Category: Economy and Markets
Sri Lankan consumer retail, construction, hotels most affected: Fitch Ratings
Apr 22, 2020 (LBO) – Fitch-rated Sri Lankan corporates in consumer goods retail, construction and hotels will be among the most affected by the coronavirus pandemic in Sri Lanka, says Fitch Ratings. Full statement Companies in consumer goods retail and construction-related activities also have lower rating headroom than in most other sectors. The ultimate impact […]
SriLankan Airlines special flights to bring back stranded in India, Pakistan and Nepal
Apr 21, 2020 (LBO) – SriLankan Airlines will operate special flights from India’s Amritsar, Coimbatore, Pakistan’s Karachi, Lahore and Nepal’s Kathmandu to bring home 433 Sri Lankan students who have been stranded overseas due to the prevailing travel restrictions imposed in view of the COVID 19 pandemic. These special flights are being operated as part […]
Yenlo achieves highest WSO2 reseller status as platinum VAR
Yenlo was named a WSO2 Platinum Value-Added Reseller in recognition of its success in growing global customer adoption and delivering best-in-class open source integration and API management solutions based on the WSO2 platform. Global integration specialist Yenlo today announced that the company is now a WSO2 Platinum Value-Added Reseller, the highest reseller status recognized by […]
Central Bank permits remittances to Sri Lankans abroad on visits & studies
Apr 20, 2020 (LBO) – Central Bank reiterates that there is no hindrance to providing financial assistance to Sri Lankans who have gone abroad to pursue studies or short visits. Making a clarification on the matter, the bank, however, requested all concerned parties to make use of the opportunity in a responsible manner. Family members […]
Opinion: COVID-19 and foreign exchange woes: Can Sri Lanka find a way out?
Bilesha Weeraratne Growing pressure on Sri Lanka’s scarce foreign exchange resources, due to the wide spread of COVID-19 across the globe, is now more real than ever before. To ease this pressure, the Central Bank of Sri Lanka (CBSL) has taken many measures to attract as well as retain more foreign exchange in Sri Lanka. […]
‘s places ratings of BOC, HNB & Sampath Bank on review for downgrade
Apr 20, 2020 (LBO) – Moody’s Investors Service has placed the B2 long-term local currency deposit and foreign currency issuer ratings of Bank of Ceylon (BOC), Hatton National Bank (HNB) and Sampath Bank on review for downgrade. At the same time, Moody’s has downgraded the Baseline Credit Assessment (BCA) of BOC to b3 from b2 […]
Condo Ass. requests Govt to permit commencement of construction projects
Apr 19, 2020 (LBO) – The Condominium Developers Association of Sri Lanka (CDASL) in a letter to the President of Sri Lanka has requested the government to permit and facilitate the commencement of construction projects as soon as practically possible. “All construction sites in Sri Lanka are suspended, and with them employment and income for […]
Online forum on COVID-19 with Tourism industry leaders by Advocata
Advocata Institute is hosting a panel discussion with tourism industry leaders, Kimarli Fernando (Chairperson, Sri Lanka Tourism), Vipula Gunatilleka (CEO, SriLankan Airlines), Sanath Ukwatte (Chairman, Sri Lanka Hotel Association), Mahen Kariyawasam (President, Sri Lanka Inbound Travel Operators); moderated by Murtaza Jafferjee (Chair, Advocata Institute) on the impact of COVID-19 on Sri Lanka’s Tourism Industry. The […]
VIDEO: Discussion on impact of COVID-19 on Sri Lankan export industry
The Advocata Institute hosted an online discussion featuring Ashroff Omar (CEO, Brandix), Dilhan Fernando (CEO, Dilmah Tea), Romesh David (CEO, SAGT) and Prabhash Subasinghe (Chairman, Sri Lanka Export Development Board), moderated by Murtaza Jafferjee (CEO, JB Securities). The discussion covered the current challenges faced by Sri Lankan businesses and route to recovery, with a special […]
Economic impact of COVID-19 in Sri Lanka: Insights by ICRA
Apr 18, 2020 (LBO) – ICRA Lanka expects the Sri Lankan economy to face a recession of magnitude -1.9% in 2020 with a U-shape recovery path returning to its pre-crisis level by Q1 of 2021. “All alternative scenario simulations point to recessionary outcomes – an escalation of the pandemic leading to a severe L-shape recession […]
CCC proposes public-private shared vision for economic recovery post-COVID
Apr 17, 2020 (LBO) – The Ceylon Chamber of Commerce, in a communication to the President has proposed a Shared Vision, Economic Recovery Strategy and Stimulus Plan targeting an accelerated Post-COVID-19 recovery of the Sri Lankan Economy. The following sets out the key elements of the proposal addressed to the President by the Ceylon Chamber […]
”s B2 ratings on review for downgrade
Apr 17, 2020 (LBO) – Moody’s Investors Service (“Moody’s”) has today placed the Government of Sri Lanka’s long-term foreign-currency issuer and senior unsecured B2 ratings under review for downgrade. Full statement Rating Action: Moody’s places Sri Lanka’s B2 ratings on review for downgrade Singapore, April 17, 2020 — Moody’s Investors Service (“Moody’s”) has today placed […]