Fitch Ratings – Sri Lankan banks are likely to face continued asset-quality pressure in 2022 as rising macroeconomic stresses stemming from the sovereign credit profile pose a threat to borrowers’ repayment capacity, alongside the conclusion of most relief measures in 2021, says Fitch Ratings. Fitch-rated banks’ stage 3 (impaired) loans ratio has remained broadly unchanged…
The Ceylon Motor Traders Association (CMTA) raised concerns about the difficulties in establishing LC facilities with regards to Spare Parts Orders. These unofficial restrictions by banks have begun to cripple Sri Lanka’s vehicle fleet maintenance, which would have a direct impact on goods and people transportation as well as the overall economy. If the transportation…
Retail industry constitutes 23% of the country’s GDP and is hardest hit by the ongoing FOREX crisis The wider eco system of employees, suppliers, farmers and consumers of Sri Lanka impacted by the ongoing crisis and is pushing businesses to the brink of collapse Goods for sale, raw materials and basic product availability hampered due…
Sri Lanka Telecom PLC (SLT) Group, the National ICT Solutions Provider, concluded the financial year 2021 on a high note, recording a turnover of Rs. 102.3 Bn for the year ended December 31, 2021 marking a topline growth of 12.3% year-on-year. The Group’s sustained growth resulted in a Profit After Tax (PAT) of Rs. 12.2…
Overview of Global and Domestic Fronts The COVID-19 pandemic has deeply affected local and global economies in 2021. In an effort to minimize health risks, countries around the world have continued to implement containment measures by imposing strict lockdowns and other mobility restrictions. While these measures have succeeded in reducing the spread of the virus,…
First Capital Holdings PLC (the Group), a member of the Janashakthi Group, reported a Profit after Tax of LKR 235Mn for the quarter ended 31st December 2021. The Group’s Corporate Finance, Wealth Management and Stock Brokering businesses were the key drivers of these results during what was a particularly challenging period for the market at…
The investments represent diversified sectors including apparel manufacturing and accessories, healthcare education training, IT, hospitality etc BOI chief says the move shows investor confidence placed on govt.’s economic policies The Board of Investment (BOI) yesterday said twenty BOI enterprises recently entered into supplementary agreements collectively worth US$ 165 million to expand their existing operations. BOI…
With Colombo Port City and Cinnamon Life emerging as Sri Lanka’s most attractive investment opportunities in the property and leisure sectors, a webinar hosted recently by the Sri Lanka Canada Business Council (SLCBC) of the Ceylon Chamber of Commerce offered potential investors a unique opportunity to gain investor insights into the two projects. Senior executives…
TikTok, the world’s leading short form video platform, recently announced updates to its Community Guidelines, to further enhance the well-being of its community and the integrity of the platform. The most recently published report shows that over 91 million violative videos were removed globally during Q3 2021 – around 1% of all videos uploaded. 73.9%…
The Central Bank of Sri Lanka (CBSL) introduced various measures to encourage investments in Sri Lanka Development Bonds (SLDBs). Validating the effectiveness of the measures introduced, funds amounting to USD 111.5 million have been raised through direct issuance of SLDBs from 01st January to 15th February 2022. The investments in SLDBs during the above period…
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