Category: Economy and Markets
Sri Lanka assures lenders that debt payments will be met on due dates
Nov 21, 2018 (LBO) – Sri Lanka’s government said it wishes to assure all lenders that all dues will be met on the due dates as has been the time-honored tradition of the country where the country has maintained an unblemished track record of debt payments.Releasing a statement, the Finance Ministry said that they have […]
‘s Central Bank says Moody’s latest rating decision is unfounded
Nov 21, 2018 (LBO) – Sri Lanka’s Central Bank on Wednesday said that it is of the view that the decision by Moody’s to downgrade Sri Lanka’s foreign currency issuer and senior unsecured ratings from B1 (Negative) to B2 (Stable) does not properly reflect the country’s macroeconomic fundamentals, and therefore unwarranted. The Central Bank said […]
‘s downgrades ratings of BOC, HNB, Sampath Bank; changes outlooks to stable
Nov 21, 2018 (LBO) – Moody’s Investors Service has downgraded the long-term local currency deposit and foreign currency issuer ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC (Sampath) to B2 from B1. At the same time, Moody’s has downgraded the long-term foreign currency deposit ratings of the same three […]
‘s political crisis puts IMF loan negotiations on hold
Nov 21, 2018 (LBO) – The International Monetary Fund (IMF) loan facility to Sri Lanka, approved in mid-2016, has been put on hold due to the islands prevailing political crisis, a foreign media report said. I The IMF approved the loan facility on the condition of comprehensive economic reforms. Speaking to media two weeks before the […]
Sri Lanka lubricant market share shifting: Report
Nov 21, 2018 (LBO) – Sri Lanka’s lubricant market dynamics are shifting with market share of Chevron and Indian Oil dipping, a new report shows. According to data from the Public Utilities Commission of Sri Lanka (PUCSL) in the second quarter of 2018 Laugfs and Exxon Mobil have shown gains in the market. The full report […]
Sri Lanka is on the brink of economic anarchy and chaos: Mangala
Nov 20, 2018 (LBO) – Sri Lanka’s former Finance Minister Mangala Samaraweera says that Sri Lanka is on the brink of economic anarchy and chaos as never experienced before. Releasing a statement, Samaraweera says the cavalier and irresponsible actions starting on October 26th places at risk Sri Lanka’s ability to meet its immediate debt obligations. “In […]
‘s downgrades Sri Lanka ratings to B2 amid political crisis
Nov 20, 2018 (LBO) – Moody’s Investors Service has downgraded the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings to B2 from B1 and changed the outlook to stable from negative. The decision to downgrade the rating to B2 is driven by Moody’s view that ongoing tightening in external and domestic financing conditions and […]
Prosperity Index show gains in North Western, Sabaragamuwa, Southern and Western provinces
Nov 19, 2018 (LBO) – Sri Lanka Prosperity Index (SLPI), increased to 0.771 in 2017 from 0.661 recorded in 2016, mainly due to improvements in ‘Economy and Business Climate’ and ‘Socio-Economic Infrastructure’ sub-indices, the Central Bank said in a statement.. Economy and Business Climate sub-index has improved during 2017, due to increase in per capita […]
Norway provides USD 3.5 mn for local empowerment through ILO
Nov 16, 2018 (LBO) – Norway extended to support up to 30 million NOK (3.5 million USD) to expand the ongoing project on “Local Empowerment through Economic Development and Reconciliation” (LEED+) implemented by ILO. Ambassador of Norway to Sri Lanka Thorbjørn Gaustadsæther and Country Director of the International Labour Organization (ILO) Simrin Singh signed the […]
”; Outlook Stable
Nov 16, 2018 (LBO) – Sri Lanka-based Sunshine Holdings PLC’s National Long-Term Rating has been affirmed at ‘A-(lka)’ with a stable outlook, Fitch Ratings said in a statement. “The rating on Sunshine reflects its strong market positions in its diversified portfolio of products, which has elements of relatively defensive end-market demand, and the strong brand names […]
Ceylinco Life appoints new Chairman and MD
Nov 16, 2018 (LBO) – Ceylinco Life Insurance Limited (Ceylinco Life) has announced the appointment of R. Renganathan, the Company’s managing director/CEO, as executive chairman effective 14th November 2018, and the concurrent appointment of deputy CEO Thushara Ranasinghe as managing director/CEO. The life insurer said the changes at the top were part of the Company’s succession […]
‘s Altair adjudged best condo in Asia for architectural design
Nov 16, 2018 (LBO) – Sri Lanka’s Altair has beaten condominium developments in 15 countries in Asia including Singapore, Hong Kong, Japan, China and Australia, to win the ‘Best Condo Architectural Design’ award at the 2018 Asia Real Estate Summit (ARES) hosted by PropertyGuru Asia in Bangkok, Thailand. Altair was honoured at PropertyGuru’s ‘Best of […]