Moody’s Investors Service says in a new report that the profitability of Asia-Pacific banks will deteriorate over the next few years as the coronavirus outbreak accelerates structural changes. “Lower-for-longer interest rates, rising credit costs and operating expenses, and in some countries aging populations will on weigh on the profitability of APAC banks in coming years,…
JKH business momentum displays a faster than anticipated recovery; Leisure downturn impacts profits Sri Lanka’s foremost conglomerate, John Keells Holdings (JKH) Group’s profit before tax (PBT) is a negative Rs.2.43 billion in the first quarter of the financial year 2020/21 compared to the Rs.1.36 billion recorded in the previous financial year, the latest annual financials…
The Board of Investment of Sri Lanka signed an agreement with Vallibel Properties Ltd for the construction of its State-of-the-art 16-storey Office complex. This project with a total value of US$ 8.1 million will be set up at Colombo 3 and expected to provide direct employment for 200 employees. The agreement was signed on behalf…
The Central Bank of Sri Lanka (CBSL) has decided to issue Rs.39.5 billion worth Treasury bills today (29 July 2020). The Public Debt Department of the CBSL stated that the bank will issue Rs.9 billion worth 03-months Treasury bills, Rs.6 billion worth 06- months Treasury bills, and Rs.24.5 billion worth 12-months Treasury bills. Further, The Public…
The Colombo Stock Exchange today (29) announced that it has delisted shares of PC Pharma PLC from the official list of the CSE in compliance with applicable regulations and procedures. Earlier, on July 22, Entrust Securities PLC’s shares were delisted from the official list of the CSE. The Colombo Stock Exchange (CSE) decided to suspend…
The total quantity of tea exported for the month of June 2020 including Re-Exports with imported Tea amounted to 23.69 Million kg, showing a decline of 0.42 Million kg (-1.73%) compared to the same period last year. According to Ceylon Tea brokers PLC, the Free On Board (FOB) price per Kg for the month of…
Moody’s Investors Service says in a new report that global remittance transfers by migrant workers are set to drop globally in 2020, raising credit risk in countries most dependent on such inflows. “The countries that are most dependent on remittances are largely low- and middle-income economies, and we expect the decline in remittance will exacerbate…
Business confidence seems to have regained its footing despite the challenges Sri Lanka’s manufacturing Purchasing Managers’ Index (PMI) improved to 67.3 in June, reflecting a month on month increase of 18 index points with the Central Bank of Sri Lanka attributing this to a “normalising of economic activities in the country following the complete relaxation…
Customers from across Emirates’ network can now travel to Dubai as the city has re-opened for business and leisure visitors with new air travel protocols that safeguard the health and safety of visitors and communities. From August 1, passengers will be required to have a COVID-19 negative test certificate that is valid 96 hours before…
Bloomberg – Alphabet Inc.’s Google will let employees work from home until July 2021, once again pushing back the re-opening of its offices as the coronavirus continues to rage in many parts of the U.S. The company had previously said workers could stay home until the end of this year. The change was made to…
Video Story
