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Overview The Sri Lanka government remains in default on some foreign currency obligations, including international sovereign bonds (ISBs) on which it has missed interest payments. We do not expect the government to make ISB interest payments within 30 calendar days after their due dates. Following missed interest payments due on May 3 and May 11,…
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Smartphones have undoubtedly become a universal necessity, with the features and benefits they have to offer. With the advancing technology, the usage of artificial intelligence in smartphones promises to provide a personalized and tailor-made consumer experience. Cameras in smartphones have also progressed rapidly over the past few years that ‘camera quality’, in both categories of…
Nations Trust Bank continues to expand its customer centric banking solutions with the installation of the latest Cash Deposits and Withdrawal machine at the Keells Supermarket in Miriswatta, Gampaha. The unique CRM machine, equipped with a myriad of self-service digital banking capabilities, was unveiled by Arosha Liyanaarachchi, SVP – Commercial Banking – Nations Trust Bank…
Sri Lanka’s largest aluminium extrusion manufacturer Alumex PLC was recently recognized for its strong commitment towards transparency and governance at the Asia Integrated Reporting Awards. Alumex was honoured with a Bronze award in the Integrated Report (SME) category for clearly and concisely communicating its value creation to stakeholders via integrated reporting. Value creation is at…
On May 19, the Asia-Pacific Digital Innovation Congress 2022 opened in Singapore. Huawei, together with the ASEAN Foundation, worked with customers, experts, scholars, and analysts to discuss new scenarios and directions for digital economy and industry innovation. At the “cloud service” industry forum, Jacqueline Shi, President of Global Marketing and Sales Service of HUAWEI CLOUD,…
Business momentum maintained even during severe currency devaluation, hyper-inflation and political instability Prime Lands Residencies PLC (PLR) has posted a record profit before tax of LKR 1,848 million for FY 2021/22 while maintaining a profit after tax of LKR 1,682 million. The company has announced an interim dividend of Cents Seventy (-/70 Cts.) per Ordinary…
Eric Rajapakse Opticians, Sri Lanka’s leading eyecare specialist with over 100 years of expertise, is celebrating its 105-year journey by organizing free eye and hearing checkup camps in all branches. The checkup camps are currently available at the Kollupitiya, Wellawatte, Dehiwela, Malabe, and Kiribathgoda branches and will continue till the end of June. With Sri…
Daraz kicked off an exciting new promotion themed “Savings Sathiya” – a week-long promotion that offers exciting discounts on a range of products from 25th May 2022. “Savings Sathiya” comes at a time when living expenses are skyrocketing and meeting daily needs is looking bleak. “Savings Sathiya” offers a host of mega savings with up…
Premier footwear brand DSI successfully concluded its second phase of the “DSI Aluth Avurudu Badu Malla” promotion, which ran from 20th March to 30th April 2022. With the rise in cost of living and the ensuing lifestyle changes in Sri Lanka, DSI has taken a step forward to support its loyal customers with a daily…
The Rotary Club of Colombo Metropolitan, in collaboration with Gift of Life International and with the aid of a generous donation by Linde’s Global Giving Program, is pleased to announce the sponsorship of 50 heart surgeries, prioritized for children on the Lady Ridgeway Hospital waiting list and diagnosed with congenital heart disease. This is the…
The Museum of Modern and Contemporary Art Sri Lanka (MMCA Sri Lanka) is an education-led initiative that aims to establish a public museum dedicated to the display, research, collection and conservation of modern and contemporary art for the benefit and enjoyment of the general public, schools, and tourists. Developing a professionally qualified team with skills…
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Addresses national need with Chlorphenamine Oral Solution and Paracetamol 500mg tablets production Morison Ltd., one of the pioneers of pharmaceutical manufacturing in Sri Lanka since 1959, announced the commencement of commercial production at its state-of the-art WHO GMP and EU GMP compliant production facility in Pitipana, Homagama. Unveiled in late 2020 as Sri Lanka’s first and…
