Category: Economy and Markets
Fitch Downgrades Singer (Sri Lanka) to A(lka); Outlook Stable
Fitch Ratings has downgraded Sri Lankan consumer-durable retailer Singer (Sri Lanka) PLC’s National Long-Term Rating to ‘A(lka)’ from ‘A+(lka)’. The Outlook is Stable. The downgrade reflects the sustained deterioration in Singer’s financial profile such that Fitch-forecasted EBITDAR fixed-charge cover will fall to 0.7x in the financial year ending 31 March 2024 (FY24), compared with 1.1x […]
Sri Lanka reaches debt restructuring deal with creditor nations: report
Sri Lanka has been informed of an apparent resolution regarding the restructuring of its debt with creditor nations. However, the awaited official confirmation letter from the creditor committee is yet to materialize, as stated by a government source, Reuters reported on Wednesday. Approximately a month subsequent to securing a deal with the Export-Import Bank of […]
Oil palm industry, SLAAS and NSF are advocating for a reevaluation of policy by Govt of SL on the industry
The Sri Lanka Association for the Advancement of Science (SLAAS) and the National Science Foundation (NSF) hosted a workshop to review the policy on Oil Palm Cultivation in Sri Lanka. The workshop was held under the patronage of the Asia Palm Oil Alliance (APOA) and Solidaridad Asia, and coordinated by Nucleus Foundation. In April 2021, […]
‘s raw talent into IT professionals
By Jekhan Aruliah For all its catastrophic consequences COVID-19 lockdowns at least had a silver lining for Sri Lanka’s towns and cities beyond the Western Province. Thousands of staff returned from Colombo to hometowns across Sri Lanka to be locked-down with their families. Many sadly lost their jobs, as their work required their physical presence […]
Public Investment for Closing the SDG Financing Gap: Sri Lankan Perspective
Sri Lanka, like many nations, grapples with the challenge of bridging the gap between aspirations and resources to achieve the United Nations’ 2030 Agenda for Sustainable Development. A new study conducted by the Institute of Policy Studies of Sri Lanka (IPS) delves into this issue, highlighting the pivotal role of public investment in driving progress […]
Vallibel One records a net profit of Rs. 4.47 Bn during the second quarter
Notwithstanding the macroeconomic constraints and conditions that prevailed during the year, Vallibel One Group remained focused on delivering steadfast value to its stakeholders. The Group recorded a revenue of Rs. 30.54 Bn for the second quarter, bringing the organization to reach a cumulative revenue of Rs. 58.26 Bn, resulting in a 5% increase against the […]
Sri Lanka Economic Summit 2023 kicks off
The Ceylon Chamber of Commerce will host the Sri Lanka Economic Summit 2023 on November 28th and 29th at the Shangri-La Hotel, Colombo, with President Ranil Wickremesinghe attending as the Chief Guest. The inauguration will also feature a Keynote Address and Fireside Chat with Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission of India […]
DeepSphere.AI and 10QBIT announce partnership to promote Sri Lanka as AI innovation and talent hub
DeepSphere.AI, led by the esteemed AI expert Jothi Periasamy, and 10QBIT under the leadership of UK-based technopreneur Sanj Chandran, have announced a monumental partnership. Facilitated by the innovation ecosystem AQCELLOR, this alliance aims to position Sri Lanka as a leading hub for AI, R&D, and innovation. Sanj Chandran, Founder and CEO of 10QBIT, shares his […]
Amana Bank marks successful Rights Issue with ceremonial CSE market opening
Having carried out a successful Rights Issue with the objective of meeting the enhanced regulatory minimum capital, Amana Bank recently listed its Rights Issue shares on the Colombo Stock Exchange (CSE) which was marked by the ceremonial bell ringing to commence market trading. The occasion was graced by Amana Bank’s Chairman Asgi Akbarally, Managing Director/CEO […]
Headline inflation is expected to converge towards 5-pct level over medium term, says CBSL
Sri Lanka’s Central Bank says that the spillover effects of tax measures and other developments are likely to be muted due to subdued underlying demand pressures; hence, this rise in inflation is expected to be transitory. A one-off upward movement in inflation is expected in the near term, driven mainly by the changes to the […]
Monetary Policy Board further reduces policy interest rates by 1-pct
The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 23 November 2023, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00 per cent and 10.00 per cent, respectively. The Central […]
Distilleries’ Acquisition of Heineken Lanka May Challenge Lion Brewery Share: Fitch Ratings
Lion Brewery (Ceylon) PLC (AAA(lka)/Stable), the leader in Sri Lanka’s beer market, could face more competition in the medium term following Distilleries Company of Sri Lanka PLC’s (DIST; AAA(lka)/Stable) decision to acquire beer producer Heineken Lanka Limited, Fitch Ratings says. The full statement is reproduced below. Heineken is a distant second in Sri Lanka’s beer […]