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Fitch rates Commercial Bank’s Basel III Subordinated Debt ‘A(EXP)(lka)’

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Fitch Ratings has assigned Commercial Bank’s proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR10 billion an expected National Long-Term Rating of ‘A(EXP)(lka)’.

The debentures, which have maturities of five and seven years, will be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to further strengthen its Tier 2 capital base, raise long-term funding and bridge maturity mismatches.

The bank expects the debentures to qualify as Basel III-compliant regulatory Tier 2 capital. The notes include a non-viability clause whereby they will convert to ordinary voting shares subject to the occurrence of a trigger event, as determined by the Monetary Board of Sri Lanka.

The final rating is subject to the receipt of final documentation conforming to information already received.

Fitch rates the proposed Basel III Tier 2 notes two notches below the bank’s National Long-Term Rating of ‘AA-(lka)’. This reflects Fitch’s baseline notching for loss severity for this type of debt, and our expectations of poor recoveries. There is no additional notching for non-performance risks, as the notes do not incorporate going-concern loss-absorption features.

CB’s National Long-Term Rating is used as the anchor rating for this instrument because the rating reflects the bank’s standalone financial strength and best indicates the risk of the bank becoming non-viable.

CB’s National Long-Term Rating was revised on 25 January 2021 and is highly influenced by Fitch’s assessment of the operating environment for banks in Sri Lanka. It also reflects its established domestic franchise as Sri Lanka’s third-largest bank, which will support its earnings performance and its entrenched domestic-deposit franchise that underpins its funding and liquidity profile.



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Sri Lanka Tourism introduces e-learning platform for all SLTDA registered tourist guides.

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As an initiative to uplift the reviving tourism industry in the country, Sri Lanka Tourism Development Authority in collaboration with Sri Lanka Institute of Tourism & Hotel Management (SLITHM) have introduced the continuous professional development (CPD) e-learning platform to all registered guides to enhance their knowledge and skills.

The launch of the continuous professional development (CPD) e-learning platform took place this week under the patronage of Minister of Tourism Prasanna Ranatunga, Secretary of the Ministry S. Hettiarachchi and Sri Lanka Tourism Chairperson Kimarli Fernando.

“Tourist guides play an important role in our tourism sector as they spend a lot of time with visitors from arrival to departure. It is important that our guides stay updated on their professional/technical knowledge and I hope this e-learning platform by Sri Lanka Tourism will help them enhance their knowledge and skills” Sri Lanka Tourism Chairperson Kimarli Fernando shared while the Minister congratulated all the officials who were involved in bringing this initiative to reality.

Knowledge improvement, obtaining expertise knowledge from veterans, develop active participation with guests, improve the link between Tourism institutions & guides are some key objectives of this e-learning platform.

If you are a registered guide with SLTDA, you can now sign up on https://sltda.gov.lk/e-learning/login and avail of the online courses.

A certificate of completion will be given at the end of the course from SLTDA and SLITHM.

 

 

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Impact of Climate Change on marine and fresh water resources and combating water pollution

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Trilateral virtual dialogue among Pathfinder Foundation, Russian International Affairs Council and Asian Confluence

The Pathfinder Foundation (PF) has initiated a trilateral dialogue involving Sri Lanka, India and the Russian Federation to discuss issues of contemporary relevance. The first trilateral dialogue will be held to day 4:30 PM SLST on the “Impact of Climate Change on Marine and Fresh Water Resources and Combating Water Pollution: Best Practices from Russia, Sri Lanka and India”.

For this dialogue, Pathfinder Foundation will be partnering with Russian International Affairs Council and Asian Confluence.

The distinguished panellists for the webinar are, Ambassador GlebIvashentsov, Vice President, Russian International Affairs Council, Ambassador (Retd.) Bernard Goonetilleke, Chairman Pathfinder Foundation, Ambassador. IFS(Retd.) Rajiv Kumar Bhatia, Member Governing Council, The Asian Confluence and Distinguished Fellow, Gateway House,Dr. Anastasia Likhacheva, Director, Centre for Comprehensive European and International Studies, Higher Schoolof Economics, Dr. B. V. R. Punyawardena, Chairman, National Steering Committee on Climate Change Adaptation, Governmentof Sri Lanka, Dr. Fraddry D’Souza, Area ConvenerandFellow, The Coastal Ecology & Marine Resources Centre, TERI Goa,India , Dr. Konstantin Zgurovsky, Senior Advisor, Marine Programme, WWF Russia, Mr. Sarath Premalal, Retired Director General of Meteorology of Sri Lanka and Prof. Vinay Kumar Dadhwal, Director, Indian Institute of Space Science and Technology Professor Indira Gandhi Chair, National Institute of Advanced Studies, India

Those who are interested in participating may kindly register at the following link; https://bit.ly/3AZbYAN Program details are available at https://bit.ly/3zdUkY3 . The event will also be live streamed on the PF Facebook Page https://www.facebook.com/pathfinderfoundation/

 

 

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Doc990 and MyDoctor partner SLVA to extend accessible veterinary services islandwide

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Sri Lanka’s premier digital health solutions service providers, Doc990 and MyDoctor are now enabling customers to access online veterinary services island-wide in partnership with the Sri Lanka Veterinary Association.

The national professional body serving and representing the interests of the veterinary profession in Sri Lanka, the Sri Lanka Veterinary Association (SLVA), is dedicated to providing continued excellence within the profession of animal medicine and the provision of outstanding care for all animals while also actively creating public awareness of the contribution of veterinarians island-wide.

This collaborative effort with Doc990 and MyDoctor will bring pet owners, owners of farm animals and good Samaritans the ability to access remote video consultations with leading, specialist veterinarians of their choosing, without the hassle of physically entering hospital waiting rooms, transporting animals etc. This timely, contactless service will not only be convenient but also a relief to pet owners and caretakers in the backdrop of travel restrictions as a result of the ongoing global pandemic.

Customers can engage in video consultations with their chosen vet by downloading the Doc990 mobile app from the Google Play Store or the Apple Store. Through its widening network of hospitals and medical services, Doc990 strives to make health care accessible and convenient for all Sri Lankans.

 

 

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