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Port City Colombo attracts world’s top investor Nathaniel Rothschild
World renowned financier and a member of Rothschild family, Nathaniel Rothschild who is in Sri Lanka for a brief business tour, paid a visit to Port City Colombo on Thursday (14th). He was accompanied by prominent Sri Lankan born British politician and former EU parliamentarian Niranjan Deva Aditya and corporate sector veteran Rajan Brito. Rothschild’s […]
SriLankan Airlines has been awarded Platinum Standard status by APEX Health Safety
SriLankan Airlines has been awarded the Platinum Standard status by APEX Health Safety powered by SimpliFlying following a full independent audit for our efforts in ensuring the highest standards for passenger safety and wellbeing during air travel, post-Covid. This status recognizes airlines that go above and beyond minimum standards required to rebuild traveller confidence and […]
President declares open South Asia’s largest tyre manufacturing factory
President Gotabaya Rajapaksa declared open Ferentino Tire Corporation- PVT Ltd, largest tyre and radiator tyre manufacturing factory in South Asia today (14). The factory has been set up on a 155-acre land belongs to BOI Industrial Zone in Wagawatta, Horana. Investment of the first phase is USD 100 million. Manufacturing will be carried out using […]
‘ ratings on national rating scale revision
Fitch Ratings has taken rating action on Sri Lankan non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers following the downgrade of the sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020. Fitch typically does not assign Outlooks or apply […]
East Container Terminal will not be sold or leased – President tells Trade Union representatives
President Gotabaya Rajapaksa assured representatives of Port Trade Unions that the East Container Terminal of the Colombo Port will not be sold or leased. The previous administration had agreed to sell the East Terminal to India. The agreement envisaged obtaining a loan from Japan after sale and purchasing construction equipment with the loan money. President […]
European Union provides LKR 8.26 billion in grants to Sri Lanka
The European Union (EU) announced the signing of three grants worth EUR 35.75 million (LKR 8.26 billion) which will support Sri Lanka’s justice sector, help improve food safety, and strengthen efforts to mitigate climate change. The grants were signed on behalf of the Government of Sri Lanka by Secretary to the Treasury, Mr. S.R. Attygalle […]
British resident in Sri Lanka awarded British Empire Medal for services to animal welfare
Samantha Green, Chief Executive Officer of Dogstar Foundation has been awarded a British Empire Medal for her services to animal welfare. Samantha began her work in Sri Lanka in 2005, after noticing many local dogs had parasites. She moved to Sri Lanka in 2013 with her husband Mark to develop Dogstar Foundation and set up […]
Softlogic Finance issues clarification regarding punitive action by CBSL
The Central Bank of Sri Lanka recently issued a statement on penalties imposed against several financial institutions, including Softlogic Finance PLC for non-compliance with regulatory requirements during the second half of 2020. Softlogic Finance wishes to clarify that the fine imposed by the Financial Intelligence Unit (FIU) of the Central Bank was due to a […]
CBSL permits Swarnamahal Financial Services to resume business for a limited purpose
Jan 12, 2021 (LBO) – The Central Bank has made an order permitting Swarnamahal Financial Services PLC to resume business notionally for a limited purpose and limited time subject to several strict conditions, in the public interest and in the interests of the depositors of the Company. The business will be resumed for a limited […]
Central Bank to initiate legal process to wind up ETI Finance
Jan 12, 2021 (LBO) – The Monetary Board of the Central Bank has decided to cause Director, Supervision of Non-Bank Financial Institutions to make an application to a competent court for the winding up of ETI Finance (ETIF) in terms of Section 31(5)(b) of the FBA. The decision has been taken after considering the non-availability […]
Policy rates to hold steady, amidst sweeping measures to insulate economy: FCR
Jan 12, 2021 (LBO) – First Capital Research believes that there is a 60% probability to hold rates due to the considerable improvement in high-frequency indicators and with fiscal and monetary measures implemented so far. However, there is a 20% probability each for 25 bps and 50 bps rate cut to support economic growth. “As […]