According to the latest external trade data released by the Central Bank, country’s trade deficit widened in April 2020 as exports fell more than the decline in imports. Sri Lanka’s external sector performance in April 2020 was severely affected by the COVID-19 pandemic related economic interruptions. The imposition of a partial lockdown had a significant impact on…
Ranjith Kodituwakku has been appointed as Chief Executive Officer/ General Manager of People’s Bank with effect from June 19, 2020. He had previously served as the Deputy General Manager (Commercial Banking and Digitalization). The appointment as CEO/GM follows the retirement of M.A. Boniface Silva – Acting CEO/GM. Ranjith Kodituwakku has over 37 years of banking…
First Capital Research believes that the Central Bank of Sri Lanka is yet again in a vulnerable position and the possibility of a policy rate cut is on the cards in order to push banks to consider the lending opportunities. The research firm allocates a policy rate cut expectation of 100bps bringing the SDFR and…
New Delhi: Reliance Industries Chairman Mukesh Ambani’s net worth has surged to new highs. Aside from being the richest Indian and Asian, Mukesh Ambani is now also part of the exclusive club of the world’s top 10 richest people. As per Bloomberg Billionaire’s Index, Ambani’s net worth has jumped to $64.5 billion making him the ninth…
A digital export promotion program was implemented last week by the Sri Lanka Export Development Board (EDB) to address the negative impact on exports caused by the outbreak of COVID 19.The scheduled physical export promotion programs of EDB are on hold due to the global pandemic, and instead new promotional activities are being accelerated. Hence…
The main index of the Colombo Stock Exchange, the All Share Price Index (ASPI) today (22) crossed the 5,000 point mark for the first time in 3 months – since March 13th, 2020. Meanwhile, The daily turnover crossed Rs. 1 billion mark as at 2pm today.
Merchandise exports for the month of May 2020 has bounced back to US$ 602 Mn, compared to the previous month of April which was only US $ 277 Mn according to the customs provisional statistics. With the May Export Performance, the Chairman EDB, said that “It is great to see such a strong recovery from…
Sri Lanka’s total electricity generation (excluding non- conventional electricity as solar, wind, mini-hydro & biomass) stood at 964,043 MWh in the month of April 2020, down 22.7 per cent from 12,46,863 MWh in the month of January 2020, data submitted by Ceylon Electricity Board shows. The reduction of the electricity generation in April 2020 may…
Being the bank of the people, People’s Bank bears a great responsibility to assist the Government to re-start the Sri Lankan economy and help the people of the country to get some form of normalcy to their lives. Due to the unexpected, adverse impact due to the COVID-19 outbreak, the Sri Lankan economy has been…
CIC Holdings PLC has significantly improved its performance in FY20 by posting a Rs. 1 billion after-tax profit up by 133% from the previous year. As per interim results released last week, CIC’s pre-tax profit was Rs. 1.8 billion, up 105% whilst profit from continuing operations grew by 54% to Rs. 1.3 billion. Last time…
Video Story
