George Steuart Teas (Pvt.) Ltd., one of the top tea exporters in Sri Lanka, recently announced that it has won the intellectual property case against Unilever Lipton Ceylon Ltd. The ruling was issued by the Commercial High Court of Colombo on 23rd November 2018, pertaining to a lawsuit filed by Unilever Lipton Ceylon on 25th…
The global recognition to Sri Lanka’s passport has gone up by 9 notches to 84th in the latest world rankings released this week, a Passport Index highlights. However it was parallel ranked along with Lebanon and Libya. The Passport Index further notes that Sri Lanka has visa-free access to 16 countries and visa on arrival…
Strikes estimated to cause the industry a loss of approximately Rs. 240 million per day Reiterates that Rs. 1,000 is easily attainable with just 1kg productivity increase Warns that gratuity and wages could rise to Rs. 20 billion annually Revenue share model has potential for as much as Rs. 80,000 monthly earnings In the wake…
Reuters – ** The Sri Lankan rupee closed slightly firmer in dull trade on Thursday, helped by dollar inward remittances. ** The rupee ended at 179.15/20 per dollar on Thursday, compared with 179.20/25 in the previous session. ** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka’s sovereign rating on Tuesday, citing refinancing…
Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: – National Savings Bank (NSB) to ‘B’ from ‘B +’; Outlook Stable – Bank of Ceylon (BOC) to ‘B’ from ‘B +’; Outlook Stable – DFCC Bank…
Recent international reports from international media said that Huawei Founder Ren Zhengfei’s Daughter and Chief Financial Officer (CFO) Meng Wanzhou, also known as Sabrina Meng and Cathy Meng, was arrested in Vancouver on December 1, according to Canadian Justice Department spokesman Ian McLeod. Reports further highlighted that in addition to her role as CFO, Meng…
Reuters – ** The Sri Lankan rupee closed weaker on Wednesday, hit by concerns over a lingering political crisis, as banks bought dollars to facilitate foreign capital outflows from rupee-denominated assets. ** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka’s sovereign rating on Tuesday, citing refinancing risks and an uncertain policy outlook,…
Leading conglomerate, Hayleys PLC triumphed at the 54th Annual Report Awards winning the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale held on Tuesday, 04th December 2018. John Keells Holdings PLC won the silver award, while Commercial Bank of Ceylon PLC came in third…
– We have lowered our long-term sovereign credit rating on Sri Lanka by one notch to ‘B’, reflecting reduced prospects of reform under the fractious political environment, which we expect to be protracted. The country’s external financing conditions has also deteriorated as a weak rupee and high yields constrain the government’s access to international capital markets….
Fitch Ratings – Singapore,Colombo – 05 December 2018: Fitch Ratings has downgraded Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B’ from ‘B+’. The Outlook is Stable. The agency has affirmed SLT’s National Long-Term Rating at ‘AAA(lka)’ with a Stable Outlook. We have also affirmed the national rating at…
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