obviously some incredible news from our side, but I think we kind of wanted it to die down a little bit before matches started,” said Boulter of the timing. “My private life is out in the public a little bit at the moment. But, in terms of the stuff that I’m doing on the court, I’ll be doing the best I can every single day to stay in my own little bubble.” Billy Harris has taken Draper’s place, with the British number one facing a race against time to be fit for the Australian Open because of a hip problem. Emma Raducanu is the sixth seed at the ASB Classic in Auckland and will begin her season with a match against Robin Montgomery, while Cameron Norrie takes on another American, Learner Tien, at the Hong Kong Open.

Keanu Reeves says he joined Sonic The Hedgehog 3 cast as he is ‘a big fan’The David Jiricek sweepstakes are finally over. The Minnesota Wild have acquired the defenseman from the Columbus Blue Jackets , along with a fifth-round pick, in exchange for defenseman Daemon Hunt and a first, second and fourth-round pick. Trade details, per sources: To #mnwild : David Jiricek, 5th Rd Pick To #CBJ : Damon Hunt, 2025 1st Rd Pick, 2027 2nd Rd Pick, 4th Rd Pick Jiricek was ranked first on Daily Faceoff insider Frank Seravalli’s Trade Targets list , as he had been in trade rumours for several weeks now after the 2022 sixth-overall pick had been dissatisfied with his playing time with the Blue Jackets. After playing only 43 games last year while averaging 14:36 of ice time, his role had grown even smaller this season by averaging 11:12 in only six games before he was demoted to the AHL. With this happening across multiple front offices and coaching staffs, it was clear to both parties that he needed a new home. With Jiricek, the Wild now have one of the best upsides on the right side of their blueline along with Brock Faber, along with two other excellent defensemen in Jared Spurgeon and Jonas Brodin. It’s unclear where Jiricek will slot in just yet, especially with both Faber and Spurgeon ahead of him on the depth chart on the right side. In return, the Blue Jackets get a depth defenseman in Hunt to replace Jiricek on their depth chart, although he doesn’t come with nearly the upside that Jiricek does. The centerpiece of the trade for Columbus is the picks in return, including the Wild’s upcoming first-round pick. As mentioned before, Jiricek had played just six games with the Wild this season, collecting an assist in those games. However, he did have 2 goals and 1 assist for 3 points in 4 games in the AHL with the Blue Jackets’ minor league affiliate, the Cleveland Monsters. Jiricek is in the second year of his three-year entry-level contract with a $918,333 cap hit. Hunt has played just one game for the Wild this season, going pointless in a 4-1 win over the St. Louis Blues on October 15th. He also has 4 assists in 9 games with the AHL with the Wild’s minor league affiliate, the Iowa Wild. Hunt is in the final year of his three-year entry-level contract with a $828,333 cap hit, and will be a restricted free agent at the end of the season. This article first appeared on Daily Faceoff and was syndicated with permission.1 2 Bhubaneswar: With Christmas around the corner, markets in Bhubaneswar are alive with festive fervour as shoppers throng these markets to prepare for the New Year celebrations. Starting from decorative items to baking essentials, everything is in high demand. Several malls and shopping complexes in the city have been transformed into winter wonderlands, adorned with sparkling lights, Christmas trees, and themed decorations. Adding to the excitement are musical shows, Santa Claus meet-and-greet sessions, and reindeer displays, which are drawing revellers in large numbers. "Every year, we wait for this time to deck up our homes and prepare special cakes and treats. The energy in the markets is so contagious, as it truly feels like the spirit of Christmas. The best thing about the festival is that it is not limited to any particular community," said Rosy Digal, a homemaker busy shopping at the Christmas market at Unit-1. Shops selling decorative items and baking supplies are seeing brisk business. Items like ornaments, streamers, baubles, fairy lights, wreaths, stockings, and artificial Christmas trees are selling like hotcakes. Baking accessories, especially cake molds and frosting kits, are also in high demand. However, customers said the prices of all items increased significantly compared to last year. "No doubt the variety of decorative items in the market is more than last year, so are the prices. Christmas tree prices start from Rs 700 to 1000, while other decorative items are almost double. Since children are insisting on decorating the home and tree during Christmas and New Year, I got some," said Namrata Das, a shopper. Shopkeepers said the quality and variety of items are better than last year. "Some of the decorative items are of very good quality. We have Christmas trees with inbuilt LED lights and sensory lights. The stuff is long-lasting and of good quality, so the price is a little higher," said Kartik Swain, adding that the rise in prices is not a dampener. Malls and market complexes across the city have become hubs of activity. "We have organised daily events, including carol singing and Santa Claus visits, to bring the community together and spread holiday cheer. The response has been overwhelming, especially from children who are excited to meet Santa and pose for pictures," said the manager of a prominent mall in Rasulgarh. With the festive season in full swing, hotels and restaurants are also gearing up to host special Christmas dinners and parties. Chef Rahul Panda, who is preparing a Christmas-themed menu for a city-based restaurant, said, "We are planning everything from roast turkey to plum cakes to ensure a memorable culinary experience for our guests."

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TikTok files legal challenge of federal government’s shutdown orderThe Eagles signed Ian Book to the practice squad Thursday. The team signed him to the active roster Saturday. That will allow Book to serve as the emergency third quarterback in Sunday’s game against the Cowboys. Starter Jalen Hurts won’t play because of a concussion, so Kenny Pickett will start and Tanner McKee will serve as the backup. Book, a fourth-round pick of the Saints in 2021, originally joined the Eagles at the end of the 2022 preseason when they claimed him off waivers. He spent that season on the active roster and dressed for two games but didn’t play. “ Highly productive college career ,” coach Nick Sirianni said of Book on Thursday, via Chris McPherson of the team website. “We had an opportunity to get him after he had played a little in New Orleans. Really enjoyed our time with him when he was here. Had some high hopes for him.” The Eagles also announced they have activated defensive end Bryce Huff from injured reserve to the active roster. Huff returned to practice Dec. 18 after spending four weeks on injured reserve following a wrist procedure. In 10 games, he has 10 tackles, 2.5 sacks, four quarterback hits, three tackles for loss and a forced fumble. Huff returns to a rotation that features Josh Sweat, Nolan Smith and rookie Jalyx Hunt. To make room for Book and Huff, the Eagles placed wide receiver Britain Covey on injured reserve and waived defensive end Charles Harris. Covey injured his neck in a Dec. 1 game against the Ravens. Harris, who was claimed off waivers Nov. 26, had played 11 snaps on defense in three games. The Eagles also elevated running back Tyrion Davis-Price and linebacker Dallas Gant from the practice squad for Sunday’s game. Davis-Price could make his Eagles debut with Will Shipley (concussion) ruled out, and Gant is expected to make his NFL debut with Nakobe Dean doubtful with an abdomen injury.