The Central Bank of Sri Lanka ( CBSL ) has directed the licensed commercial banks and National Savings Bank to suspend the purchase of Sri Lanka International Sovereign Bonds (ISBs) for a period of six months unless such purchase is funded by new foreign currency inflows to such licensed banks sourced from abroad. The Central Bank stated…
Conference to explore post-COVID investment outlook for 2021 Top-notch Sri Lankan and international expert speakers, including Nobel prize winner Asia Securities, Sri Lanka’s leading independent investment banking and wealth management firm, will host its 4th Annual Sri Lanka Investment Conference over three days next week. Titled 2021: The Investors’ Dilemma, the event will explore the…
The National Carrier of Sri Lanka and a member of the oneworld alliance, SriLankan Airlines is set to increase the frequency of passenger flights from Colombo to Singapore from once a week to thrice a week, commencing 18th December 2020. In addition to this, SriLankan will also operate a weekly service between Kuala Lumpur and…
Following the announcement by S&P Global Ratings (S&P) downgrading Sri Lanka’s credit rating to “CCC+/C”, the Ministry of Finance issuing a statement stated that the Government is disappointed with the rating downgrade as it came at a time when the Parliament has just passed, with an overwhelming majority, the new Government’s first full-year Budget for 2021, which laid out a…
Super September advances on healthy earnings in most sectors owing to recovery from C-19 September quarter earnings surged by 61.1%YoY to Rs. 73.9Bn for 268 companies owing to the robust performance in most of the sectors primarily led by Food, Beverage & Tobacco (96%YoY), Transportation (578%YoY), Capital Goods (112%YoY) and Materials (154%YoY), First Capital Research said….
LONDON/BENGALURU Dec 11 (Reuters) – Rating agency S&P slashed Sri Lanka’s credit rating to “CCC+/C” on Friday, citing concerns that risks to the island nation’s debt servicing capacity have risen as the COVID-19 pandemic squeezes the government’s ability to generate earnings. S&P’s downgrade from “B-” follows similar moves by Fitch and Moody’s in recent months…
Piramal Glass Ceylon PLC’s largest shareholder Piramal Glass Pvt Ltd has entered into a share purchase agreement to sell its entire stake of 56.45% in the company to Pristine Glass Pvt Ltd. In a Stock Exchange filing, Piramal Glass Ceylon PLC stated that the Board of Directors of the company has entered into a sale and purchase agreement…
The deal contour includes an upfront payment of $850 million. This will be the second billion-dollar deal by Piramal Group this year. Private equity major Blackstone has signed a deal to acquire Piramal Group’s Piramal Glass for around $1 billion. The deal contour includes an upfront payment of $850 million while Piramal Group will get…
SriLankan Airlines was awarded “Four Star rating for Major Official Airline” for 2021 by The Airline Passenger Experience Association (APEX), at the Future Travel Experience (FTE) Virtual Expo Award ceremony that was held on the 09th of December 2020. The Airline Passenger Experience Association (APEX), is one of the world’s largest international airline associations. In…
The second wave of the pandemic in Sri Lanka is expected to worsen the contraction of the economy this year, the Asian Development Bank (ADB) warned in its latest outlook. “In Sri Lanka, economic recovery was under way in Q3, but a rapidly expanding outbreak from early October brought localized lockdowns and restrictions, their economic effects compounded by…
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