Category: Industry
Rising interest rates; a lifeline for life insurers: First Capital Research
Life Insurers are expected to benefit from rising interest rates due to the higher investment returns as asset allocation in Life Insurance is skewed towards fixed income earning assets, First Capital Research said in a report. According to the Insurance Sector Report 2021, Govt. securities represents the main investment due to the regulatory requirement to […]
‘ Credit Profiles: Fitch Ratings
Sri Lankan banks’ performance in 2020 and 1Q21 exceeded Fitch Ratings’ initial expectations, thanks to stimulus and regulatory relief measures. However, we believe risks to the banks’ performance and operating environment remain, due to pressures stemming from Covid-19 and the sovereign credit profile. Sri Lankan banks’ loan growth in 2020 dipped below historical averages due […]
Dialog Axiata Launches Milestone 4,000th Network Tower in Thihawa
Reiterating its commitment to expanding connectivity to every corner of the nation, Dialog Axiata PLC, the widest network in Sri Lanka, launched its 4,000th network tower in Thihawa village, Kurunegala, to further expand coverage to rural communities in the area. In its continued efforts to expand coverage and support customers during these unprecedented times, Dialog […]
Large Sri Lankan Banks Most Exposed to Sovereign Risk: Fitch Ratings
Sri Lanka’s largest banks are the most susceptible to heightened sovereign risk due to their higher exposure to foreign-currency denominated government securities and, in some cases, weaker capital positions, says Fitch Ratings in a new report. Domestic banks have significant direct exposure to the sovereign, largely via government-security holdings, as well as to the wider […]
| Microsoft CEO Satya Nadella on the New ‘Start’ of the PC
Windows 11, due out later this year, is full of new features, including a new Start menu that’s been moved to the center and a Microsoft Store with Android apps. In an exclusive interview, WSJ’s Joanna Stern spoke with Microsoft CEO Satya Nadella about the software, the influence of the pandemic and his strategy of […]
NDB Secures USD75Mn from the United States Development Finance Corporation
NDB Bank disclosed that they have secured a long term funding line of USD75Mn from the Development Finance Corporation of the United States to further the Bank’s support for the Small and Medium businesses and infrastructure funding during these challenging times. The United States is providing a welcome boost to Small and Medium businesses in […]
Vish Govindasamy elected as Chairman of Ceylon Chamber of Commerce
The Ceylon Chamber of Commerce elected Mr. Vish Govindasamy as its Chairman during the Chamber’s 182nd Annual General Meeting on Tuesday (29). Mr. Govindasamy succeeds Dr. Hans Wijayasuriya who completed his 2-Year Term as Chairman at the culmination of the Annual General Meeting. Mr. Vish Govindasamy serves in the capacity of Managing Director of Sunshine Holdings PLC, […]
Pressure on Sri Lankan Corporate Ratings from Finance Subsidiaries’ Growth: Fitch Ratings
Sri Lankan rated corporates with financial-service (FS) subsidiaries face a rise in Fitch-adjusted debt and potential rating pressure due to the subsidiaries’ medium-term asset growth in the current weak operating environment, Fitch Ratings says. Fitch’s corporate rating criteria deconsolidates the FS subsidiary from the parent in calculating the parent’s credit metrics. However, for FS operations […]
SriLankan Airlines upgraded to “Diamond” standard in Health Safety audit
SriLankan Airlines the national flag carrier of Sri Lanka has been awarded “Diamond” Standard by the APEX Health Safety (Airline Passengers Experience Association) powered by SimpliFlying for the airline’s efforts in ensuring the highest standards of cleanliness and sanitization across its operations. Having previously being awarded the “Platinum” standard in January 2021 the airline was […]
Post-Pandemic future; jobs in the pharma industry are evolving
By Sri Lanka Chamber of the Pharmaceutical Industry Pharmaceutical companies are witnessing changes in operations across the board, and events brought about by the pandemic have compelled pharmaceutical companies to reimagine the role of its medical pharmaceutical representatives, to better adapt to the new rules of engagement. In Sri Lanka, there are currently over 3500 […]
PM Mahinda meets with Omani investors
Prime Minister Mahinda Rajapaksa met with an Omani investors delegation from Shumookh Investment and Services SAOC which is the investment arm of Madayn – The Public Establishment for Industrial Estates of the Sultanate of Oman, at Temple Trees on 21 June, 2021 in Colombo. The Omani delegation comprised of Ambassador of Oman to Sri Lanka Al-Sheikh Jumah Hamdan Al-Shehhi, […]
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Fitch Ratings has assigned Commercial Bank’s proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR10 billion an expected National Long-Term Rating of ‘A(EXP)(lka)’. The debentures, which have maturities of five and seven years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to further strengthen its […]