A historic MOU was signed virtually by Mr. Manjula de Silva, Chief Executive Officer of the Ceylon Chamber of Commerce and Mr. Sayed Zaman Hashemi, Chief Executive Officer of the Afghanistan Chamber of Commerce and Investment, witnessed by His Excellency M. Ashraf Haidari, Ambassador for Afghanistan in Sri Lanka. The Ceylon Chamber of Commerce with…
President Gotabaya Rajapaksa has appointed investment banker turned tech entrepreneur Jayamin Pelpola to the board of the BOI (Board of Investment), with immediate effect. Jayamin Pelpola Jayamin has over 10 years of international investment banking and asset management experience working for Goldman Sachs and Nomura USA. He is the only Sri Lankan to have worked…
Softlogic Capital PLC has agreed to acquire 33,063,877 ordinary shares amounting to 49.67% of the issued ordinary shares of Abans Finance PLC from its major shareholder Abans PLC at a price of Rs.30.10 per share subject to the recipient of all regulatory approvals which are required for the acquisition. In a Stock Exchange Filing, Softlogic…
The Cabinet of Ministers has approved the decision to terminate the Japan International Cooperation Agency (JICA)-funded light rail transit (LRT) project which was planned to be implemented in the western region of Sri Lanka as a solution for the severe traffic congestion. Recently, the Cabinet granted the approval to implement the Colombo Light Rail Transit…
Going forward, Sri Lanka will look at ways to reduce a significant trade deficit with India, State Minister for Finance, Capital Market and State Enterprise Reforms Ajith Nivard Cabraal stated. The State Minister made this remark whilst addressing a special press briefing yesterday (28) to make clarification about the virtual bilateral summit between Sri Lankan Prime Minister…
Following the announcement by Moody’s Investors Service downgrading Sri Lanka’s Sovereign rating, the Ministry of Finance has responded saying the rating action is unwarranted and requested the foreign investors not to be dissuaded by the action. Full statement issued by the Finance Ministry as follows; Moody’s Ratings Downgrade Unwarranted; Analysis Erroneous; Suggests Reckless Reaction We…
UNIDO ITPO Tokyo hosted a webinar on “Investment Opportunities in Export Processing Zones in Sri Lanka” with the Board of Investment of Sri Lanka and the Embassy of Sri Lanka in Japan. Held on the 28th August, the event was supported by Japan External Trade Organization (JETRO). Yuko Yasunaga, Head of UNIDO (ITPO) Tokyo, commenced…
Moody’s Investors Service (“Moody’s”) has Monday (28) downgraded the Government of Sri Lanka’s long-term foreign currency issuer and senior unsecured ratings to Caa1 from B2 and changed the outlook to stable. This concludes the review for downgrade initiated on 17 April 2020. The decision to downgrade Sri Lanka’s rating to Caa1 reflects Moody’s assessment that…
The Colombo stock market’s positive momentum continued on Monday (28) infusing fresh confidence to investors. The main index of the Colombo Stock Exchange, the All Share Price Index (ASPI) crossed the 6,000 point mark moving up 169.16 points today. The ASPI went up by 2.89% or 169.16 points to close at 6,028.20. Market turnover was recorded…
NEW DELHI: India is working on a plan to offer $50 million Line of Credit (LoC) to Sri Lanka in the defence sector –– the first such gesture towards the Southern neighbour as the two sides decided to expand defence and security partnership at Saturday’s summit to stabilise the Indian Ocean Region and the Bay…
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