Sri Lanka’s gross official reserves grew by US$435.27 million to US$ 7,948 million in February 2020 from US$ 7,512.73 in January 2020, latest Central Bank data showed. As at 28 February 2020, foreign currency reserves were $7,532.4 million while the reserve position in the IMF was $65.7 million. Special Drawing Rights were 7.3 million, reserves…
Banknotes may be spreading the new coronavirus so people should try to use contactless payments instead, the World Health Organization has said. While the primary way to spread coronavirus is via coughing and sneezing, viruses can survive on hard surfaces like coins for days in some cases. “We know that money changes hands frequently and can pick…
The Colombo Stock market which declined steeply on Tuesday 10th March prompting a trading halt just ten minutes after the start, recovered today (Wednesday 11th March) to post a gain of 82 points on the All Share Price Index and the S&P SL20 Index gained 44 points. In terms of a percentage, the ASPI improved…
Vallibel properties Limited has been incorporated on 5th March 2020, as a fully owned subsidiary of Vallibel Finance PLC, to engage in the administration of construction, development, and maintenance of the proposed head office building complex, for Vallibel Finance PLC. In a stock exchange filing, the Vallibel Finance PLC noted that the said subsidiary was…
The Plastics and Rubber Institute of Sri Lanka (PRI) recently entered into a partnership with the Sri Lanka Institute of Information Technology (SLIIT) for the institute’s graduates and undergraduates to be a part of their Finite Element Analysis and Simulation Center (FEAS Center). The Center was established by PRI, to support the industry with the…
ICRA Lanka Limited, Subsidiary of ICRA Limited, Group Company of Moody’s Investors Service has assigned the Issuer rating of [SL]A- (pronounced SL A minus1) with Stable outlook for Prime Lands Residencies (Pvt) Limited (“PRIMER”/ “the Company”). ICRA Lanka has taken a consolidated view of the Prime Group, in assigning the rating, given the operational and…
The dual impact of COVID-19 and the significant oil price shock will put pressure on some sovereign credit fundamentals and potentially ratings, Fitch Ratings says. In developed markets (DM), the key drivers will be the effect on growth, if it persists, and the fiscal and monetary responses. Emerging markets (EM) face additional risks related to…
LSEG Technology, a wholly owned subsidiary of the London Stock Exchange Group (LSEG) today announced new appointments to its Leadership Team. Accordingly, Feroz Cader and Rob Brouwer have been appointed Co-Heads of LSEG Technology in Sri Lanka. Feroz Cader, who also heads Project Delivery and Product Management in addition to his role as Co-Head of…
The International Monetary Fund called on governments worldwide Monday to join forces and roll out aggressive financial supports for the coronavirus-infected global economy, including direct payments to workers and businesses. But while several countries have taken steps to cushion the blow to their economies and boost confidence, including the United States, there has been little…
The ongoing novel coronavirus (COVID-19) outbreak will have a significant impact on developing Asian economies through numerous channels, including sharp declines in domestic demand, lower tourism and business travel, trade and production linkages, supply disruptions, and health effects, according to a new analysis by the Asian Development Bank (ADB). The magnitude of the economic losses…
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