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Fitch revises 7, affirms 7 SL non-financial corporates’ ratings on National Rating scale revision

Fitch Ratings has taken rating action on Sri Lankan non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers following the downgrade of the sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020. Fitch typically does not assign Outlooks or apply…

(0)Comments | January 18, 2021 10:08 am

SEC Welcomes Market Performance and Spells Out Processes in Place

The Securities and Exchange Commission of Sri Lanka (SEC) in a statement welcomed the record-breaking performance of the Colombo Stock Exchange (CSE). Bloomberg has identified the CSE as the second best performing equity market in the world. On 15th January 2021, the CSE saw 61,722 trades which is the highest number of trades ever in…

(0)Comments | January 18, 2021 5:38 am

Perceived Economic Opportunity Index: 2020 Q4 October to December

The government’s inability to contain the spread of the pandemic and the resulting loss of confidence in the capability of their delivery has eroded the high expectations generated after the convincing win by the SLPP at the general election to cement the win at the presidential election. Perceived economic opportunity is very low. Methodology The…

(0)Comments | January 16, 2021 10:15 pm

RPCs lay out final proposal to remunerate workers Rs.1105 per day

Reiterates commitment to providing a sustainable future for every plantation worker New proposal ensures worker earnings significantly exceed Rs.1000 a day Urges that all stakeholders prioritise the financial sustainability of the entire plantation industry In a meeting today (15) between the Minster of Labour Nimal Siripala de Silva and the Chairmen of all Sri Lankan…

(0)Comments | January 15, 2021 7:10 pm

CSE’s ASPI crosses 7,700 points

The main index of the Colombo Stock Exchange, the All Share Price Index (ASPI) crossed the 7,700 point mark today (15). The ASPI gained 291.34 points (or 3.91%) closing the day on 7,734.57, which is the highest recorded since, 28 February 2011. Earlier, the highest single-day gain was recorded on 15 February 2020, when the ASPI increased by 255 points….

(0)Comments | January 15, 2021 4:27 pm

Selling rate of US $ exceeds Rs.196 mark

The selling rate of a US dollar exceeded Rs.196 mark today (15). According to the daily exchange report of the Central Bank of Sri Lanka (CBSL), the current buying rate of the US Dollar today stands at Rs.190.77 and selling rate of the US dollar stands at Rs.196.05. This is the highest buying and selling…

(0)Comments | January 15, 2021 2:35 pm

Sri Lanka’s trade deficit narrows in November

According to the latest external trade data released by the Central Bank, country’s trade deficit narrowed in November 2020 by US $ 198 million to US $ 565 million, from US $ 762 million recorded in November 2019, due to a larger decline in imports compared to the decline in exports. Amidst a decline in…

(0)Comments | January 15, 2021 2:34 pm

A Notice from People’s Bank

People’s Bank wishes to place on record the following with regard to certain opinions expressed or reported recently on media; People’s Bank, as a state owned entity and a bank that possesses the largest customer base and branch network in Sri Lanka, enjoys an unparalleled position of stability and security. As a result of the…

(0)Comments | January 15, 2021 2:25 pm

Fitch affirms SriLankan Airlines’ government guaranteed bonds at ‘CCC’

Fitch Ratings has affirmed SriLankan Airlines Limited’s (SLA) USD 175 million government guaranteed 7% unsecured bonds due 25 June 2024 at ‘CCC’. KEY RATING DRIVERS The airline’s bonds are rated at the same level as SLA’s parent, the government of Sri Lanka (CCC), due to the unconditional and irrevocable guarantee provided by the government. The…

(0)Comments | January 15, 2021 11:28 am

Cathay Pacific Cargo Develops Solution for Vaccine Distribution

The new quality-assured solution facilitates the fast and effective import and transhipment of COVID-19 vaccines worldwide Cathay Pacific Cargo has built on its many years of experience in transporting pharmaceutical shipments to develop a vaccine solution specifically for the fast and effective distribution of COVID-19 vaccines across the globe. Cathay Pacific Director Cargo Tom Owen…

(0)Comments | January 15, 2021 10:52 am