Category: Economy and Markets
Sampath Bank Ranked One of Country’s Top Ten Corporate Citizens
(PRESS RELEASE) Also Wins Category Award for Governance at Best Corporate Citizen Sustainability Award 2018 Sampath Bank was recognized as one of Sri Lanka’s Top Ten Corporate Citizens of the year at the Best Corporate Citizen Sustainability Award 2018 held at the Cinnamon Grand, Colombo recently. The Bank was also adjudged the joint winner of […]
‘s macro economic conditions stable, Fiscal discipline required: CB Gov
Dec 06, 2018 (LBO) – Central Bank Governor Dr. Indrajit Coomaraswamy says that the islands debt situation is manageable and that no major destruction to the on- going economy development activities are foreseen, even though international rating agencies have downgraded Sri Lanka. “We are not going to crash, it can be managed through maintaining financial discipline,” […]
Fitch downgrades Sri Lanka financial institutions on sovereign downgrade
Dec 05, 2018 (LBO) – Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: – National Savings Bank (NSB) to ‘B’ from ‘B +’; Outlook Stable – Bank of Ceylon (BOC) to ‘B’ from ‘B +’; Outlook […]
Hayleys crowned winner at CA Sri Lanka 54th Annual Report Awards
Leading conglomerate, Hayleys PLC triumphed at the 54th Annual Report Awards winning the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale held on Tuesday, 04th December 2018. John Keells Holdings PLC won the silver award, while Commercial Bank of Ceylon PLC came in third with […]
” on sovereign downgrade
Fitch Ratings has downgraded the Insurer Financial Strength (IFS) rating of Sri Lanka Insurance Corporation (SLIC) to ‘B’ from ‘B+’. The Outlook is Stable. The rating action follows the downgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’ (see “Fitch Downgrades Sri Lanka to ‘B’; Outlook Stable,” dated 3 December […]
Fitch downgrades ratings of SriLankan Airlines bond & Sri Lanka Telecom
Dec 05, 2018 (LBO) – Fitch Ratings has downgraded the ratings on SriLankan Airlines 175 million US dollars government-guaranteed bonds due in June 2019 and Sri Lanka Telecom Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B’ from ‘B+’. This follows the downgrade of Sri Lanka’s Long-Term Foreign and Local-Currency Issuer Default Ratings to ‘B’ […]
CK Hutchison and Etisalat complete combination of their operations in Sri Lanka
Dec 05, 2018 (LBO) – Emirates Telecommunications Group Company PJSC (“Etisalat Group”) has completed the sale of its 100 percent shareholding in Etisalat Lanka (Private) Limited (“ESL”) to Hutchison Telecommunications Lanka (Private) Limited (“Hutch Lanka”).Upon completion of the sale, CK Hutchison Holdings Limited group will have a majority and controlling stake of 85 percent whilst […]
‘s Central Bank disputes rating agencies’ latest rating decisions
Dec 04, 2018 (LBO) – Sri Lanka’s Central Bank says it is of the view that the decisions by Fitch Ratings and Standard and Poor’s (S&P Global Ratings) to downgrade Sri Lanka’s Long-Term Rating to ‘B’ are based on uncorroborated facts on the country’s macroeconomic fundamentals. Full Statement The Central Bank of Sri Lanka (CBSL) […]
” amidst political crisis; outlook stable
Dec 04, 2018 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’, with a stable outlook. Fitch Ratings said the downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis. KEY […]
GSK to divest Horlicks and other consumer healthcare nutrition products to Unilever
Dec 03, 2018 (LBO) – GlaxoSmithKline plc (LSE/NYSE: GSK) today announced the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc (“Unilever”) and the merger of GSK Consumer Healthcare Limited (“GSK India”) with Hindustan Unilever Limited (“HUL”). The value of the deal was approximately £3.1 billion based on the 15-day volume weighted average […]
SriLankan gets approval to conduct base maintenance operations on A330 aircraft
Dec 03, 2018 (LBO) – European Aviation Safety Agency (EASA) has approved SriLankan Engineering to carry out base maintenance operations on Airbus A330 aircraft as per their regulations. SriLankan Engineering is the aircraft Maintenance-Repair-Overhaul (MRO) arm of SriLankan Airlines, the national carrier of Sri Lanka. SriLankan Airlines said this certification completes the requirements for SriLankan […]
‘s stocks and bonds top $ 800mn as constitutional crisis drags on
December 3, 2018 (LBO) – Foreign selling of Sri Lanka’s stocks and bonds continues at a brisk pace in 2018 with net foreign outflows topping Rs145bn (US0mn).Since the constitutional crisis began just over one month ago, approximately Rs45bn (US$250mn) has fled Sri Lanka’s local stock and bond markets. The currency has been adversely impacted leaving […]