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Exports up at US $ 924 Mn in May 2018

Earnings from merchandise exports increased to US $ 924 million in May 2018 mainly driven by industrial exports, despite a reduction recorded in agricultural exports. Under industrial exports, earnings from textiles and garment exports increased significantly due to the higher demand from the EU and the USA while exports to nontraditional markets also increased moderately….

(0)Comments | July 23, 2018 4:42 pm

Prime Minister announces huge support wave for Sri Lankan startups, SMEs

Sri Lanka is to unleash one of the largest ever support initiatives for its start-ups and entrepreneurs. He also announced that the government is negotiating with India for a major development project for Northern province ‘in the scale of historic Mahaweli project’. “We will start a new Development Bank. In its first round of financing,…

(0)Comments | July 23, 2018 4:19 pm

Sri Lanka’s Official Reserves down from US $ 9.9 Bn level in April to US $ 8.8 Bn in May 2018

Sri Lanka’s Central Bank’s external sector report recently outlined that the country’s level of gross official reserves at the end May 2018, stood at US $ 8.8 billion, compared to US $ 9.9 billion level reported in April 2018. Meanwhile Sri Lanka’s external sector had demonstrated a modest performance in May 2018. Inflows to the…

(0)Comments | July 23, 2018 11:56 am

AIA Insurance to delist from CSE, to buyback shares at Rs. 1,000 per share

AIA Insurance Lanka PLC, announced its intention to delist from the Colombo Stock Exchange (CSE) subject to obtaining requisite approvals. AIA Insurance Lanka Director and Chief Officer Legal Chathuri Munaweera said: “The Regulation of Insurance Industry (Amendment) Act No. 23 of 2017 enables local subsidiary insurance companies of foreign companies listed on a stock exchange…

(0)Comments | July 23, 2018 11:24 am

Govt. securities incur USD 89mn foreign net outflow in May

Foreign investment in the government securities market witnessed a net outflow of US dollars 89 million in May 2018, with a cumulative net outflow of US dollars 102 million during the first five months of 2018. Outflows recorded from the financial account of the BOP broadly reflect rebalancing of portfolios by the foreign investors consequent…

(0)Comments | July 23, 2018 10:40 am

LKR depreciated by 4.5% against USD

The Sri Lankan rupee depreciated by 4.5 per cent against the US dollar during the year up to 20 July 2018. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against several major currencies except for the Canadian dollar, the Australian dollar and the Indian rupee during this period.

(0)Comments | July 23, 2018 10:37 am

Hayleys Advantis Wins Gold at CILT Logistics Excellence Awards 2018

Hayleys Advantis Limited, the transportation and logistics arm of Hayleys PLC, won Gold at the recently concluded CILT Sri Lanka National Logistics and Transport Excellence Awards – 2018. The event organized by the Chartered Institute of Logistics and Transport (CILT) Sri Lanka, recognized individuals and corporates that have made exceptional contributions to the development of…

(0)Comments | July 23, 2018 10:01 am

YouTube Open Mic – The Biggest YouTube Meetup of the Year

YouTube Open Mic Night is the first of its kind in Sri Lanka, and an event to bring together the country’s leading YouTube Celebrities, Brand Ambassadors, Content Creators, Influencers and YouTube Enthusiasts and will be happening on 10th of August from 6pm onwards at the Spice Room at Shangri-La Hotel, Colombo. This event is powered…

(0)Comments | July 23, 2018 9:52 am

Sri Lankan shares hit 3-wk high, mark second weekly gain in nine

Reuters – Sri Lankan shares rose on Friday to their highest close in three weeks and marked their second weekly gain in nine. The Colombo stock index ended 0.13 percent firmer at 6,191.17, its highest close since June 29. It rose 0.86 percent on the week, but has fallen 2.8 percent year to date. Turnover…

(0)Comments | July 22, 2018 1:54 pm

Commercial Bank expands its footprint in Myanmar with Microfinance Company

Plans to make substantial investments over 4 years in its second subsidiary in Southeast Asia’s second largest country The Commercial Bank of Ceylon has opened a Microfinance company as its second subsidiary in Myanmar, two years after opening a Representative Office in Yangon that offers advisory services, banking, funds transfer and encashment services to Sri…

(0)Comments | July 20, 2018 5:51 pm