TKS Finance Limited Cancellation of Licence issued under the Finance Business Act, No. 42 of 2011 TKS Finance Limited (TKSF), a Licensed Finance Company under the Finance Business Act, No. 42 of 2011 (FBA), has continuously been violating/contravening the provisions of the FBA and several Directions and Rules issued thereunder. Further, financial condition of TKSF…
Reuters – ** Sri Lanka’s rupee closed weaker on Wednesday on continued demand for dollars from banks. Foreign outflows from government securities also weighed on the currency. Equities fell for the second straight session. ** The rupee closed down 0.1% at 180.70/80 to the dollar, compared with Tuesday’s close of 180.55/65. The currency is up…
Sri Lanka’s Treasury Bill yields showed a upward trend at the weekly primary auction yesterday(18) with the one year yield increasing by five basis points to 8.41%. The average weighted yield at the last auction was 8.36%. The auction was oversubscribed with bids amounting to Rs. 28,662 million being received. The Central Bank of Sri…
Manufacturing activities continued to expand at a higher rate in August 2019, recording an index value of 56.6 which is an increase of 0.9 index points, compared to July 2019. This expansion in manufacturing PMI was mainly attributable to the increase in Production and New Orders, especially in manufacturing of food & beverages and textiles…
The Central Bank of Sri Lanka said the troubled finance company, the Finance Company PLC (TFC), has not find a suitable investor to revive the company and it is now vital to find an acceptable investor to bring equity capital to TFC within an agreed time frame to avoid further deterioration of the financial condition…
Saudi Fund for Development SFD has agreed to provide a concessional loan amounting to Saudi Riyal 187.5 Million (approximately USD 50 million) to establish a Medical Faculty in the University of Sabaragamuwa. The balance USD 20.46 million will be borne by the GOSL. Accordingly, the Loan Agreement was signed today, 18th September at the Ministry…
Finance Minister, Mangala Samaraweera yesterday (17) said that State Owned Enterprises (SOE) management has become political rather than professional, resulting in waste and corruption. “SOE management has become political rather than professional, resulting in waste and corruption. For example, my personal view is that Sri Lankan Airlines is a vanity we cannot afford,” the Minister…
Central bank governor Dr. Indrajit Coomaraswamy yesterday (17) stressed that country requires further growth in productivity in order to avoid getting caught in the middle income trap. “So if we are to graduate out of this middle income country trap we need to get to USD 12,000 PER capita income. If we are able to…
Global dynamics unless there is a big disruption is not going to have much of an impact on the growth trajectory for some of our sectors in the country, John Keells Holdings PLC Chairman Krishan Balendra said. Speaking during the panel discussion, at the Sri Lanka Economic Summit in 2018 Balendra noted that that Sri…
Prime Minister Ranil Wickremesinghe yesterday (17) stated that Sri Lanka needs to move forward without being stagnate in the same place which many countries do when they become a middle-income country. “We are now an upper middle income country, we have two options: we can either stagnate in the middle income trap or have a…
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