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Sri Lanka rupee hovers near record low amid continued political uncertainty

Reuters – ** The Sri Lankan rupee closed steady on Friday, hovering near its all-time low hit in the previous session, as political uncertainty outweighed the positive impact of a policy rate hike, sources said. ** Stocks closed weaker due to political uncertainty and the policy rate hike. ** The parliament descended into chaos for…

(0) Comments | November 17, 2018 1:13 pm

Featured

DIMO Premier: Hassle free one stop shop for certified pre-owned vehicles

DIMO is bringing the best of tailored, high quality service to customers via ‘DIMO Premier’, its product for certified pre-owned franchised and non-franchised vehicles. These vehicle owners can upgrade, or sell their vehicles via DIMO Premier with a guarantee of safety and quality. DIMO Premier allows aspiring Mercedes-Benz, Jeep and Chrysler customers to begin their…

(0) Comments | November 16, 2018 8:51 pm

H One launches Res.Q Machine Inventory

Leading full-service IT solutions provider, H One, announced the launch of Res.Q| MI; an all-encompassing machine management solution designed with both large and small-scale factories in mind. This cloud-based solution, developed by Sri Lanka’s trusted IT solutions provider, was launched at a private event attended by industry professionals. Res.Q Machine Inventory is a revolutionary new…

(0) Comments | November 16, 2018 8:48 pm

Iconic Sri Lankan brand ‘dash’ celebrates 25 years

From a humble beginning with only a capital of Rs. 1.2 million and 12 employees, Multichemi Group of Companies is today proud to celebrate 25 years in business with over 700 employees and advanced manufacturing facilities both in Sri Lanka and overseas. In 1993, the Group’s first company, Multichemi International Limited, launched dash; Sri Lanka’s…

(0) Comments | November 16, 2018 8:42 pm

HNB felicitates long – serving employees

Sri Lanka’s premier retail bank, HNB PLC organized an awards ceremony to felicitate its employees of 25 years for their long standing service and loyalty. 143 HNB staff members who joined the Bank in 1992, were recognized at the gala event organized by the Human Capital department of the Bank The service awards, a highly…

(0) Comments | November 16, 2018 8:34 pm

PickMe moves to a new Advanced Technology Centre to further fortify IT Stronghold

In a bid to fortify its technological capacity and to offer enhanced services to customers, PickMe “Sri Lanka’s largest ride hailing and logistics service provider” moved its entire IT force in to a well-equipped, modern IT centre at 14th Floor, Maga Tower, 200, Nawala Road, Narahenpita, Colombo 05. The new, ‘PickMe Advanced Technology Centre’ will…

(0) Comments | November 16, 2018 6:21 pm

Milo kicks off Hula Hoop Challenge to encourage kids to get active

Milo is giving away hula hoops with every Milo 400g pack to encourage kids to live an active lifestyle. The brand has also launched a Hula Hoop Challenge, which encourages kids to share videos of their best hula hoop moves on the Milo Sri Lanka Facebook page (https://www.facebook.com/MiloSriLanka/) to stand a chance at winning a…

(0) Comments | November 15, 2018 12:21 pm

Sunshine Holdings joins elite rank of Business Today’s Top 30

Diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) was honoured at the ‘Business Today Top 30’ award ceremony, hosted by renowned business magazine ‘Business Today’. Based on published information of companies listed on the Colombo Stock Exchange, the awards recognized the top 30 performers of Sri Lanka’s private sector, for the financial year 2017/2018….

(0) Comments | November 15, 2018 12:17 pm

Nawaloka College of Higher Studies (NCHS) holds its 4th Graduation ceremony

~ Celebrates achievements of 284 students Nawaloka College of Higher Studies (NCHS) held its 4th Graduation ceremony at the Galadari Hotel, Colombo, celebrating the accomplishments of 284 students who will commence their second year of studies in Australia and Malaysia by February 2019. The graduates followed their graduate studies in Business and Engineering Foundation and…

(0) Comments | November 15, 2018 11:54 am

Fairway English Creative Writing Workshop 2018: Just the kind of inspiration new writers need

The Fairway English Creative Writing Workshop for 2018 drew a large crowd of amateur writers and enthusiasts for a two-day workshop, conducted by an eminent resource panel focusing on novel writing, short story writing, poetry, script-writing, editing and publishing. Few of the participants shared their thoughts at the conclusion of the workshop. “I was blessed…

(0) Comments | November 15, 2018 11:49 am

Sampath Bank rises in Business Today TOP 30 Rankings advances 2 places to make it to Top 5

Sampath Bank was recognized as one of Sri Lanka’s best performing companies at the Business Today Top 30 Awards 2017 – 2018 held at the Shangri-La Hotel, Colombo recently. Moving up two places from last year, the Bank has been ranked fifth in this year’s listings. Mr. Nanda Fernando, Managing Director, Sampath Bank PLC accepted…

