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Softlogic (SHL) reports a massive Rs20bn loss as shares resume trading
December 5, 2023 (LBO) – Colombo Stock Exchange (CSE) listed Softlogic Holdings (SHL) reported a loss of over LKR 20bn for the year ended March 31, 2023. In addition the company posted losses of over LKR 4bn for the following quarter ended June 30, 2023. Shares in SHL have resumed trading on the CSE after […]
Sri Lanka’s exports decreased by 14.6-pct in October 2023
Sri Lanka’s merchandise exports decreased by 14.6 % to US$ 898.0 Million in October 2023 compared to October 2022 as per the provisional data released by the Sri Lanka Customs. Also, it is a 13.13 % decrease when compared to the value recorded in September 2023. The decline in merchandise exports is due to decreased […]
Global Sovereign Sector Outlook Is Neutral, with Fiscal Risks in Focus, says Fitch Ratings
Global sovereign credit conditions are neutral entering 2024, as moderately weaker global economic growth and persistent strains on fiscal positions are balanced by improvements in inflation dynamics and forecast reductions in most central bank policy rates, Fitch Ratings says in its Global Sovereigns Outlook for 2024. Risks to the outlook centre on additional pressures on […]
‘s IDRs; Places Viability Rating on Rating Watch Negative
Fitch Ratings has placed Bank of Ceylon’s Viability Rating (VR) of ‘cc’ on Rating Watch Negative (RWN). At the same time, Fitch has affirmed BOC’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CC’. The rating does not carry an Outlook because of the potential for high volatility at this rating level, in line with Fitch’s […]
Fitch Downgrades Singer (Sri Lanka) to A(lka); Outlook Stable
Fitch Ratings has downgraded Sri Lankan consumer-durable retailer Singer (Sri Lanka) PLC’s National Long-Term Rating to ‘A(lka)’ from ‘A+(lka)’. The Outlook is Stable. The downgrade reflects the sustained deterioration in Singer’s financial profile such that Fitch-forecasted EBITDAR fixed-charge cover will fall to 0.7x in the financial year ending 31 March 2024 (FY24), compared with 1.1x […]
Sri Lanka reaches debt restructuring deal with creditor nations: report
Sri Lanka has been informed of an apparent resolution regarding the restructuring of its debt with creditor nations. However, the awaited official confirmation letter from the creditor committee is yet to materialize, as stated by a government source, Reuters reported on Wednesday. Approximately a month subsequent to securing a deal with the Export-Import Bank of […]
Oil palm industry, SLAAS and NSF are advocating for a reevaluation of policy by Govt of SL on the industry
The Sri Lanka Association for the Advancement of Science (SLAAS) and the National Science Foundation (NSF) hosted a workshop to review the policy on Oil Palm Cultivation in Sri Lanka. The workshop was held under the patronage of the Asia Palm Oil Alliance (APOA) and Solidaridad Asia, and coordinated by Nucleus Foundation. In April 2021, […]
Turning Jaffna’s raw talent into IT professionals
By Jekhan Aruliah For all its catastrophic consequences COVID-19 lockdowns at least had a silver lining for Sri Lanka’s towns and cities beyond the Western Province. Thousands of staff returned from Colombo to hometowns across Sri Lanka to be locked-down with their families. Many sadly lost their jobs, as their work required their physical presence […]
ComBank’s Rs 6 billion Debenture Issue to open on 12th December
The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon’s Rs 6 billion Debenture Issue opening on Tuesday 12th December 2023. The Bank has announced an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at […]
Gary Mehigan: Former MasterChef Australia Judge is finally here in Sri Lanka
Internationally acclaimed Celebrity Chef and former MasterChef Australia judge, Gary Mehigan, has officially arrived in Sri Lanka for a highly anticipated three-day culinary extravaganza, presented in partnership with Cinnamon Hotels & Resorts. The culinary maestro landed at the Bandaranaike International Airport late last night (27th), where he was warmly welcomed with a traditional Sri Lankan […]