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IMF to Return to Sri Lanka for Crucial Third Review Soon
In a recent press briefing, the International Monetary Fund (IMF) announced that a mission will soon return to Sri Lanka to continue negotiations for the third review of the IMF-supported program. This follows a series of discussions held in Washington, where key topics included taxation and the reduction of the tax burden on Sri Lankans. […]
Fitch Affirms Ceylon Electricity Board at BB+(lka); Outlook Stable
Fitch Ratings has affirmed Ceylon Electricity Board’s (CEB) National Long-Term Rating at ‘BB+(lka)’. The Outlook is Stable. Fitch also affirmed the National Long-Term Rating of CEB’s outstanding senior unsecured debentures at ‘BB+(lka)’. CEB’s ratings are equalised with the Sri Lankan sovereign rating (Long-Term LocalCurrency Issuer Default Rating CCC-) under Fitch’s Government-Related Entities (GRE) Rating Criteria. […]
Effect of US Election Outcome on Sovereign Credit Profiles Will Vary: Fitch Ratings
The re-election of Donald Trump as US president, supported by likely Republican majorities in both houses of Congress, will have ramifications for many sovereign credit profiles, but the scale of any effects on ratings will ultimately depend on the policies pursued by his administration, says Fitch Ratings. We believe the key channels of influence for […]
Opinion: Ruwan Wijewardene – UNP Unity Candidate
November 10, 2024 (LBO) – Parliamentary elections are just days away, and a common theme I have heard over the last few days is that many people don’t know who to vote for. After Sri Lanka’s monumental 2024 presidential election, which brought NPP leader Anura Kumara Dissanayake (AKD) to power, there seems to have developed […]
HVA Foods PLC Partners with Müggenburg Group, Germany
HVA Foods PLC, a member of the George Steuart Group, announces its exclusive distributor partnership with Müggenburg Group, Germany, a renowned family-owned company with over 80 years of expertise in high-quality herbs and botanicals. This partnership enables HVA Foods PLC to introduce Müggenburg’s extensive range of raw and processed natural ingredients to Sri Lanka, for […]
Sri Lanka elected Vice President of International Solar Alliance Standing Committee (Asia–Pacific Group)
Sri Lanka, together with Australia, was elected by acclamation to the post of Vice President of the Standing Committee (Asia–Pacific Group) during the Seventh Session of the International Solar Alliance (ISA) Assembly held in New Delhi on 04 November 2024. By virtue of this post, Sri Lanka will also be the Chair of the Regional […]
Financial Intelligence Unit enters into a MoU with National Secretariat for Non-Governmental Organizations
The Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the National Secretariat for Non-Governmental Organizations on November 04, 2024 at the Central Bank of Sri Lanka (CBSL) to exchange information on investigations and prosecutions of Money Laundering (ML), Terrorist Financing (TF) and related crimes and of any persons […]
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Fitch Ratings has assigned Sampath Bank PLC’s (A(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR10 billion an expected National Long-Term Rating of ‘BBB+(EXP)(lka)’. The proposed debentures, which will mature in five years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its […]
Aitken Spence Logistics Triumphs with 5 Prestigious Wins at SLFFA National Logistics Awards
Aitken Spence Logistics showcased its enduring excellence and industry leadership at the prestigious SLFFA National Logistics Awards (NLA) 2024, winning five notable awards that reinforce its reputation for quality, innovation, and service excellence in Sri Lanka’s logistics sector. Organized by the Sri Lanka Logistics and Freight Forwarders Association (SLFFA), the NLA is one of the […]
Hemas Holdings Boosts Profitability through Efficiency in a Challenging Market
Hemas Holdings PLC reported a cumulative revenue of Rs. 54.4 billion, with operating profits of Rs. 5.0 billion and earnings of Rs. 2.5 billion. The decrease in revenue compared to same period last year was a result of cautious consumer spending accompanied by several strategic downward price adjustments, particularly in the Consumer Brands segment. However, […]