Category: Industry
India provides fresh loans to purchase petroleum products
In view of the prevailing economic situation in the country, a short term loan facility of US $ 500 million with the assistance of the India Export-Import Bank and another US $ 200 million loan facility with the assistance of the State Bank of India is available for the purchase of petroleum products in Sri […]
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Fitch Ratings has affirmed the rating on SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at ‘C’. The affirmation follows the 19 May 2022 downgrade of Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘RD’ from ‘C’, and the downgrade of its foreign-currency bonds issued in international markets […]
Sri Lanka Purchasing Managers’ Index further declines in April 2022
Manufacturing PMI declined significantly in April 2022, following the seasonal pattern and indicating a contraction in manufacturing activities on a month-on-month basis. Accordingly, Manufacturing PMI recorded an index value of 36.4 in April 2022, with a decline of 21.4 index points from the previous month. This was due to the significant decreases reported in production, […]
APTS prepares for its next phase of growth by strengthening its leadership team
Asia Pacific Technology Systems (APTS), an award-winning Information Technology Solutions provider in the region, is gearing for its next phase of growth through the appointment of 3 reputed Independent Non-Executive Directors to its board. The new appointments will further strengthen the Company’s strategic focus and governance structure which will assist the company to reach its […]
South Asia Textiles commits to SBTi to limit global warming at 1.5°C
South Asia Textiles (SAT), a fully-owned subsidiary Hayleys Fabric PLC, also joined its parent company in committing to the Science-Based Targets initiatives (SBTi) for reducing Greenhouse Gas (GHG) emissions and limiting global warming to1.5°C. Hayleys Fabric is a pioneering fabric manufacturer in the Country. The Hayleys Fabric Group is the largest manufacturer in Sri Lanka. With […]
Ceylon Chamber meets Party Leaders to discuss economic and political crises
The Ceylon Chamber of Commerce officials met with the leaders of several key political parties during the last 4 days to discuss the serious economic and political challenges faced by the country. Among the leaders met were Hon. Sajith Premadasa, Leader of the Opposition and SJB, Hon. Anura Kumara Dissanayake, Leader of the JVP, Hon. […]
Prime Minister proposes to privatize SriLankan Airlines
Sri Lanka’s Prime Minister Ranil Wickremesinghe said that he proposes to privatize loss-making SriLankan Airlines. SriLankan Airlines has been fraught with challenges over the past three years starting with the Easter Sunday attacks in April 2019 that led to a decline in tourist arrivals in the immediate aftermath, followed by the onset of the pandemic […]
Message by UN Resident Coordinator in SL on Day of Vesak
On behalf of the Secretary-General and the United Nations Country Team in Sri Lanka, I send my warmest wishes to all celebrating the Day of Vesak. “Hatred is, indeed, never appeased by hatred in this world. It is appeased only by loving-kindness.” As Sri Lanka and the world journey through these troubled times, may this […]
Sri Lankan mutual funds’ outflows rise amid economic turmoil: Fitch
The Sri Lankan mutual fund industry experienced large outflows in March 2022 with total assets under management (AUM) shrinking by more than 8% to LKR178 billion (around USD0.5 billion), based on Unit Trust Association of Sri Lanka (UTA) data, Fitch Ratings says in a new report. The country’s economic and social instability may have driven […]
ComBank Group navigates devaluation impact in complex Q1 performance
Total assets cross Rs 2 Tn., first private sector bank to achieve the milestone Mainly influenced by Rupee devaluation, loan book grows by Rs 133 Bn., deposits by Rs 234 Bn. in 3 months 3-month net operating income up 66% to Rs 28.3 Bn. Posts other operating income of Rs 11.3 Bn. primarily from realized […]
Sri Lanka’s trade deficit widens in Feb 2022 despite above USD 1Bn of export earnings
The momentum of export earnings continued with over US dollars 1.0 billion for the ninth consecutive month in February 2022. Meanwhile, import expenditure also increased substantially in February 2022, year-on-year, while recording a decline, compared to the previous month. The trade deficit widened, compared to year before. Tourist arrivals showed a notable recovery in February […]
Serious concerns of current crisis as outlined by Sri Lanka Shippers’ Council
The Sri Lanka Shippers’ Council expresses its grave concern at the violence unleashed on peaceful protestors in Colombo on 9th May 2022. While recognizing the right for peaceful protest, we condemn all forms of violence which took place on 9th May 2022 and reiterate that it should be dealt with by the law of the […]