Category: Industry
Norwegian Ambassador opens Sri Lanka’s first floating solar plant
Jan 27, 2020 (LBO) – Sri Lanka’s first-ever floating solar plant with a capacity of 42KW located at the Kilinochchi campus of the Jaffna University was opened by the Norwegian Ambassador Trine Jøranli Eskedal. The project is a result of the research collaboration since 2017 between the University of Jaffna and the Western Norway University […]
Opinion: How technology shapes apparel sector supply chains: Shifting to nearshoring and reshoring
Nipuni Perera Advances in technology have made nearshoring – the practice of shifting production operations to a nearby country closer to the end market – and reshoring – bringing back offshore production back to the home country – more viable for apparel manufacturers, compared to offshoring production to far-away, developing countries. For instance, ‘SewBots’ – […]
‘s National Rating at AA+; withdraws rating
Jan 27, 2020 (LBO) – Fitch Ratings has affirmed and withdrawn Sri Lanka-based National Savings Bank’s (NSB) National Long-Term Rating of ‘AA+(lka)’ with a Negative Outlook. Fitch has chosen to withdraw the rating for commercial reasons. KEY RATING DRIVERS NSB’s National Long-Term Rating reflects Fitch’s expectation of extraordinary state support stemming from its policy mandate […]
National action committee on Coronavirus meets today
Jan 27, 2020 (LBO) – A committee comprising of 22 highly qualified medical experts appointed by the Health Ministry to prevent the spread of the new Coronavirus in Sri Lanka is due to meet today. The National Action Committee (NAC) was appointed by Health Minister Pavithra Wanniarachchi on the instructions given by President Gotabaya Rajapaksa. […]
SriLankan Airlines facilitates return of Sri Lankan students in China
Jan 26, 2020 (LBO) – Acting swiftly on the instructions of the President in the light of the Coronavirus pandemic, SriLankan Airlines has taken steps to facilitate the return home of Sri Lankan students who are currently in China. The national carrier said it is immediately providing a 50 percent discount to students who wish […]
UN-backed Sri Lanka industry diagnostic initiative rolled-out in Colombo
A high level team from United Nations Industrial Development Organization (UNIDO), Vienna joined by no less than the UN Resident Coordinator Sri Lanka launched the next phase of Sri Lanka industry revolution on 24 January in Colombo. An upbeat UNIDO said that it is impressed by the feedback received by Sri Lankan industries for its […]
”; Outlook negative
Jan 24, 2020 (LBO) – Fitch Ratings has affirmed Sir Lanka Telecom PLC’s (SLT) National Long-Term Rating at ‘AA+(Ika)’. The outlook is negative, the rating agency said in a statement. We have also affirmed the National Ratings on SLT’s outstanding senior unsecured debentures at ‘AA+(lka)’. The Negative Outlook on SLT’s rating reflects the Outlook on […]
SriLankan Airlines takes action with regard to Coronavirus outbreak
Jan 24, 2020 (LBO) – SriLankan Airlines has implemented a series of precautionary measures to mitigate the risks from the current coronavirus epidemic in the Far East. The airline said in a statement that their cabin crew and other relevant staff have been briefed on actions to be taken on board and at airports, especially […]
Sri Lanka SMEs call for deadline extension
Jan 22, 2020 (LBO) – Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) said that the landmark loan moratorium for SMEs offered by the government in December 2019 is on track to revive SMEs but the stipulated reporting deadline is ‘too tight’. “We praise the government for its determined action last December to […]
Fitch revises outlook on 5 banks to negative; downgrades PLC; affirms HNB
Jan 22, 2020 (LBO) – Fitch Ratings has revised the Outlook to Negative from Stable on the Long-Term Issuer Default Ratings (IDR) and National Long-Term Ratings of the following Sri Lanka-based banks and has affirmed their ratings: Bank of Ceylon (BOC), National Savings Bank (NSB) and DFCC Bank PLC (DFCC) Fitch has also revised the […]
Viraj Dayaratne appointed as Chairman of SEC
Jan 22, 2020 (LBO) – Additional Solicitor General Viraj Dayaratne PC has been appointed as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC). The appointment was done by the Prime Minister and Minister of Finance Mahinda Rajapaksa. Other new members of the SEC appointed are Ernst & Young former Country Managing […]
Trans Asia Hotels (TRAN) revenue down 6%, results show tourism bouncing back
January 21, 2020 (LBO) – December quarter results from Colombo Stock Exchange listed Trans Asia Hotels (TRAN) were buoyant, showing signs that Sri Lanka’s tourism industry recovery is well under way after 2019’s Easter Sunday terror attacks. TRAN reported revenue of Rs753mn, down just 6% year over year.Profits came in at Rs107mn, down just 5% […]