The Parliamentary Council decided to concur with the recommendation to appoint Mr. Anthony Nihal Fonseka as a member of the Monetary Board of the Central Bank of Sri Lanka. The decision was taken at a meeting of Parliamentary Council chaired by the Speaker Hon. Mahinda Yapa Abeywardena yesterday (26). The Prime Minister Hon. Ranil Wickremesinghe,…
Amidst a host of global and local challenges, Hela Apparel Holdings PLC recorded a landmark year of growth in FY 2021/22, with revenue increasing by 75% to LKR 56 Bn. Profits attributable to equity holders also increased to LKR 813 MN, compared to LKR 767 MN in FY 2020/21. In addition, the company’s successful listing…
Warns that brands may move to alternate production locations Bracing for 20% reduction in orders, export earnings to take a hit Amid rising apprehension of a global economic recession and resulting softening of international consumer demand, Sri Lanka’s Joint Apparel Association Forum (JAAF) reiterated its demand for systemic economic and political reforms to restore stability,…
The Hindu – India and Japan have agreed to work together on assisting crisis-hit Sri Lanka, the Japanese government said, following a recent meeting between Prime Ministers Narendra Modi and Fumio Kishida in Tokyo. Mr. Modi and Mr. Kishida met on May 24 on the sidelines of the Quad summit and held bilateral talks on…
The U.S. and Keells are partnering to strengthen small businesses in Sri Lanka through an agreement to connect Keells suppliers with private business advisory service providers. “The small businesses that supply your grocery stores keep the economy going and drive job creation,” said U.S. Ambassador to Sri Lanka Julie Chung at the MOU signing. “This…
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Sri Lanka. Sri Lanka has been hit hard by COVID-19. On the eve of the pandemic, the country was highly vulnerable to external shocks owing to inadequate external buffers and high risks to public debt sustainability, exacerbated by the Easter Sunday terrorist attacks…
Sri Lanka’s credit rating has been downgraded 7 times over the course of 7 years (May 2015 – May 2022). 5 of those downgrades occurred since April 2020. In contrast, its regional peers have maintained their credit ratings. The recent downgrade to RD (Restricted Default) on the 19th of May 2022 was immediately after…
Analysis
Sri Lanka’s credit rating has been downgraded 7 times over the course of 7 years (May 2015 – May 2022). 5 of those downgrades occurred since April 2020. In contrast, its regional peers have maintained their credit ratings. The recent downgrade to RD (Restricted Default) on the 19th of May 2022 was immediately after…
The lower levels of the Sri Lankan social pyramid are prone towards conflicts but are resilient as per many researches done over the decades. Since 1948 they energized conflicts triggered by a few with political (and hidden financial) agendas and underwent countless hardships due their own shortsighted acts and personality worshiping. The present financial crisis…
By Usha Perera Sri Lanka’s education sector, still reeling from the effects of the COVID-19 pandemic, now faces acute challenges due to the current political and economic crises. The sudden imposition of curfews and the lack of transportation have resulted in school closures and students being deprived of structured and systematic in-school education. In Sri…
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23rd January 2022, Colombo: Asia Asset Finance (AAF) PLC’s issuer rating was upgraded by ICRA Lanka Limited to [SL]A- from [SL]BBB+, an important benchmark of credit quality for partners and customers. AAF is a 73% owned subsidiary of Muthoot Finance Limited (MFL), which is the largest Gold Loan Finance Company in India and the global…
TISL launches Apesalli.lk on International Anti-Corruption Day 2021 The landscape of corruption the world over has changed drastically due to the Covid-19 pandemic in the past two years, increasing opportunities for corruption while deepening the adverse impact of corruption upon the people. Here in Sri Lanka, there have been numerous scandals and corruption allegations that…
Movies have Oscars, Sustainability now has Hallbars ! Oxford College of Business has been awarded the sustainability ‘Oscar’ at the Hallbars Sustainability Reports Awards held at the Alfred Nobel House in Karlskoga, Sweden on October 21, the birthday of inventor and founder of the Nobel Prizes, Alfred Nobel. Due to Covid-19 attendance restrictions, Oxford College…
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