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Inflation Is a Greater Policy Test for Emerging-Market Sovereigns: Fitch Ratings
Higher inflation is generally credit negative for sovereigns, but presents particular risks for emerging markets (EMs), as they often face higher and more volatile inflation than developed markets (DMs), and are exposed to greater currency instability, says Fitch Ratings. Fitch believes global goods price pressures will ease from early 2022, but inflation could remain elevated […]
Aitken Spence Logistics to Build an additional 100,000 sq.ft. Container Freight Station
Aitken Spence Logistics recently embarked on commissioning a state – of – the – art, 100,000 sq. ft. container freight station at its main logistics complex in Mabole, Wattala. The proposed warehouse is strategically located in close proximity to the Port of Colombo and the Bandaranaike International Airport with easy access to the main highways […]
CBSL maintains policy rates; further acceleration of headline inflation expected
The Monetary Board of the Central Bank has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 5.00 percent and 6.00 percent, respectively. The Board noted the recent acceleration of inflation, driven mainly by supply disruptions and the surge […]
New USAID 5-year, USD 19m project supports Sri Lanka’s renewable energy goals
On November 17, the United States Agency for International Development (USAID) announced its new $19 million, 5-year Sri Lanka Energy Program. Once finalized, this grant will support the Government of Sri Lanka’s vision to increase the generation of renewable energy to 70% by the year 2030 and will contribute to the transformation of Sri Lanka’s […]
JICA supports Bandaranaike International Airport expansions; new Apron & Taxiways to open
Prime Minister Mahinda Rajapaksha will open the new Apron and Taxiway constructed as a part of Bandaranaike International Airport Expansion Project on 25th November 2021 in the presence of MIZUKOSHI Hideaki, Ambassador of Japan. Japan through JICA has been partnering with Sri Lankan Government for developing Bandaranaike International Airport for nearly four decades since 1980. […]
Sri Lanka’s budget proposals weigh on insurers’ near-term earnings:Fitch
The Sri Lankan government’s proposal to introduce new one-off as well as recurring taxes on companies will likely constrain the near-term profitability of some insurers, Fitch Ratings says. However, we expect the proposals to have only a limited impact on most insurers’ capital positions because of their sound capital buffers accumulated before and during the […]
Sarvodaya Development Finance IPO oversubscribed on opening day
Sarvodaya Development Finance’s (SDF) Rs. 1 billion Initial Public Offering (IPO) was oversubscribed on the initial opening day, the company secretary said issuing a statement within two hours of the opening. Underwritten by NDB Bank and Sampath Bank, the IPO was aimed at raising Rs. 1 billion, through 45 million ordinary voting shares at a […]
Alliance Finance raises Rs1Bn in subordinate debt to strengthen tier II capital
Alliance Finance Co PLC (AFC) has successfully raised LKR 1 billion in Tier II capital, with the aim of strengthening the regulatory capital of the Company to financially empower and facilitate the development of the Micro, Small and Medium enterprise sector in Sri Lanka. The Tier II Subordinated Debt has a tenure of 5 years […]
Commercial Bank wins ‘Best Corporate Citizen Sustainability Award 2021’ for first time
Commercial Bank of Ceylon PLC won the coveted ‘Best Corporate Citizen Sustainability Award 2021’ at an annual event organized by the Ceylon Chamber of Commerce, the country’s premier business chamber, to recognize sustainable champions of the local corporate world. Citizens Development Business Finance PLC and CBL Investments Limited (CBL Group) were adjudged the first and […]
Cattle slaughter ban: It’s not intentions but consequences that matter
By Sathya Karunarathne and Pravena Yogendra The cabinet of Ministers approved the Bill to amend laws to ban cattle slaughter in the third week of October. While this is a contentious policy measure, it did not come as a surprise as the Prime Minister proposed the same policy just over a year ago in September […]