President Gotabaya Rajapaksa and the Prime Minister Mahinda Rajapaksa who is also the minister of Finance, economy and Policy development have issued directives to Chairmen and CEOs of all banks to suspend recovery of loans obtained by the SME sector. The Government has taken a decision to take up new initiative to revive SMEs of…
Former Deputy Chairman of Bogawantalawa Tea Estates PLC, Mr. Jayampathy Molligoda, has been appointed as the Chairman of the Sri Lanka Tea Board. He takes over the reigns from former Tea Board chairman Lucille Wijewardena. Mr. Molligoda counts over thirty nine years of executive experience in the fields of Financial Management, Strategic Planning & Human…
The Colombo Stock Exchange (CSE) announces the following changes in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2019 year-end index rebalance. A revision of the S&P SL 20 methodology in March 2017 established the practice of a semiannual rebalance of the index (previously conducted annually), which is set…
A consortium of investors put together by Tempest PE Partners (Pvt) Ltd has acquired a 75% stake in specialist cable manufacturer Cable Solutions (Private) Limited (“CSOL”) from three of its foreign shareholders for Rs 710 mil. The transaction was completed subsequent to an internal restructuring whereby CSOL’s enterprise value was pegged at over USD 7…
In line with his vision for a Sri Lanka driven by technology, His Excellency President Gotabaya Rajapaksa has appointed a tech-studded board for the Information and Communication Technology Agency of Sri Lanka (ICTA), featuring industry leaders, technology entrepreneurs, academics and public sector technologists to steer digital Sri Lanka. Steering the board as Chairman is Jayantha…
Sri Lankan authorities reiterate that the recent rating action by Fitch Ratings to revise Sri Lanka’s Outlook to ‘Negative’ has been hastily done without considering facts on the ground. Such action is untimely and constitutes a rush to judgement. This rating decision has mainly been based on the hypothesis that Sri Lanka would shift away…
Former CEO and President of IFS Sri Lanka, Jayantha De Silva has been appointed as the new Chairman of the Information & Communication Technology Agency of Sri Lanka (ICTA). He replaces former ICTA Chairman Professor Rohan Samarajiva, who was appointed to the position in April 2018. Jayantha De Silva has over 30 years of experience…
London (CNN Business) – Fiat Chrysler and Peugeot owner PSA Group have signed a binding merger agreement, solidifying a nearly $50 billion deal that will create the world’s third largest automaker. The companies said in a joint statement Wednesday that they expect the 50-50 merger to be completed within 12 to 15 months, pending approval…
Sri Lanka’s gross domestic product grew by 2.7% in the third quarter of 2019, recovering somewhat from the Easter Sunday attacks on April 21 2019. In the corresponding quarter of last year, GDP grew by 3.5%. Releasing National Accounts Estimates for the third quarter of 2019, the Department of Census and Statistics (DCS) stated that…
Leading entrepreneur Prabhash Subasinghe has been appointed as the new Chairman of the Sri Lanka Export Development Board (EDB). He replaces Indira Malwatte, who announced her resignation as the Chairperson of EDB on 19th November, ending an over four-year stint. Prabhash is an ambitious and astute entrepreneur with a distinguished track record and diverse business interests…
Video Story
