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South Asia Must Reform State-Owned Banks & Enterprises to Avert Next Financial Crisis: WB
South Asia’s heavy reliance on state-owned commercial banks, state-owned enterprises, public-private partnerships and other national and sub-national public entities conceals its vulnerability to accumulating unsustainable levels of debt, according to a new World Bank report, Hidden Debt: Solutions to Avert the Next Financial Crisis in South Asia, released today. South Asia is more exposed to the risk […]
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 […]
Opinion: Positive happenings in Sri Lanka in 2021
By Asela Atukorala Sri Lanka is unfortunately in a sad state right now with its biggest problem being the third wave of the COVID-19 pandemic. There is also the X-Press Pearl ship tragedy which is causing a serious marine environmental disaster as well as the floods and landslides. As a comfort to these difficult times, […]
Uber Eats triples area served by groceries to supply essentials and help combat COVID
: Uber Eats today announced it has tripled the area served by its grocery delivery service so residents can access supplies such as fresh fruits, vegetables, dairy products, poultry, rice, grains, pulses, tea, coffee and more at their doorstep and help Sri Lanka roll back COVID. The demand for groceries on Uber Eats has doubled […]
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, […]
Central Bank expects at least USD 1.4bn inflows to Sri Lanka by August
While there may be short-term fluctuations in foreign reserves in the period ahead due to debt servicing of the Government, adequate financing strategies have been lined up to maintain reserves at sufficient levels, through inflows to the country, Governor of the Central Bank, Professor W D Lakshman said. Releasing a statement, he said that inflows […]
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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 […]
President to address the nation tomorrow
President Gotabaya Rajapaksa’s special address to the nation will be telecast/broadcast tomorrow (25) at 8.30 pm on all television channels and radio networks, the President’s Media Division said.
Bar Association of Sri Lanka raises concerns over presidential pardon given to Duminda Silva
The attention of the Bar Association of Sri Lanka (BASL) has been drawn to a pardon given by the President to Duminda Silva, a prisoner who was convicted for unlawful assembly and murder by a High Court at Bar, which was unanimously affirmed by a Divisional Bench of the Supreme Court headed by the then […]
Risks for Sri Lankan Banks May Rise on End of Restriction on ISB Investments: Fitch Ratings
The end of the suspension on Sri Lankan banks’ investments in international sovereign bonds (ISBs) issued by the Sri Lanka sovereign (CCC) has the potential to increase banks’ exposure to sovereign and foreign-currency funding and liquidity risks, says Fitch Ratings. Banks’ credit profiles are already significantly exposed to the sovereign, with Fitch-rated Sri Lankan banks […]