Fitch downgrades SriLankan’s US $ 175mn govt. guaranteed bonds

Fitch downgrades Sri Lanka to ’CCC’

Fitch Ratings today downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ’CCC’ from ‘B-‘ with ‘Negative’ outlook.

European ride-hail Bolt enters Sri Lanka

Bolt, the leading European transportation platform committed to make urban travel easier, quicker and more reliable yesterday announced its entry to the Sri Lankan market.

NSB raises Rs.5bn via perpetual capital bond

State-owned savings giant, National Savings Bank (NSB) recently raised yet another debt capital bond to raise Rs.5 billion, furthering its dominance.

Tokyo Cement says US $ 12 m investment expansion a direct nod to govt. policy

Tokyo Cement Company (Lanka) PLC recently entered into an investment expansion agreement with the BOI, reflecting its appreciation towards the government’s farsighted decision to encourage the local manufacturing sector.

Central Bank employee tests positive for COVID-19

The Central Bank yesterday said one of its employees tested positive for COVID-19 on November 19.

Travellers from SL not required to self-isolate on arrival in UK

The British High Commission in Colombo announced today that from 21 November, travellers from Sri Lanka would not be required to self-isolate on arrival in England, Wales and Northern Ireland.

Hambantota gets US $ 300mn tyre manufacturing plant

Shandong Haohua Tire Co. Ltd, a leading Chinese tyre manufacturer, is slated to invest US $ 300 million to set up a tyre manufacturing plant in Hambantota to cater to the export market,

SL import ban irks EU

The European Union (EU) today expressed its displeasure in Sri Lanka continuing to impose restrictions on imports stating that trade is “not a one-way street”.

US $ 75mn SLDB issue oversubscribed by 15%

UK appoints climate change champion to support nations including SL

UK Prime Minister Boris Johnson yesterday appointed former Secretary of State for International Development, Anne-Marie Trevelyan MP, as the UK’s International Champion on Adaptation and Resilience for the COP26 Presidency.

BIA phase II development to kick off this month with Japanese funding

The second phase development of the Bandaranaike International Airport (BIA) in Katunayake will kick off from 18 November with a funding of Rs.107 billion from Japan, making it the largest development project since 2014.

Dampened export performance for October

Sri Lanka’s export performance for the month of October witnessed a dip, primarily due to the adverse impacts of the second wave of the pandemic, both locally and globally.

South Asia Textiles appoints Ajith De Silva as new chief

Diversified conglomerate Ambeon Group announced the appointment of apparel industry veteran Ajith de Silva as the new chief of South Asia Textiles Limited.

PickMe to deploy 1, 500 drivers in WP for essential deliveries

Thousand five hundred drivers and riders form the cream of PickMe’s network will be deployed to handle the initial round of essentials delivery to selected isolated locations in the Western Province.

CB extends grace period of 4% working capital loans by 3 months

The Central Bank today said the six-month grace period extended for 4 percent working capital loan scheme would be extended to nine months given that most borrowers have experienced difficulties in revamping their businesses as expected due to the second wave of the COVID-19 pandemic.

CCC’s Sri Lanka Economic Summit to go virtual

Sri Lanka Economic Summit (SLES) 2020, organised by the Ceylon Chamber of Commerce (CCC), will be hosted as a virtual event for the first time, due to the ongoing global health crisis.

Damro further expands showroom network in India amid slowdown in biz in SL

Damro, South Asia’s largest furniture manufacturer, has planned to set up 25 mega showrooms within next six months, further strengthening its showroom network in India.

EDB ups online promotions efforts

Export promotions are set to continue despite the ongoing pandemic as the Export Development Board (EDB) has embarked on a number of initiatives to shift the effort online.

Bodyline plant closed following detection of 35 COVID-19 cases

Apparel manufacturer MAS Holdings announced that its Bodyline plant in Horana is closed, following the identification of a COVID-19 outbreak in the facility.

EDB paves way for export industries in Western province to continue operations

The Export Development Board (EDB) said efforts are being taken to ensure that the operations of export industries located in the Western province continue without interruption.

Cabraal issues statement to allay undue fears on SL’s ability to pay debt

In a special statement State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal reiterated Sri Lanka’s ability to service its debt obligations.

BOI issues curfew passes to enterprises to continue operations

The Board of Investment (BOI) of Sri Lanka will facilitate the BOI enterprises within and outside BOI zones to operate without interruption in the quarantine curfew-imposed areas.

Stock market to resume and operate as normal

The Colombo Stock Exchange (CSE) said all stock market operations would continue tomorrow and onwards despite the extension of the police curfew.

EDB says export industries will continue operations during curfew

The Export Development Board (EDB) said it was taking necessary measures to ensure that the operations of export industries remain uninterrupted during the curfew period in the country.

Colombo Port operations continue without any hindrance: SLPA

In a special message, Sri Lanka Ports Authority (SLPA) Chairman General Daya Ratnayake said a Colombo Port Operations are continuing without any hindrance.

Sri Lanka’s bonds hammered as U.S. dubs China ’’predator’’

Sri Lanka’s government bonds fell heavily on Wednesday as the United States ratcheted up pressure on the country’s government over its ties with China.

HNB secures US$ 60mn loan from France’s PROPARCO

Hatton National Bank PLC (HNB) today announced a landmark agreement with PROPARCO, the private sector funding arm of the French development bank, Agence Française de Développement (AFD), to secure US$ 60 million in funding.

Mount Lavinia Hotel says soft refurbishment underway before it reopens to public

Colonial heritage property Mount Lavinia Hotel is currently carrying out a series of soft refurbishments, an opportune time to uplift the premises before it opens doors to the public and tourists in the coming months, the hotel’s top management said.

CSE says operated stock market successfully despite quarantine curfew

The Colombo Stock Exchange (CSE) and market intermediaries operated normally but completely based on remote functionality today with its offices and those of several market intermediary firms being located in areas subject to quarantine curfew.