(Reuters) – Global ratings agency S&P Global on Thursday cut Sri Lanka’s bonds by two notches to ‘D’ from ‘CC’, pushing it deeper into junk territory, following missed interest payments due on Sept. 14 and Sept. 28, 2022. “We do not expect the government to make payments on the ISBs within 30 calendar days after their…
The Sri Lankan authorities held a virtual meeting with Sri Lanka’s official creditors today (3 November 2022). The meeting was chaired by the Secretary to the Treasury and the Ministry of Finance, Mr. K M Mahinda Siriwardana, and the Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe. Sri Lanka remains fully…
The Extraordinary Gazette Notification 2302/24 dated 20th October 2022 amended the Licensing of Shipping Agents, Freight Forwarders, Non-vessel Operating Common Carriers and Container Operators Act No 10 of 1972. The amendments include a change in the existing structure of charges with maximum delivery order fees revised upwards for full container load and less than container…
Expanding its FAM Tour campaigns towards the Middle Eastern Region, Sri Lanka Tourism Promotion Bureau, in collaboration with the Sri Lanka Embassy in Egypt organized a familiarization tour for 8 Egyptian Travel agents from 20th to 26th October 2022. They were highly fascinated with their experience in Sri Lanka along with its Scenic Beauty, Cultural…
Q2 revenue up by 95% to Rs 24.8 billion Net profit up 145% to Rs 2.3 billion for 6 months A doubling of synthetic fabric volumes, higher selling prices and the impacts of the depreciation of the Rupee have generated strong growth for Teejay Lanka PLC, enabling Sri Lanka’s first multinational textile producer to close…
Fitch Ratings – APAC corporates’ notable rise in bond buybacks since 2H22 highlights the trend of embarking increasingly on opportunistic tender offers to reduce interest expenses and improve balance sheets as rates rise, says Fitch Ratings. Eighteen APAC corporates have announced tender offers to partially repurchase their combined 46 outstanding bonds so far during 2H22….
A CSR Initiative by Sri Lanka – Canada Business Council of Ceylon Chamber of Commerce The Sri Lanka Canada Business Council of Ceylon Chamber of Commerce joined hands with the Rotary Club of Colombo Metropolitan to sponsor children for heart surgery. With more than 3,000 children born with Congenital Heart Disease (CHD) in Sri Lanka…
Envoy, Sri Lanka’s international brand and the premier brand of Hameedia that is synonymous with style and quality, has officially expanded into the Middle East with the recent opening of the Envoy Dubai showroom in Festival Mall in Dubai. The launch event was graced by the presence of Chief Guest Yaqoob Al Ali – Executive…
Sri Lanka’s leading private sector bank HNB PLC was selected as a partner financial institution by the Asian Development Bank (ADB) to disburse a component of the US$ 13.5 million in funds allocated to the SME-Line of Credit (SMELoC) Emergency Response Scheme. The ADB scheme aims to support and strengthen Sri Lankan MSMEs affected by…
The third quarter of 2022 witnessed continued challenges to the Banking sector amidst mixed sentiments and subdued economic activity despite a staff level agreement with the IMF. The economy continued to depend on the banking sector for immediate respite for the import of essentials including fuel. Progress and credit growth of Banks continued to be…
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