John Keells Hotels PLC has given a corporate guarantee for Rs.2,450,000,000 to People’s Bank, in respect of a long-term loan facility obtained by Ceylon Holiday Resorts Ltd, a subsidiary company. In a stock exchange filling yesterday (09) the company said that the loan facility was obtained by Ceylon Holiday Resorts to partially finance the redevelopment…
The Board of Investment of Sri Lanka signed an agreement with Star Class Hotel (Pvt) Ltd., to set up 67 room 5-star hotel which will be located at Mavilamada Road, Kandy. The Agreement was signed by Mr. Mangala Yapa, Chairman of the Board of Investment of Sri Lanka and Mohamed Nazar Mahamed Rizan, Managing Director…
Sri Lanka’s unemployment rate has risen to 4.9% in the second quarter of 2019, data from the state statistics office show. The number of unemployed persons is estimated as 420,231 during the second quarter 2019. Overall unemployment rate reported for female is 7.5% and it is 3.4% for male. Youth unemployment rate (age 15 –…
This brief report of the Perceived Economic Opportunity (PEO) presents the analysis of a random survey carried out using a random sample of 400 men and women covering all districts in Sri Lanka on their expectations of economic prospects in the ensuing twelve months. STATUS OF JOB PROSPECTS OR BUSINESS PERFORMANCE Analysis of…
Reuters – ** Sri Lankan stocks closed at a near three-week high on Wednesday, led by blue-chips, but foreign investors exited from the Indian Ocean island’s risky assets with the start of presidential poll campaigning. The rupee currency ended weaker. ** Local investors picked up select shares, with one of the two presidential frontrunners, former…
Reuters – Sri Lanka’s central bank will likely leave its key interest rates on hold at a policy review on Friday, after a 50-basis-point cut in August, a Reuters poll showed, ahead of presidential elections and as lower bank rates go into effect. Central bank chief Indrajit Coomaraswamy told Reuters after the last policy rate…
Sri Lanka’s leading business magazine LMD, Media Services, announced its top 20 line-up in the forthcoming LMD 100 special edition. Hayleys retains the No. 1 slot in the 26th edition of Sri Lanka’s pioneering listed company rankings for financial year 2018/2019. LOLC holds on to its second place on the podium while last year’s second…
The European Union (EU) is providing EUR 40 million to Sri Lanka to co-finance the “Strengthening Transformation, Reconciliation and Inclusive Democratic Engagement” (STRIDE) project. Dr. R.H.S. Samaratunga, Secretary to the Treasury at the Ministry of Finance, signed the financing agreement on behalf of the Government of Sri Lanka on 9 October 2019. H.E. Tung-Lai Margue, Ambassador of the…
The American Chamber of Commerce in Sri Lanka announced the ‘Meet the Candidate’ series, at which the main Presidential Candidates will be hosted at a forum designed to discuss and express their proposed policies. The first in this series will take place this Friday, October 11 at the Hilton Colombo, with Sajith Premadasa, Presidential…
The impact of 5G upcycle, spectrum payments to put more pressure on operators’ FCF (free cash flow) in emerging markets, like Sri Lanka, India, Philippines, Indonesia, where the capex intensity is already above 30%, although widespread 5G rollout is not likely in these countries in the shorter term, says Fitch Ratings. According to Fitch Ratings…
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