The global economic shock of the COVID-19 pandemic has driven most commodity prices down and is expected to result in substantially lower prices over 2020, the World Bank said in its April Commodity Markets Outlook. Energy and metals commodities are the most affected by the sudden stop to economic activity and the serious global slowdown…
The Central Bank of Sri Lanka has approved Union Bank’s request to cease operations as a Primary Dealer. “The general public is hereby informed that having considered the request made by the Union Bank of Colombo PLC (UBC), the Monetary Board of the Central Bank of Sri Lanka has granted approval for UBC to cease its…
The Sri Lankan government categorically expressed disagreement with Fitch Ratings’ decision to downgrade the country’s rating to ‘B-‘ from ‘B’, citing the move as “ill-founded” and ill-timed.” “Their assessment shows rush to judgment and exposes prejudicial nature, at a time when the whole world is grappling with a global health crisis,” the Ministry of Finance…
SriLankan Airlines wishes to clarify details of social media posts that are currently circulating, implying that the airline has charged an excessive sum of money from passengers who were on a specially operated flight to repatriate stranded Sri Lankan students from India to Sri Lanka. SriLankan Airlines wishes to state that the above-mentioned flight was…
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, pledged Rs. 200 Million for urgently required ICU capacity development in hospitals selected by the Ministry of Health (MOH). This will be utilised for expanding healthcare systems to provide critical care services and provide accessibility to intensive care for patients. There is an ever-increasing requirement to expand…
Hambantota International Port (HIP) is ready to move over five thousand vehicles out of the port in the next few days, following a directive by the government that the port should remain clear for essential services. HIP had previously informed all stakeholders, in their letter, that demurrage costs incurred from the 16 March 2020 to…
As the travel restrictions imposed by the countries in our global network continue to be in place due to the COVID 19 pandemic, SriLankan Airlines is compelled to extend the temporary suspension of its scheduled passenger flights till 15th May, 2020. The Airlines’ cargo services will continue to operate from its worldwide network, facilitating essential…
Fitch Ratings – Hong Kong – 24 Apr 2020: Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘B-‘, from ‘B’. The Outlook is Negative. KEY RATING DRIVERS The downgrade of Sri Lanka’s IDRs reflects the following key rating drivers. The shock to Sri Lanka’s economy from the…
Foreign Secretary Ravinatha Aryasinha has observed that even as the Foreign Ministry was preoccupied with endeavouring to mitigate a multitude of problems faced by Overseas Sri Lankans, it was in parallel also seeking to re-position Sri Lanka’s exports in the context of market conditions that have arisen as a result of the COVID-19 crisis. He…
The Chief Executive Officer of CSE, Mr. Rajeeva Bandaranaike has inquired about the possibility of resuming normal trading operations at the Colombo stock market from the Securities and Exchange Commission of Sri Lanka (SEC). Accordingly, the SEC has met yesterday (23) in order to discuss this matter thoroughly and their unanimous conclusion has been that if it is to properly consider the feasibility of…
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