Category: Industry
Sri Lankan non-life insurers’ capital to normalise after improving on lower claims
The regulatory risk-based capital (RBC) ratios of non-life insurers in Sri Lanka will normalise in the medium term with the resumption of dividend pay-outs to shareholders and a likely moderation in earnings, Fitch Ratings says. RBC ratios of non-life insurers improved considerably in 2020 due to the low motor and medical insurance claims following pandemic-led […]
Sri Lanka vehicle registration decline in Apr 2021
Total vehicle registrations for the month of April declined to 2,418 units from 3,556 units the previous month – the comparative month 12 months ago was zero due to the first lockdown, a new report shows. Data compiled by JB Securities equities research shows that April has many holidays and there was a semi lockdown in place […]
PUCSL approves second 300MW natural gas-fired combined cycle power plant
The Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, granted its approval for the 2nd Re-gasified Liquid Natural Gas-fired Combined Cycle power plant to be tendered to build in Kerawalapitiya, during the emergency meeting held on 04th June 2021. “In May, the Ceylon Electricity Board requested PUCSL to tender this power plant […]
Central Bank requests banks to carry out essential banking services adhering to guidelines
Sri Lanka’s Central Bank requests banks to carry out essential banking services, strictly adhering to guidelines issued in providing banking services under the ongoing travel restrictions. Accordingly, all licensed banks shall make necessary arrangements to provide uninterrupted banking services complying with the following: (i) Opening of bank branches only to provide essential services such as […]
Sri Lanka Investment Forum 2021 kicks off
Sri Lanka Investment Forum 2021 was inaugurated this morning by His Excellency the President Gotabaya Rajapakse on a virtual platform. Today’s proceedings also featured keynote addresses by Ali Sabry Minister of Justice, Ajith Nivard Cabraal, State Minister for Money and Capital Markets and State Enterprise Reform, Dr.P.B. Jayasundera, Secretary to the President, Sanjaya Mohottala Chairman […]
DSI enjoins infringer for sale of lookalike products
An action was filed by D. Samson & Sons (Private) Limited, through its legal representatives, Sudath Perera Associates for the infringement of its trademark in the Commercial High Court Of Colombo recently. Court issued an Enjoining order against Udawatta Durage Lalith, restraining him, his employees, agents, workers and clients and anyone claiming under him, directly […]
Important notice for SriLankan Airlines passengers travelling to UK
SriLankan Airlines informs their customers that effective 0400hrs (UK Time) on Tuesday 8th June 2021, Sri Lanka will move to the “red list” of countries entering the United Kingdom. Passengers who have already booked their travel on next three flights to London UL 503 on 05th, 06th, and 07th June will not be affected by […]
WindForce declares over 1 bn dividends with a strong performance
WindForce Limited, which listed on the CSE this year, displayed a strong performance for the year 2020/21. The company declared an interim dividend of LKR 1,013 million for 21/22, which corresponds to a dividend per share of 0.75 LKR, yielding a return of 4.7% to shareholders. Performance in 2021 will receive a boost from the […]
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Fitch Ratings has assigned Singer Finance (Lanka) PLC’s (SFL, A+(lka)/Stable) Sri Lanka rupee-denominated subordinated unsecured debentures a final national long-term rating of ‘A-(lka)’. The assignment of the final rating follows the receipt of documents conforming to information previously received. The final rating is in line with the expected rating assigned on 22 March 2021. The […]
No disruptions to daily lives: Extend assistance to maintain industries and development: President
President Gotabaya Rajapaksa says that the Governors and District Secretaries should personally intervene to maintain essential services and prevent any disruption to the lives of the people. The President said that despite the current situation, the country’s economy could not be allowed to collapse and that the contribution of all stakeholders was needed to overcome […]
”; outlook stable
Fitch Ratings has upgraded the National Insurer Financial Strength (IFS) Ratings of Sri Lanka-based life insurer, HNB Assurance PLC (HNBA), and its fully owned non-life subsidiary, HNB General Insurance Limited (HNBGI), to ‘A+(lka)’, from ‘A(lka)’. The Outlooks are Stable. KEY RATING DRIVERS The upgrade reflects the insurers’ improved capital position, as measured by strong regulatory […]
President instructs to tow ‘X-PRESS PEARL’ vessel into deep seas
Sri Lanka’s President Gotabaya Rajapaksa has instructed officials a short while ago to tow the X-PRESS PEARL container ship into deep seas off the Colombo Harbour. The decision comes following a meeting with high level officials and the President. Minister of Ports and Shipping Rohitha Abeygunawardena Tuesday informed the President of all details surrounding the […]