The prospect of change amid the political uncertainty boosts business confidence The seismic shift in power – or attempt to establish such a changeover – on the political platform with a new administration being sworn in, even as the incumbent steadfastly refused to cede what it claimed was its rightful position in parliament, has certainly…
Reuters – Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka on Tuesday, citing refinancing risks and an uncertain policy outlook, after President Maithripala Sirisena’s sacking of his prime minister in October triggered a political crisis. A bitter row over the sacking of former prime minister Ranil Wickremesinghe in October and the competing…
A group of representatives of the Chamber of Commerce met with President Maithripala Sirisena at the Presidential Secretariat, Monday(03). During this meeting, the current economic situation of the country and regarding the activities of the chambers of commerce were discussed and visions and suggestions were presented regarding the future economic process of the country. Furthermore,…
Reuters – S&P Global Ratings said on Tuesday it lowered Sri Lanka’s sovereign credit rating to ‘B’ from ‘B+’, but maintained its outlook at ‘stable’. S&P’s action follows a downgrade of Sri Lanka by Fitch Ratings earlier in the day, citing refinancing risks and an uncertain policy outlook.
Further to the announcement on 26 April 2018, on 30 November 2018, Emirates Telecommunications Group Company PJSC (“Etisalat Group”) has completed the sale of its 100% shareholding in Etisalat Lanka (Private) Limited (“ESL”) to Hutchison Telecommunications Lanka (Private) Limited (“Hutch Lanka”). Upon completion of the sale, CK Hutchison Holdings Limited group will have a majority…
Sri Lankan W.K.H. Wegapitiya founded LAUGFS group that has emerged to be a regional player will commission LAUGFS Gas PLC owned LAUGFS Terminals Ltd – the group’s LPG Transshipment Terminal at Hambantota port and will receive its first commercial cargo from December 15, 2018 the company had announced according to S&P Global Platts. S&P Global…
Fitch Ratings-Hong Kong-03 December 2018: Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’, with a Stable Outlook. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS The downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and…
A remarkable growth of the cruise ships calling at the Port of Colombo has been reported in this year. According to the records of the Sri Lanka Ports Authority, 45 cruise ships have been called at Port of Colombo in last 10 months of this year which is 28.8 % increasement against the corresponding period…
The American Chamber of Commerce in Sri Lanka expressed concern of the impasse reached in light of the current political developments in the country. While stating that this sends a worrying signal to the business community, locally as well as internationally – AMCHAM Sri Lanka also raised the concern highlighted by potential investors. The Chamber…
Reuters – Credit rating agencies have been “too hasty” to downgrade Sri Lanka based on short-term political uncertainties, a senior central bank official said on Tuesday after Fitch became the second agency in two weeks to cut the indebted island’s rating. “We are of the view that actions by both rating agencies are too hasty…
Video Story
