The Colombo Chamber of Commerce has submitted a written appeal to President Gotabaya Rajapaksa for intervention to instruct Banks to support the SME and MSME Exporters with Pre-Shipment loans up to 75% of the value of Export order with a maximum cap of Rs 5 million based on actual export orders and firm contracts. As…
According to the latest external trade data released by the Central Bank, country’s trade deficit widened in February 2020 compared to February 2019, as expenditure on imports increased at a faster pace than the increase in earnings from exports. The deficit in the trade account widened in February 2020 to US dollars 574 million, from US…
Workers’ remittances recorded a growth of 5.4% year on year to US $ 527 million in February 2020, latest External Sector Performance report of the Central Bank of Sri Lanka outlines. On a cumulative basis, workers’ remittances grew by 6.0% to US $ 1,108 million during the first two months of 2020 in comparison to the corresponding period of…
The Chairman, Board of Directors, representatives of the Management and Unions of SLT and Mobitel handed over a cheque to the value of Rs.50 million to HE the President, today (15) at the Presidential Secretariat. SLT & Mobitel, the Nation’s leading telecommunication solution providers continue to support the Government of Sri Lanka in its commendable…
The Singer Group reported Full Year (FY) 2019/20 consolidated revenue of Rs. 55 Bn with an 11% rise in Profit after Tax (PAT) despite the ongoing challenging business environment. Additionally, the Group’s consolidated gross profit for the year increased by 2% to Rs. 16.4 billion and at the Company level, gross profit increased by 6%…
The Colombo Stock Exchange (CSE) ended on a positive note today (15) as the All Share Price Index (ASPI) increased by 45.5 points (or 1.04 %) to close at 4,439.04 points, while the S&P SL20 Index also increased by 57.76 points (or 3.38%) to close at 1,764.78 points. The daily turnover was recorded as Rs. 1.27 billion. …
Sri Lanka’s tea prices at Colombo tea auction rose sharply during 2020 Q1, whilst Sri Lanka’s tea production declined by nearly 30% Q/Q for the same period, according to a report released by ICRA Sri Lanka, a subsidiary of Moody’s Investor Services. The rise in tea prices was largely attributable to the global supply shock from unfavorable weather…
The Ceylon Tobacco Company’s sales volume for the quarter ending 31 March 2020, had declined by 13% compared to same period last year due to the impact of the excise led cigarette price increases during 2019, particularly the increase of 72mm category prices, the company said in its latest quarterly financials. Moreover, During the said…
The global economy could suffer between $5.8 trillion and $8.8 trillion in losses equivalent to 6.4% to 9.7% of global gross domestic product (GDP) as a result of the novel coronavirus disease (COVID-19) pandemic, says a new report released by the Asian Development Bank (ADB) today (15). The report, “Updated Assessment of the Potential Economic…
The shared passion that attracts like-minded organisations to each other was clearly articulated when Emirates, the world’s largest international airline, greeted Dilmah founder Merrill J. Fernando recently, on the occasion of the 90th birthday of the celebrated Sri Lankan entrepreneur and humanitarian. The occasion coincided with Mr Fernando’s 70th anniversary in the tea industry, and…
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