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Hela Clothing secures private capital infusion to strengthen balance sheet and fuel growth

Sri Lankan apparel manufacturer, Hela Clothing Group, announced this week that it had secured a capital infusion of Rs. 1.2 billion by way of a mix of shareholder and new Private Equity investment funds from a private consortium whose lead investor has a wide portfolio including private equity investments in the fashion and retail space….

(0)Comments | November 26, 2018 12:47 pm

Sri Lanka to host conference of Asia-Pacific Depositories and Clearing organizations

Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), will host the 22nd Annual General Meeting of the Asia-Pacific Central Securities Depository Group (ACG) in Sri Lanka from 26th to 28th November. The event will carry the theme “Fintech – shifting or shaping the future of CSDs”, and…

(0)Comments | November 26, 2018 6:16 am

Sri Lankan rupee hits record low on Moody’s downgrade, political uncertainty

Reuters – ** The Sri Lankan rupee fell to an all-time low of 179.95 per dollar on Friday, as a Moody’s downgrade of the country’s credit rating in the wake of a political crisis saw more investors dump rupee-denominated assets. ** Moody’s downgraded Sri Lanka on Tuesday for the first time since it started rating…

(0)Comments | November 26, 2018 5:23 am

SLASSCOM Urges a Swift, Constitutional Settlement to the Current Political Crisis

The Sri Lanka Association for Software and Services Companies (SLASSCOM) representing the Knowledge Services and Innovation industry, Sri Lanka’s fifth-largest and highest value-adding exporter, requests a swift, constitutional settlement to the current political crisis. Jeevan Gnanam, Chairman SLASSCOM, speaking on behalf of the SLASSCOM Board of Directors and General Council, stated that “As an industry…

(0)Comments | November 23, 2018 12:00 pm

Sri Lanka arranges funds to repay $1 bln eurobond

Reuters – Sri Lanka has arranged funds to repay $1 billion for a sovereign bond maturing in January, a finance ministry official said on Wednesday, seeking to assure investors that the island’s political crisis will not hurt its ability to service debt. The official’s comments came a day after Moody’s downgraded Sri Lanka’s credit rating…

(0)Comments | November 22, 2018 12:33 pm

Inflation slows to 0.1% in October

Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100) continued to decline for the third consecutive month, recording 0.1 per cent in October 2018, the lowest since January 2016. The deceleration observed in year-on-year inflation in October 2018 is mainly driven by the higher base prevailed during the…

(0)Comments | November 22, 2018 12:23 pm

Moody’s Latest Rating Decision is Unfounded

The Central Bank of Sri Lanka (CBSL) is of the view that the decision by Moody’s Investors Service (Moody’s) on 20 November 2018 to downgrade the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings from B1 (Negative) to B2 (Stable) does not properly reflect the country’s macroeconomic fundamentals, and therefore unwarranted. The…

(0)Comments | November 22, 2018 12:16 pm

Sri Lanka rupee hits record low after Moody’s downgrade, IMF loan delay

Reuters) – ** The Sri Lankan rupee fell to an all-time low of 179.00 per dollar on Wednesday, a day after Moody’s downgraded the country’s credit rating, as a political crisis worsens a rout in the currency. ** Moody’s downgraded Sri Lanka on Tuesday for the first time since it started rating the country in…

(0)Comments | November 22, 2018 12:15 pm

Janashakthi Insurance announces new Chairman, Board Members

Janashakthi Insurance PLC announced the appointment of renowned business leader Prakash Schaffter as its Executive Chairman. Mr. Schaffter, who has three decades of experience in the Insurance industry, had led Janashakthi as its Managing Director since 2006. This announcement comes with the addition of two new board members, Nathan Sivagananathan and Avindra Rodrigo. These appointments,…

(0)Comments | November 21, 2018 6:57 pm

Moody’s downgrades Sri Lanka’s ratings to B2, changes outlook to stable from negative

Moody’s Investors Service (“Moody’s”) has today downgraded the Government of Sri Lanka’s foreign currency issuer and senior unsecured ratings to B2 from B1 and changed the outlook to stable from negative. The decision to downgrade the rating to B2 is driven by Moody’s view that ongoing tightening in external and domestic financing conditions and low…

(0)Comments | November 21, 2018 7:36 am