The hydro power plants are recording considerably less generation this year compared to target generation due to the severe drought that is being experienced. That together with the cash flow problems caused by the delay in receiving payment for electricity sales will have an impact on project companies’ ability to service debt in a timely…
Fitch Ratings: Sri Lankan corporates in consumer goods retail, construction and hotels will be among the most affected by the coronavirus pandemic in Sri Lanka, Fitch Rating says in a new report. Companies in consumer goods retail and construction-related activities also have lower rating headroom than in most other sectors. The ultimate impact on ratings…
The Government of Japan has provided a total sum of USD 1,212,500 (approx. Rs. 230 million) through the United Nations Children’s Fund (UNICEF), the International Organization for Migration (IOM), and the International Federation of Red Cross and Red Crescent Societies (IFRC) to tackle the COVID-19 in Sri Lanka. The UNICEF was provided USD 500,000 of…
Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI), has decreased to 7.0% in March 2020 from 8.1% in February 2020, the statistics office said. Contributions to the inflation rate of March 2020 from food group and non-food group are 6.0% and 1.0% respectively. Whilst contributions of food and…
SriLankan Airlines said it will operate special flights from India’s Amritsar, Coimbatore, Pakistan’s Karachi, Lahore and Nepal’s Kathmandu to bring home 433 Sri Lankan students who have been stranded overseas due to the prevailing travel restrictions imposed in view of the COVID 19 pandemic. “These special flights are being operated as part of the Government…
Sri Lanka’s apparel industry, is bracing for a massive blow amid increased cancellations of orders as COVID-19 pandemic is crippling the economies of its key buyers. In short term, there will be massive job losses in the apparel sector, Brandix CEO Ashroff Omar said and reiterated that May will be a very tough month for the…
Vulnerable families needing support as a result of the COVID-19 outbreak and frontline workers battling the pandemic have received a total of Rs. 50 million in aid from Nestlé. In its second phase of relief efforts, Nestlé will be joined by its employees, who are voluntarily contributing part of their salary to help those in…
AP – Oil futures plunged below zero for the first time on Monday as demand for energy collapses amid the coronavirus pandemic and traders sought to avoid owning crude with nowhere to store it. Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 1.2%, but the market’s most dramatic…
The Central Bank of Sri Lanka (CBSL) is aware that some Sri Lankans who have gone abroad, for short visits for leisure and holidays, meet relatives and friends, pilgrimage, business purposes, training, seminars and conferences, medical treatments, sports, recreational and cultural activities, etc., and on student or equivalent visas, are stranded abroad amidst the prevailing…
The Colombo Stock Exchange (CSE) has requested all listed entities to disclose the impact of COVID-19 pandemic on their business operations. The CSE noted that the COVID-19 pandemic is impacting the business activities of the Listed Companies in a substantial manner. Whilst many Listed Companies have recognized it as a significant risk in their business operations, its future…
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