Rising exposure to microfinance at Sri Lankan nonbank financial institutions (NBFIs) could pose a risk to their credit profiles, says Fitch Ratings. The exposure among Fitch-rated NBFIs stood at just 4% of total loans of these entities as recently as March 2014. but this had increased to 27% by December 2015. Fitch estimates that loan-book…
The general public is hereby informed that with effect from 01 April, 2016 The Hongkong and Shanghai Banking Corporation Ltd (HSBC) at 24, Sir Baron Jayathilaka Mawatha, Colombo 01, ceases to operate as a Primary Dealer. HSBC will, however, continue to function as a Dealer Direct Participant in scripless securities and transact in scripless securities…
A score of flights at Suvarnabhumi Airport and Don Mueang International Airport were delayed this morning following the implementation of new aviation rules. Aeronautical Radio of Thailand Executive Vice President Tinnagorn Choowong said that at 7am today, the revised area navigation (RNAV) rules, standard instrument departure (SID) and standard terminal arrival route (STAR) was implemented…
Sri Lanka’s economic growth is projected to recover in 2016 as private sector investment will pick up once fiscal reforms are committed to. Growth will rise further in 2017 as the global environment improves, a new Asian Development Bank (ADB) report says. ADB’s flagship annual economic publication, Asian Development Outlook (ADO) 2016, forecasts gross domestic…
AFP – Indian steel giant Tata Steel on Wednesday put its British business up for sale, placing thousands of jobs at risk and striking a heavy blow to the crisis-hit steel industry. Tata said in a statement that trading conditions had “rapidly deteriorated” in Britain and Europe due to a global oversupply of steel, a…
Diesel and Motor Engineering PLC (DIMO) will be introducing the second installment of commercial vans, the “Vito” under Mercedes-Benz. The new introduction will encompass a versatile edge consisting of a larger payload and a set of unique features. The launch of the Vito is a part of the global car manufacturing company’s new product introduction…
Fitch Ratings has upgraded Sri Lanka-based Hemas Holdings PLC’s (Hemas) National Long-Term Rating to ‘AA-(lka)’ from ‘A+(lka)’. The Outlook is Stable. It has also upgraded the National Long-Term Rating on Hemas’s senior unsecured debentures to ‘AA-(lka) from ‘A+ (lka)’. The upgrade reflects the company’s improved business risk profile, which is aided by its strong presence…
Sri Lankan shares edged up on Wednesday from a two-week closing low hit in the previous session on buying led by foreign investors and following a central bank decision to keep key policy rates steady. Foreign investors bought a net 161.7 million rupees ($1.09 million) worth of shares on Wednesday, but have sold 1.95 billion…
The Department of Commerce with the assistance of the Permanent Mission of Sri Lanka to the WTO and the Technical Assistance Division of the WTO Secretariat in Geneva will organize workshop on ‘Trade Remedies’ in Colombo, on the 08th April 2016. The objective of this workshop which is to be held on 8th of April…
The planned Megapolis project of the government is nothing new and it has been in progress since 1978, said Professor P.K.S. Mahanama, a member of the Planning Division at the Megapolis Implementation Project. While expressing views further, Prof. Mahanama said that Colombo is a Megacity and that the people in the country cannot live without…
Video Story
