Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI), increased to 6.8% in February 2020 from 5.7% in January 2020, the Central Bank reported. This was solely driven by the statistical effect of the low base prevailed in February 2019. Food inflation (Y-o-Y) stood at 14.7% in February 2020,…
Securities and Exchange Commission (SEC) Director General (DG) Vajira Wijegunawardane has been removed from the post with immediate effect. Wijegunawardane was appointed the Director-General in April 2015 and was an investment analyst and fund manager for 10 years before joining the SEC. Meanwhile, SEC Director – Chinthaka Mendis is set to assume duties as the…
The latest data from the Central Bank of Sri Lanka points out that Foreigners had gradually exited from Sri Lanka’s Government Securities (Treasury Bills and Treasury Bonds) and pulled out over Rs. 11.4 billion in a week, during the period from 19th February to 26th February 2020. The value of Government Securities held by foreigners…
Melstacorp PLC’s (AAA(lka)/Stable) foray into the Sri Lankan healthcare industry will help diversify its cash flows away from its focus on spirits over the longer term, Fitch Ratings says. Melstacorp agreed on 20 February 2020 to buy Browns Health Care (Pvt) Ltd, which operates a 70-bed multi-speciality hospital in Ragama, in the suburbs of Colombo,…
The Sri Lanka Association of Inbound Tour Operators (SLAITO) announced today that the 10th edition of the Sancharaka Udawa – Sri Lanka’s only travel and tourism exhibition – will be held this year at the BMICH on 15th and 16th May. The announcement was made alongside main sponsor Sri Lanka Tourism, in the presence, Arundika…
The Government has decided to further extend the deferral period for hotels registered under the Sri Lanka Tourism Development Authority to pay their 1% levy on turnover for the next four months. The government had earlier given a six month deferral period for hotels registered under the SLTDA in support of the tourism industry recovery…
Sri Lanka Tourism Development Authority (SLTDA) and Board of Investment (BOI) signed a memorandum of understanding (MoU) to enhance the cooperation between the two agencies to reduce time and costs for foreign and domestic investors by streamlining the SLTDA and BOI investment approval processes. The signing took place at a formal ceremony with the Chairperson…
New York (CNN Business) US stocks again sold off sharply on Thursday as worries about coronavirus mounted. The S&P 500 posted its worst day since August 18, 2011, and the three main indexes fell into correction territory. Stocks are on track for their worst week since the financial crisis. The Dow (INDU) dropped 1,191 points, or 4.4% in…
Panasian Power PLC (PAP.N), one of Sri Lanka’s leading green energy solutions providers, grew revenue to Rs 253 million for the quarter ending December 31st, 2019 an increase of 13% compared to the same period last year. Net profit also grew for the period to reach Rs 147 million. These results were possible due to…
Nations Trust Bank Group demonstrated strong resilience amidst external challenges, to record a profit of LKR 3.71 billion, a marginal increase over the previous year. Total Operating Income grew by 6% to LKR 22.5 billion. Subdued economic conditions which prevailed in the country affected many key economic sectors impacting the financial performance of businesses leading…
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