Fitch Ratings – Colombo – 14 Sep 2022: Fitch Ratings has downgraded Sri Lanka-based Resus Energy PLC’s National Long-Term Rating to ‘A(lka)’, from ‘A+(lka)’. The Outlook is Negative. Fitch has simultaneously downgraded the National Long-Term Rating of Resus’s outstanding senior unsecured debentures to ‘A(lka)’, from ‘A+(lka)’. The downgrade follows our expectation that Resus’s financial flexibility…
Thank you for inviting me today, Chairman Prasan Fernando and friends at United Tractor Limited. I know earlier this year, you celebrated 75 years of infrastructure industry excellence, dedicated customer service, and engineering prowess – congratulations. You should be very proud. And your longstanding collaboration with Caterpillar in the United States is a testament of…
Mr. Pradeep Amirthanayagam has been appointed as the Independent Non-Executive Chairman of the People’s Leasing and Finance PLC with effect from 12 September. He was appointed to the Board of People’s Leasing & Finance PLC as an Independent Non-Executive Director on the 15th of July 2022. On previous occasion he had served on the Board…
Establishing its presence as a global digital payment solutions provider, Sri Lanka’s leading Merchant Acquiring bank, HNB PLC, signed on as Internet Payment Gateway Provider for the national carrier, Sri Lankan Airlines. The airline joins the most extensive portfolio of local merchants with access to enhanced e-commerce functionalities with the ability to offer customers seamless,…
Reuters – Financial advisory group Lazard (LAZ.N) has started talks with India, China and Japan on restructuring Sri Lanka’s debt, a spokesman for the Sri Lanka government said on Tuesday, as the crisis-hit island nation seeks an International Monetary Fund (IMF) bailout. Lazard was hired by Sri Lanka in May, along with international lawyers Clifford Chance, to…
The newest record label and music distribution aggregator in Sri Lanka, eTunes, equips and develops the next generation of local musicians with the resources and chances they need to succeed internationally. eTunes may assist indie artists and bands in going viral by collaborating with major music streaming services like Spotify, iTunes, YouTube, and Instagram. Local…
JICA recognizes immediate Maize requirement for the fast-approaching season To address the immediate needs of the ongoing socio-economic crisis in Sri Lanka, Japan International Cooperation Agency (JICA) in the partnership with the United Nations Development Programme (UNDP) in Sri Lanka will procure a significant portion of maize seed requirements in Sri Lanka, targeting the Maha…
As a global company that has enjoyed an established presence in the United States for some time, GRI proudly announced the opening of its corporate office in USA. The corporate office has been strategically located at Research Triangle Park (RTP) in North Carolina, to primarily provide ease of access to its growing customer bases located…
Nearly 30 percent of the population are experiencing acute food insecurity, and will likely deteriorate further unless urgent assistance is provided An estimated 6.3 million people in Sri Lanka are facing moderate to severe acute food insecurity and their situation is expected to worsen if adequate life-saving assistance and livelihood support is not provided, the…
Apparel industry proves resilient in the face of adversity Total apparel exports in July 2022 ($ 522.14 million) – 22.4% increase YoY As Sri Lanka struggles with the ongoing economic crisis, the country’s trade balance recorded a surplus last July. While this surplus reflects the continued decline in import expenditure, it is also reflective of…
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