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…
Fitch Ratings has made further large cuts to global GDP forecasts in its latest Global Economic Outlook (GEO) in response to coronavirus-related lockdown extensions and incoming data flows. “World GDP is now expected to fall by 3.9% in 2020, a recession of unprecedented depth in the post-war period,” said Brian Coulton, Chief Economist at Fitch…
Diversified blue chip Hemas Holdings PLC stated that the group has initiated cost- cutting and cash conservation measures in order to protect business amid coronavirus pandemic. The measures include: freezing all discretionary expenditure, capital expenditure, recruitment and driving an efficiency program across the group. In a disclosure to CSE, Hemas Group CEO Steven Enderby stated that each of…
The Government of Canada has provided over CAD $56,000 (approximately 7.5 million LKR) to support Sri Lanka’s response to the Covid-19 pandemic through targeted relief to some of those most affected in vulnerable communities. The funds are being granted to the National Peace Council of Sri Lanka through the Canada Fund for Local Initiatives (CFLI)….
The government has exempted Inbound Tour Operators from Value Added Tax (VAT). Co-Cabinet Spokesman Bandula Gunawardena today (23) stated that the relevant proposal was approved by the Cabinet of Ministers. The measure will be effective from 1st April 2020.
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