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Sri Lanka’s stocks plunge. ASPI drops by 112 points

The Colombo Stock market ended on a negative note today (13), as fears of a second coronavirus wave sent stocks plummeting. In equities, Colombo’s All Share Price Index (ASPI) fell 112.86 points or 2.26%  to close at 4,879.76 and S&P SL20 index of more liquid stocks fell 3.18% or 68.09 points to close 2,072.10. Market turnover was Rs. 1.34…

(0)Comments | July 13, 2020 5:20 pm

The Finance depositors get Rs.5.1bn in compensation

The compensation payments to the depositors of The Finance Company PLC under the SLDILSS subject to a maximum amount of Rs.600,000 per depositor was commenced on 07.06.2020 through 63 branches of the People’s Bank island-wide. The funds required for making compensations to approximately 147,000 depositors whose eligibility has been confirmed by The Finance Company PLC…

(0)Comments | July 13, 2020 4:45 pm

Caribbean Nations Selling Second Passports Are Slashing Prices

Bloomberg – Caribbean nations are so strapped for cash after the pandemic hammered their tourism industries that they have begun dangling deep discounts on the passports they sell to wealthy foreigners. Many of the islands in the region have long offered “citizenship-by-investment” programs as a way of supplementing the hard currency they pull in from…

(0)Comments | July 13, 2020 4:06 pm

Vehicle registrations rise in June 2020

According to J. B. Securities monthly review, total vehicle registrations were 32,123 units in June almost double COVID-19 affected May where the figure was 17,313 and even slightly higher than 31,715 units recorded 12 months ago. “In most categories, there was a dramatic rebound to pre COVID-19 levels, pent up demand, expectations of a stock…

(0)Comments | July 13, 2020 3:57 pm

Japan Provides Human Resources Development Scholarships for the Sri Lankan Public Sector

The Japanese Grant Aid for Human Resources Development Scholarship (JDS) Programme was introduced in Sri Lanka in 2010 by the Government of Japan in order to provide opportunities to the executive level public sector officials to undergo Master Degree Programmes in prominent universities in Japan. Accordingly, the First Framework (2010-2013) and the Second Framework (2014-2017)…

(0)Comments | July 13, 2020 2:19 pm

Sri Lanka official reserves increase to $6.6bn in June 2020

Sri Lanka’s gross official reserves grew by US$193.3 million to US$ 6,693.2 million in June 2020 from US$ 6,499.9 in May 2020, latest Central Bank data showed. By the end of June, foreign currency reserves were 6,485.1 million dollars while the reserve position in the IMF was 65.8 million dollars. Reserves in Gold were 138.6 million and…

(0)Comments | July 13, 2020 2:00 pm

SL’s Special Deposit Account receives $87mn. Further measures to encourage opening of SDAs

The Government of Sri Lanka introduced the Special Deposit Account (SDA) on 08.04.2020 to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in the country. It is encouraging to note that there is a favorable response on the same and so far, Sri Lanka has received USD 87 mn (approx.)…

(0)Comments | July 13, 2020 1:09 pm

Sri Lanka regulator suspends business activities of ‘ETI Finance’ and ‘Swarnamahal Financial Services’

The Monetary Board (MB) of the Central Bank of Sri Lanka (CBSL) at its meeting held on 10 July 2020 has decided to suspend business activities of ETI Finance Ltd (ETIF) and Swarnamahal Financial Services PLC (SFSP), in terms of Section 31 of the Finance Business Act, No. 42 of 2011 (FBA) with effect from 13 July…

(0)Comments | July 13, 2020 12:21 pm

CSE trading halted for 30 minutes

Regular trading at the Colombo Stock Exchange (CSE) was temporarily halted for 30 minutes from 11.02 am to 11.32 am this morning (13) as S&P SL20 index dropped by 5% during the trading session. S&P SL20 index fell 108.36 points or 5.06% to 2,031.83 and the All Share Price Index also fell 2.63%% or 131.28 points in early trade to 4,861.34. The market turnover was…

(0)Comments | July 13, 2020 11:13 am

Sri Lanka SMEs initiate global platform call to India for frontline JVs

  COSMI reveals frontline SME sectors of investment to Indian SMEs ‘NTBs and administrative stipulations hampering SME exports’-Rajabdeen 2019 Indo-Lanka trade at US$ 4.5 Billion Sri Lankan SMEs have issued a siren call to their Indian counterparts for sustainable cross-border Joint Ventures on July 9. The invitation, issued via the online global leadership platform ‘Indo…

(0)Comments | July 13, 2020 11:00 am