Category: Industry
Re-exportation of final 45 containers of waste material
Under the BASEL Convention, it is a direct violation to import waste between two countries, and as a result, under the initiative of the Central Environmental Authority and the Sri Lanka Customs, action has been taken to re-export the remaining 45 containers containing waste material to the UK today, the 21st of February 2022. The […]
ADB-ADBI launch innovation and structural transformation database
The new Asian Development Bank (ADB)-Asian Development Bank Institute (ADBI) Innovation and Structural Transformation Database provides a valuable, one-stop platform for analyzing trade-driven growth and economic development in Asia and will be introduced during a launch webinar on 22 February. The database contains a wide variety of trade, supply chain, and capital indicators critical to the innovative growth and […]
Local retail industry: Hardest hit by FOREX crisis calls for solutions
Sri Lanka Retailers Association Retail industry constitutes 23% of the country’s GDP and is hardest hit by the ongoing FOREX crisis The wider eco system of employees, suppliers, farmers and consumers of Sri Lanka impacted by the ongoing crisis and is pushing businesses to the brink of collapse Goods for sale, raw materials and basic […]
Commercial Credit joins hands with Western Union
Commercial Credit and Finance PLC, one of Sri Lanka’s premier non-bank financial institutions, recently joined hands with MMBL Money Master (brand name of MMBL Money Transfer (Pvt) Ltd), a joint venture between Mercantile Merchant Bank and Aitken Spence PLC, the largest representative in Sri Lanka for Western Union money transfers. This timely partnership will enable […]
‘ Asset Quality Under Pressure as Relief Measures End: Fitch Ratings
Sri Lankan banks are likely to face continued asset-quality pressure in 2022 as rising macroeconomic stresses stemming from the sovereign credit profile pose a threat to borrowers’ repayment capacity, alongside the conclusion of most relief measures in 2021, says Fitch Ratings. Fitch-rated banks’ stage 3 (impaired) loans ratio has remained broadly unchanged since 2019 (9M21: […]
24 Sri Lankan companies honoured at 25th SAFA
A total of 24 Sri Lankan companies were honoured for their excellent annual reporting and for also promoting transparency, accountability, and governance in financial reporting at the 25 th Best Presented Annual Report Awards of the South Asian Federation of Accountants (SAFA).The prestigious South Asian awards ceremony was hosted by the Institute of Chartered Accountants […]
Opinion: Sri Lanka needs GSP+ now more than ever
By Felix Fernando Much has been said of the potential economic costs to Sri Lanka, of losing the Generalised Scheme of Preferences (GSP) Plus trade concessions to the European Union (EU). While these costs will be high, the social and human costs are likely to be even greater. Considering official statistics for 2021, available up […]
”; Outlook evolving
Fitch Ratings has downgraded Abans Finance PLC’s National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’. The Outlook is evolving, a statement said. The rating agency has also downgraded the company’s proposed senior unsecured debt to ‘A- (EXP)(lka)’, from ‘A(EXP)(lka)’. KEY RATING DRIVERS The downgrade follows the downgrade of the National Long-Term Rating of Abans Finance’s parent […]
Aitken Spence Travels facilitates first Charter Flight from Uzbekistan
Aitken Spence Travels, the leading DMC in Sri Lanka together with their Uzbekistan agent Asia Luxe welcomed the country’s first charter flight from Uzbekistan on Wednesday 9th February 2022. There will be a weekly flight operating every Wednesday until the end of March 2022. The charter airline operation is partnered with this leading tour operator of Uzbekistan […]
Venture Engine shortlists Sri Lanka’s top fundable startups
Venture Engine, Sri Lanka’s pioneering startup acceleration program, has entered the final phase of its tenth edition with the selection of its top 10 grouping of finalists. The program’s next, and final, stage is the showcasing of these finalists to potential investors as “Sri Lanka’s Top Fundable Startups” at the Venture Engine finale, which is […]
RigServ opens global resource centre in SL; Plans to empower local IT sector
Supply chain and technology consulting company, RigServ, recently commenced operations in Sri Lanka via its dedicated Global Resource Centre which employs 50 subject experts in their relevant industrial areas. RigServ offers clients industry expertise as well as data-driven, impartial, and creative solutions to their most difficult situations. RigServ was founded in 2014 by operational and […]
Sunshine Group 9-month revenue up 39-pct driven by Healthcare & Agribusiness sectors
Fueled by strong growth in all business sectors, diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) reported impressive growth in top and bottom-line performances during the first nine months of the current financial year (9MFY22). During this period, the Group posted consolidated revenue of Rs. 24 billion, up by 39% Year-on-Year (YoY).Group’s Profit After […]