Finance Ministry has appointed four new high-profile Non executive Directors to the Board of Bank of Ceylon effective from 14 January 2020. Accordingly, Mr.P.Lalith P.Withana, Mr.G.Harsha Wijayawardhana, Mr.Hasitha Premaratne, and Visakha Amarasekere have been appointed to the board. Lalith P.Withana was appointed to the BOC board on 14 January 2020 as a non-executive director. He…
Fitch Ratings has affirmed SriLankan Airlines Limited’s (SLA) USD175 million government guaranteed 7% unsecured bonds due 25 June 2024 at ‘B’. KEY RATING DRIVERS The airline’s bonds are rated at the same level as SLA’s parent, the government of Sri Lanka (B/Negative), due to the unconditional and irrevocable guarantee provided by the government. The state…
The National Agency for Public-Private Partnership operates as a unit of the Ministry of Finance with an Advisory Board comprising of the Secretary to the Treasury and other Officials with a cadre of 20 personnel, in accordance with a Cabinet decision taken in the year 2017. It has been identified that this unit is no…
Small and Medium-Sized Entrepreneurs in the country have encountered severe problems due to their inability of obtaining new loans to expand businesses, various fees and additional interests be paid on non-performing loans due to the inability of serving loans continuously and the auctioning of the collateralized property by banks. A set of proposals has been…
Bloomberg – S&P Global Ratings cut Sri Lanka’s ratings-outlook to negative, saying new tax cuts undermine the country’s fiscal and debt sustainability. The company, which lowered the grading from stable, affirmed the island nation’s B ratings, according to a statement Tuesday. That’s five steps below investment grade. “The negative outlook reflects our view that Sri Lanka’s fiscal trajectory…
The Colombo Stock Exchange (CSE) has decided to discontinue the current industry classification used to categorize its listed companies and adopt the Global Industry Classification Standard (GICS) along with S&P/CSE co-branded sector indices with effect 20 January 2020. CSE initiated a pilot run of the GICS classification in 2015 which was maintained as a secondary…
Supply chain management maestro Mr. Lasantha Wickramasinghe has been appointed the new chairman of MILCO (Pvt) Ltd. For more than 12 years, Mr. Wickramasinghe has served at IFS R&D International (Pvt), a leading international information technology company, as an expert in the fields of supply chain management and tax reporting principles in various countries. He…
Reuters – Sri Lanka’s sovereign dollar-denominated bonds came under pressure on Tuesday (14) after ratings agency Standard & Poor’s cut the outlook on the country’s credit rating to negative, citing increased risks from a deteriorating fiscal position. Longer-dated bonds bore the brunt of the falls with the 2030 issue slipping as much as 1.2 cents…
Sri Lanka’s registrar of companies has temporarily suspended incorporation of foreign owned companies in Sri Lanka until further notice. “Incorporation of foreign owned companies in Sri Lanka with Registrar of Companies is temporarily held until further notice, (Except BOI approved companies) ” registrar of companies stated through it’s official website. The notice added that, Further information…
Measures will be taken to further strengthen long-standing bilateral relations between Japan and Sri Lanka, Japanese State Minister for Regional Revitalization Kozo Yamamoto said. Minister Yamamoto made these remarks when he paid a courtesy call on President Gotabaya Rajapaksa at the Presidential Secretariat Monday (13). Sri Lanka is secured and stable under the current government….
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