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Fitch Affirms National Insurance Trust Fund at ‘AA-(lka)’

Fitch Ratings has affirmed Sri Lanka-based National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength (IFS) Rating and National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects the company’s strong domestic business profile, conservative investment mix as well as strong financial performance and capitalisation. This is partly offset…

(0)Comments | September 6, 2018 1:12 pm

Moody’s: Sri Lankan banking system outlook is negative, as macroeconomic risks persist and asset quality deteriorates

Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, as the economy remains weak and asset quality is deteriorating. “The economy will only exhibit a modest rebound as the government’s high debt burden and reliance on foreign borrowings continue to limit public investment and pose the risk of capital outflows,”…

(0)Comments | September 6, 2018 12:34 pm

Access Engineering gets Cabinet nod to construct 450 Houses for Rs. 2.73 billion

The latest Cabinet Decisions outlined that The Cabinet approved the proposal presented by Megapolis and Western Development Minister Patali Champika Ranawaka to award the contract to Access Engineering PLC to construct 450 housing units at K. Cyril C. Perera Mawatha near Bloemendhal area for total consideration of over Rs. 2.73 billion.

(0)Comments | September 6, 2018 12:27 pm

Lanka Ventures’ US $ 10.8 Mn Thermal Project in Bangladesh to commence in next financial year

Sri Lanka’s Lanka Ventures PLC had proposes to invest US $ 10.8 million for a 45% equity stake in Feni Lanka Power Limited that will construct a 114 MW thermal power plant in Bangladesh under a 15-year power purchase agreement entered into with Bangladesh Power Development Board. In the latest annual review of the company,…

(0)Comments | September 6, 2018 12:22 pm

Sri Lankan shares slip from over 3-wk high on foreign selling

Reuters – Sri Lankan shares ended slightly weaker on Wednesday, snapping a five-session winning streak, on foreign selling. However, the day’s turnover was 365.5 million rupees ($2.25 million), much lower than this year’s daily average of 804.1 million rupees. The Colombo stock index ended 0.13 percent weaker at 6,120.29, slipping from its highest close since…

(0)Comments | September 6, 2018 10:14 am

Sri Lankan rupee hits record low

The Sri Lankan rupee fell to an all-time low on Wednesday with the selling price of the US Dollar reaching 163.3676 for the first time in the country’s history. The buying price has been recorded as 160.1636 according to the Central Bank of Sri Lanka (CBSL). This is considered as the first time in history…

(0)Comments | September 5, 2018 1:10 pm

New Chinese loan may further plunge Sri Lanka into debt trap – says India’s Economic Times

In a recent report in India’s English Daily – Economic Times it is highlighted that “India’s southern neighbour Sri Lanka may plunge further into the Chinese debt trap with Colombo yet again turning to Beijing for fresh loans, which will come during the final quarter of 2018.” The Indian Economic Times report points out that…

(0)Comments | September 5, 2018 11:11 am

U.S. Embassy Partners with Matara Chamber of Industry and Commerce to Launch American Corner

The U.S. Embassy signed a Memorandum of Understanding on August 30 with the Matara Chamber of Industry and Commerce to open a new American Corner in Matara.  Ms. Nancy VanHorn, the U.S. Embassy’s acting Public Affairs Officer, and Mr. Metta Widanagamachchi, Chairman of the Chamber, signed the Memorandum. Located on the ground floor of the…

(0)Comments | September 5, 2018 9:44 am

Sri Lankan shares hit over 3-week closing high in lean trade

Reuters – Sri Lankan shares rose for a fifth straight session on Tuesday and marked their highest close in more than three weeks, led by gains in banking and beverage stocks. However, trading volume was low as investors stayed on the sidelines for want of fresh triggers. The day’s turnover stood at 181.9 million Sri…

(0)Comments | September 5, 2018 9:41 am

Sri Lankan rupee hits record low for 11th session

Reuters – The Sri Lankan rupee fell to an all-time low on Tuesday, marking its 11th straight session of setting fresh record lows. The rupee, which hit a record low of 161.97 early in the trade, closed at 161.95/162.05 per dollar, compared with Monday’s close of 161.60/70. The currency surpassed its earlier record of 161.65…

(0)Comments | September 5, 2018 9:40 am