A Memorandum of Understanding (MOU) was signed between Sri Lanka – NORDIC Business Council of The Ceylon Chamber of Commerce and European Chamber of Commerce of Sri Lanka (ECCSL) on Friday, 06th of March 2020. The MOU aims to increase the reach of the European Chamber in its efforts to promote bilateral trade relations between…
Regular trading at the Colombo Stock Exchange (CSE) was temporarily halted for 30 minutes from 10.02 am to 10.32 am this morning (13) as S&P SL20 index dropped by 5% during the trading session from the previous close. S&P SL20 index fell 115.61 points or 5.04% to 2,178.08 and the All Share Price Index also fell 2.98% or 149.45 points…
The Colombo Stock market declined steeply on Thursday (12), as concerns about the economic fallout from the coronavirus pandemic continued to dominate. In equities, Colombo’s All Share Price Index (ASPI) fell 184.97 points and closed at 5,019.55 and S&P SL20 index of more liquid stocks fell 4.66% or 112.11 points and closed 2,293.69. Meanwhile, regular…
(This article originally appeared on independent.co.uk) Coronavirus’s economic danger is exponentially greater than its health risks to the public. If the virus does directly affect your life, it is most likely to be through stopping you going to work, forcing your employer to make you redundant, or bankrupting your business. The trillions of dollars wiped from financial…
Amazon founder and CEO Jeff Bezos, the wealthiest person in the world has lost $7 billion in paper wealth overnight, and more than $18 billion over the past month, as Amazon’s share price has plunged on fear that the coronavirus outbreak will slow the global economy. Bezos saw his wealth drop to $110 billion overnight,…
CNBC – Auto sales in China plunged 79% in February, marking their biggest ever monthly decline, with demand pummelled by the coronavirus outbreak. Sales in the world’s biggest auto market tumbled to 310,000 vehicles from the same month a year earlier, falling for a 20th straight month, the China Association of Automobile Manufacturers (CAAM) said. “China’s auto sales…
Regular trading at the Colombo Stock Exchange (CSE) was temporarily halted for 30 minutes from 11.44 am to 12.14 pm this morning (12) as S&P SL20 index dropped by 5% during the trading session from the previous close. However, when regular trading at the CSE recommenced at 12.17 pm, All Share Price Index was down by…
The Members of the Commission of the Securities and Exchange Commission of Sri Lanka (SEC) convened a special meeting Wednesday (11th March 2020) to assess the current situation in the stock market and determine what regulatory relief and assistance was needed to manage the impact arising from the global stock market downturn due to the panic…
Fitch Ratings will review the National Ratings assigned to the issues of Tier 2 debt of Sri Lankan banks and non-bank financial institutions (NBFIs) following the publication of its updated Bank Rating Criteria on 28 February 2020. Fitch’s ratings approach for the ratings of subordinated debt of NBFIs follows the rationale outlined in the Bank…
Sri Lanka’s gross official reserves grew by US$435.27 million to US$ 7,948 million in February 2020 from US$ 7,512.73 in January 2020, latest Central Bank data showed. As at 28 February 2020, foreign currency reserves were $7,532.4 million while the reserve position in the IMF was $65.7 million. Special Drawing Rights were 7.3 million, reserves…
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