The World Bank has downgraded Sri Lanka from an upper-middle income country to a lower-middle income country. The change in classification comes in the World Bank’s latest country classifications by income level published on Wednesday (01). Algeria and Sudan are the other two countries that have shifted to a lower category along with Sri Lanka. The…
The recently approved amendments to the listing rules of the Colombo Stock Exchange (CSE) by the Securities and Exchange Commission of Sri Lanka (SEC) will enable shareholders to receive dividends declared by Listed companies much faster. These reforms are a part of broader changes considered and implemented by the SEC and CSE to facilitate the…
Calls for deeper commitment by pharmaceutical industry to self-regulate. Prepared to partner with Government to collaborate and implement a fair pricing mechanism. Requests industry engagement to support the government in the curbing of NCDs in Sri Lanka. Lauds COVID-19 response by industry and partners. The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) unanimously…
ROME/BANGKOK: The Director-General of the Food and Agriculture Organization of the United Nations (FAO), QU Dongyu, has appointed Jong-Jin Kim as Assistant Director-General and FAO Regional Representative for Asia and the Pacific, effective 1 July 2020. Mr Kim, a national of the Republic of Korea, has a long and distinguished career in public service. He joined FAO in…
Sri Lanka Insurance at the recently held Annual General Meeting declared that the company has closed year 2019 in a positive note recording phenomenal growth with exceptional service innovations. Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2019 to record 15% growth in profit before taxation reaching a Profit before…
Fitch Ratings has upgraded the credit rating of Cargills Bank Limited from ‘A-(lka)’ to ‘A+(lka)’ with a stable outlook. The National Ratings of the Sri Lankan banks consider their creditworthiness relative to other issuers in the country. The recalibration of the Sri Lankan National Rating scale has resulted in the upward revision of the National…
Senkadagala Finance PLC yesterday (01) stated that it had received a US$ 25 million financing facility from the Netherland-based FMO ( Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V), on June 29, 2020, to enhance its green vehicle portfolio. Senkadagala was initially formed in the city of Kandy in 1968. The company has become one of the largest…
China Merchants Port Holdings Co., Ltd., Fujian Transportation Maritime Silk Road Investment and Management Co. Limited (“Fujian TMSR”) and Fujian Provincial Communication Transportation Group Co., Ltd. (“FJCT”) has signed a share transfer deed to promote the sustainable development of Hambantota Port in Sri Lanka. According to the share transfer deed, Fujian TMSR has agreed to acquire…
Covid-19 has prompted Moody’s Investors Service to put the entire industry on review for downgrade. The credit rating agency has cut the ratings of nine of the 22 automakers it rated over the last three months. Total debt downgraded was about US$130 billion, excluding the debt related to the carmakers’ captive finance businesses. “The pandemic makes…
The International Monetary Fund said Asia’s economy is expected to contract by 1.6% this year — a downgrade from its previous forecast of no growth in April. “Asia cannot be an exception” when the whole world is suffering from the effects of the coronavirus pandemic, said Changyong Rhee, director of the Asia and Pacific department at IMF….
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