Category:
‘s Weakening External Finances to Pressure Corporate Ratings: Fitch Ratings
Sri Lankan corporates could face rating pressure should the government further restrict imports amid weakening external finances, Fitch Ratings says in a new report. Fitch expects corporates that import finished goods in sectors that are considered non-essential to be more affected than those that import raw materials for local value addition. Consumer durable importers are […]
Sri Lanka records USD 978Mn exports in June 2021; maintains its upward trend
As per the latest statistics released by the Sri Lanka Customs, the export sector performance has been able to maintain its upward trend in June 2021 with exports increasing by 9.41 % to US$ 978.2 Mn compared to June 2020. This upward trend was evident year-on-year for the last four months. Sri Lanka’s merchandise exports […]
”s Caa1 rating under review for downgrade
Moody’s Investors Service (“Moody’s”) has today placed the Government of Sri Lanka’s Caa1 foreign currency long-term issuer and senior unsecured debt ratings under review for downgrade. The decision to place the ratings under review for downgrade is driven by Moody’s assessment that Sri Lanka’s increasingly fragile external liquidity position raises the risk of default.This assessment […]
Russell Juriansz elected as Chairman of Sri Lanka Shippers’ Council
Sri Lanka Shippers’ Council held its 51st Annual General Meeting on 14 July 2021. Considering the prevailing situation in the country, this year’s AGM was held as a Virtual Meeting connected through Microsoft Teams. Russell Juriansz was elected as the Chairman and Imalka Kumarapeli and risherman Frink were elected as the 1st Vice Chairman as the 2nd Vice Chairman respectively for the year 2021/2022. Committee […]
In Sri Lanka Cash Transfers Give Essential Support to People Hit Hardest by COVID-19: World Bank
When the first lockdown was imposed in March 2020, Nayani’s financial woes worsened overnight. Struggling with partial loss of sight and Chronic Kidney Disease (CKD) the 36-year-old’s meagre savings evaporated like smoke from the incense sticks she sells to make a living. Nayani’s husband is blind and the couple struggled to make ends meet, especially […]
VIDEO: Mastercard banned from issuing new cards in India
India’s central bank has banned Mastercard from issuing new cards in the country due to violation of data storage rules. Mastercard accounted for 33% of card payments in India in 2020 However, the Reserve Bank of India said the firm has had considerable time and adequate opportunities to comply with the data storage rules from […]
Personal Data Protection vs Right to Information – TISL’s recommendations on Data Protection Bill
By Transparency International Sri Lanka: Sri Lanka is on the verge of introducing a bill on Personal Data Protection which aims to regulate the processing of personal data, while identifying and strengthening the rights of data subjects in relation to the protection of personal data. Transparency International Sri Lanka (TISL) has taken steps to create […]
Sri Lanka receives multi-day fishing vessel monitoring system from Australia
Sri Lanka received a multi-day fishing vessel monitoring system that contributes to ensure maritime security, under a financial grant from Australia. Australian High Commissioner David Holly said the monitoring system would help in preventing illegal fishing, ensuring border protection and security in Indian Ocean Region, preventing human and drug trafficking and rescuing fishermen in distressed […]
Committee on demarcation of jurisdiction proposes to establish new Courts & increase Judges
The Committee appointed to review demarcation of jurisdiction and to increase the number of Courts presented its report to the Minister of Justice Ali Sabry on Thursday, at the Ministry of Justice. The report of the committee headed by Justice Mahinda Samayawardhena, Judge of the Supreme Court, includes proposals for increasing the number of Courts […]
”s Bank at AA -(lka); Outlook Stable
Fitch Ratings has affirmed the National Long-Term Rating of People’s Bank (Sri Lanka) (PB) at ‘AA-(lka)’. The Outlook is Stable. KEY RATING DRIVERS PB’s National Long-Term Rating is driven by its intrinsic credit strength. It balances a superior franchise and funding profile against weaker asset quality, profitability and capitalisation and higher risk appetite relative to […]
Online platform launched for Sri Lankan exporters seeking access to Chinese market
The Sri Lanka Embassy in Beijing assisted the Hairong Technology Co. Ltd organised the introduction of the “Sri Lanka Platform” along with an investment promotion seminar (SEIC 2021) at the Embassy on 11 July 2021. The main objective of the event was to provide an online platform for Sri Lanka exporters seeking to access the […]
Fitch Affirms Bank of Ceylon at CCC and AA (lka)/Stable
Fitch Ratings has affirmed Bank of Ceylon’s (BOC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘CCC’. The ratings do not carry an Outlook because of the potentially high volatility at this rating level, in line with Fitch’s rating definitions. BOC’s National Long-Term Rating has also been affirmed at ‘AA -(lka)’. The Outlook is […]