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Fitch affirms &’s ratings
May 20, 2020 (LBO) – Fitch Ratings has affirmed and withdrawn Sri Lanka-based National Savings Bank’s (NSB) Long-Term Issuer Default Rating (IDR) of ‘B-‘ with a Negative Outlook. The affirmation of NSB’s IDRs, Support Rating and Support Rating Floor reflects that there have been no material changes from the last review on 5 May 2020. […]
Ceylon Chamber proposes multi-sectoral approach for economic revival
May 20, 2020 (LBO) – The Ceylon Chamber of Commerce has submitted its multi-sectoral proposals to the Task Force for Economic Revival and Poverty Alleviation. This was building on the submission made to the President on a Shared Vision for Post-COVID-19 Economic Recovery. The sectors included in the document covered immediate, medium, and long-term proposals […]
I will not allow anyone to exert undue pressure on our war heroes: President
May 19, 2020 (LBO) – President Gotabaya Rajapaksa says that he will not hesitate to withdraw Sri Lanka from international bodies or organizations, if any such body or organization continuously target the country and war heroes, using baseless allegations. “I will not allow any room for attempts to discredit and destroy the dignity of our […]
Sri Lanka explores SWAP facilities with regional Central Banks
May 19, 2020 (LBO) – Sri Lanka is in the process of exploring SWAP facilities with regional central banks, while arrangements are also being made for syndicate financing with identified foreign sources, the Central Bank said. While reiterating its commitment to meeting all its financial obligations, the Central Bank said in a statement that the […]
Opinion: Sri Lanka’s IT-BPM industry resilient in the face of COVID-19
SLASSCOM “Drifting the curve” is the SLASSCOM industry strategy for building momentum to come out of the “corner” (current situation) stronger. When race car drivers approach a bend on the track, unlike ordinary drivers who slow down, they accelerate. This is known as “drifting the curve.” It’s all about how much momentum you have when […]
Developing Galle harbor into a Global Crew Exchange Hub explored
May 18, 2020 (LBO) – Sri Lanka is exploring the possibility of developing the Galle harbor into a Global Crew Exchange Hub by creating an environment for sailors to return to their respective countries via the Island. This was discussed during a meeting with the representatives of leading local shipping companies at the Presidential Secretariat, […]
HNB operating profit down by 13.5-pct, PAT up due to tax concessions
May 18, 2020 (LBO) – The operating profit of Sri Lanka’s Hatton National Bank (HNB) before VAT and taxes declined by 13.5% to Rs 4.2 Bn compared to Rs 4.9 Bn in the corresponding period of 2019, interim accounts showed. “The removal of Nations Building Tax (NBT) and Debt Repayment Levy (DRL) with effect from […]
‘s Cinnamon Life construction resumes
May 18, 2020 (LBO) – Colombo’s iconic landmark and the single, largest, private mixed development investment in Sri Lanka, Cinnamon Life by the John Keells Group, has resumed construction after a lockdown since March 2020. Cinnamon Life, the iconic 4.5 Million sq. ft integrated mixed-use development, is a city within a city, and is envisioned […]
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May 18, 2020 (LBO) – The G-20 debt suspension initiative is unlikely to ease the significant credit challenges that the coronavirus pandemic has amplified in some frontier market sovereigns, Moody’s Investors Service said in a report today. QUOTES FROM MOODY’S SECTOR IN-DEPTH REPORT We rate 34 out of the 76 IDA-eligible countries, to which we […]
Sri Lanka official reserves at USD 7.9Bn at end Feb 2020
May 18, 2020 (LBO) – Sri Lanka’s gross official reserves stood at 7.9 billion dollars at end February 2020, equivalent to 4.7 months of imports, the Central Bank said. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to 10.9 billion dollars at end February 2020, equivalent […]