Sri Lanka’s tea prices at Colombo tea auction rose sharply during 2020 Q1, whilst Sri Lanka’s tea production declined by nearly 30% Q/Q for the same period, according to a report released by ICRA Sri Lanka, a subsidiary of Moody’s Investor Services. The rise in tea prices was largely attributable to the global supply shock from unfavorable weather…
The Ceylon Tobacco Company’s sales volume for the quarter ending 31 March 2020, had declined by 13% compared to same period last year due to the impact of the excise led cigarette price increases during 2019, particularly the increase of 72mm category prices, the company said in its latest quarterly financials. Moreover, During the said…
The global economy could suffer between $5.8 trillion and $8.8 trillion in losses equivalent to 6.4% to 9.7% of global gross domestic product (GDP) as a result of the novel coronavirus disease (COVID-19) pandemic, says a new report released by the Asian Development Bank (ADB) today (15). The report, “Updated Assessment of the Potential Economic…
The shared passion that attracts like-minded organisations to each other was clearly articulated when Emirates, the world’s largest international airline, greeted Dilmah founder Merrill J. Fernando recently, on the occasion of the 90th birthday of the celebrated Sri Lankan entrepreneur and humanitarian. The occasion coincided with Mr Fernando’s 70th anniversary in the tea industry, and…
Top textile manufacturer Teejay Lanka PLC has ended 2019-20 on an encouragingly strong note, despite its projected fourth quarter profit growth being eroded by production shutdowns at all plants in conformity with the lockdowns in Sri Lanka and India necessitated by the COVID-19 pandemic. Sri Lanka’s only multinational textile producer has reported profit before tax…
Sri Lanka Telecom PLC Group released its financial results for the three months ended 31st March 2020. The Total revenue for the quarter recorded Rs.22.1 Bn, which is 3.8% growth compared to the same period in 2019, Rs.21.3 Bn. Stringent measures were taken to manage operational cost and investments in capital expenditure, which resulted in Cost…
President Gotabaya Rajapaksa has requested the banking sector to deviate from conventional thinking and practice to support the country’s striving to rebuild the economy badly hit by the COVID-19 pandemic. ‘The government was able to keep the corona virus under control. The biggest challenge we face right now is to rebuild the collapsed economy. It will…
Mr. Basil Rajapaksa, Special Representative of the President and Head of the Presidential Task Force on Economic Revival and Poverty Eradication, symbolically handed over the first batch of face masks from a production of 200 million face masks for export by Brandix, to U.S. Ambassador to Sri Lanka and Maldives Alaina B. Teplitz. The handover took…
Soaring the skies and connecting continents A moment of pride as SriLankan Airlines aircraft were seen at O. R. Tambo International Airport – Johannesburg – South Africa recently. SriLankan carried 45 tons of cargo from Beijing and Guangzhou in China to South Africa that included 7 million face masks and other much needed medical supplies…
The Colombo Stock Exchange (CSE) closed trading for the day recording a daily turnover of Rs 3.68 billion. The main contributor to this turnover was Commercial Bank, where a total of Rs.2.93 billion worth shares were traded. The All Share Price Index (ASPI) moved up by 26.9 points or 0.60% to close at 4,393.54 whilst the…
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