(0) Comments | November 15, 2018 11:25 am

Top News

Janashakthi Life continues to deliver steady growth in Q3

Janashakthi Insurance PLC (Janashakthi) continued on its growth journey, registering a Gross Written Premium (GWP) of Rs.2.2 billion as at 30th September, 2018. The Insurer ended the period under review with post-tax profits of Rs.7.4 billion, including the gains from the sale of Janashakthi General Insurance Limited. The Company’s investment income stood at Rs.1,125 million,…

(0) Comments | November 16, 2018 6:36 pm

Top professional Asite Talwatte appointed as a Director of NSB

Asite Talwatte, a top professional and a veteran in the Corporate world has been appointed to the Board of National Savings Bank by the Minister of Finance and Economic Affairs. Mr.Talwatte joined Ernst & Young where he worked in Assurance, Business Risk and Advisory Services for 37 years prior to his retirement in March 2016. At…

(0) Comments | November 16, 2018 10:30 am

Sri Lanka rupee falls to record low on continued political uncertainty

Reuters – ** The Sri Lankan rupee fell to an all-time low on Thursday, continuing its record-setting spree, as political uncertainty outweighed the positive impact of a policy rate hike, sources said. ** Stocks closed firmer for a fourth session in five, but turnover was dull due to political uncertainty and the policy rate hike….

(0) Comments | November 16, 2018 9:50 am

HNB 9 month Group PAT at Rs 14.5 Bn

~ Cost to Income improves by 360 bps ~ Group pays Rs 11.8 Bn in Taxes Hatton National Bank PLC (HNB) reported a Profit After Tax (PAT) of Rs 14.5 Bn at Group level for the nine months to September 2018 recording a growth of 23% YoY, while the Bank’s PAT for the period amounted…

(0) Comments | November 15, 2018 12:11 pm

The Central Bank of Sri Lanka Requests the General Public to be Attentive to Financial Scams/Phishing Emails

The attention of the Central Bank of Sri Lanka (CBSL) has been drawn to recent grievances received from the general public regarding financial scams spreading through phishing emails/ social media messages.  CBSL has noticed that the image of the Head Office building, the Logo of CBSL, names of senior officials of CBSL, are being used…

(0) Comments | November 14, 2018 12:49 pm

Hayleys surpasses Rs 100 Bn turnover in 1HFY18/19

Fueled by topline growth across all of its key business segments, leading diversified conglomerate Hayleys PLC posted a 65% Year-on-Year (YoY) increase in turnover up to Rs. 103 billion for the six months period ending 30 September 2018. The Group posted strong operating profits which expanded to Rs.6.8billion from Rs 3.2 billion in the corresponding…

(0) Comments | November 14, 2018 8:51 am

CBSL increases interest rates

The Monetary Board of the Central Bank, at its meeting held on 13 November 2018, decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.50 percentage points to 6.00 per cent. In order to neutralise the impact of this reduction and maintain its neutral monetary policy stance, the Monetary…

(0) Comments | November 14, 2018 7:58 am

Sri Lanka rupee hits record low of 176.05 on political crisis

Reuters – The Sri Lankan rupee fell to a record low on Tuesday, as political uncertainty triggered by President Maithripala Sirisena’s decision to sack parliament weighed on sentiment, market participants said. The currency hit 176.05 versus the dollar, surpassing its previous all-time low of 175.90 hit on Monday. Sirisena dissolved parliament on Friday night and…

(0) Comments | November 14, 2018 7:08 am
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Analysis

JLL comments on the Western Region Megapolis Masterplan’s sustainability and progress

In its monthly Compass bulletin, real estate consultancy Jones Lang Lasalle examined the relevance of the Western Region Megapolis Masterplan to Sri Lanka’s ambitions of improving citizen wealth and rapid economic growth. The statement also questioned the sporadic nature of the progress reported by the project since March 2017, noting that a cornerstone of the…

(0) Comments | November 6, 2018 11:42 am

Business Sentiment – Index Slides to 114 Month Low

The downward spiral in biz sentiment shows no sign of letting up as fears mount Trade within South Asia can increase by nearly threefold  from US$ 23 billion to 67 billion dollars provided that trade barriers are overcome, according to a recent World Bank report titled ‘A Glass Half Full: The Promise of Regional Trade…

(0) Comments | November 5, 2018 10:06 am

Recent Economic Developments: Highlights of 2018 and Prospects for 2019

The Central Bank of Sri Lanka today released its half yearly publication – “Recent Economic Developments: Highlights of 2018 and Prospects for 2019”. A summary of the performance of the Sri Lankan economy in 2018 as reflected in this publication is given below: The Sri Lankan economy faced renewed challenges emanating from global market developments, which disrupted the…

(0) Comments | October 30, 2018 5:15 pm
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