Reuters – Sri Lankan shares recovered on Tuesday from a near two-week closing low in the previous session, led by financials and consumer staples, but trading volume was light as investors waited for more clarity on the political front. ** The benchmark stock index ended 0.74% firmer at 5,912.46, recovering from its lowest close since…
Under the terms of Section 3 of the Urban Development Authority Act No. 41 of 1978, Minister of Municipal and Western Development declared the Colombo Port City as an Urban Development Area. The Colombo Port City was recently included in the Colombo Administrative District through a resolution passed by the Parliament. Accordingly, Minister of Municipal…
The Securities and Exchange Commission of Sri Lanka (SEC) on 25th July 2019 filed action before the Fort Magistrate’s Court against Mr. Lanka Kannangara, Mr. Fariq Furkhan, Mr. Kapila Senarath Bandara, Mr. Raveendra Mallawarachchi for market manipulation, conspiracy to commit market manipulation and aiding & abetting with respect to the shares of Radiant Gems International PLC…
Nihal Fonseka, President of CISI Sri Lanka’s National Advisory Council (NAC), has been awarded an Honorary Fellowship by global financial services professional body the CISI. Honorary Fellowships are awarded by the CISI (Chartered Institute for Securities & Investment) Board of Trustees to those who have made a significant positive contribution, both to the financial services…
The first quarter of the financial year 2020 is already promising for LOLC as it surpassed USD 1 Bn in equity, to become one of the first corporates in the country with a dollar billion equity base. Notwithstanding the deteriorating macroeconomic conditions in Sri Lanka, LOLC thrived to showcase uninterrupted financial stability with an asset…
Mahindra Finance will invest LKR 2 billion until March 2021 for up to 58.2% stake in Ideal Finance. The joint venture will capitalize on Mahindra Finance’s 25-year expertise in the financial servicesdomain and Ideal Finance’s domestic market knowledge to build a market leading financial services business in Sri Lanka. The strategic investment in Ideal Finance…
Total Operating Income grows by 7% to 5 billion Taxes and levies to government, accounts for LKR 2 billion which is 60% of operating profit Economic slowdown, migration to SLFRS 9 push up impairment charges by 55% Volatile economic conditions which prevailed in the country and affected many key economic sectors since the second…
Launches new logo with purpose – Reimagine Today and Reinvent Tomorrow Millennium IT ESP is now an agile creator – shapeshifting to stay ahead of change Sri Lanka’s leading Systems Integrator and Information Systems Provider MillenniumI.T. E.S.P. (Pvt) Ltd., (Millennium IT ESP) announced the launch of its new corporate brand identity, its purpose, redesigned…
Despite the economic sluggishness recently taking its toll across the economy, there is buoyancy and positive market sentiments being witnessed due to the upcoming Presidential Elections, Chairman of Softlogic Holdings PLC, Ashok Pathirage said in the SHL’s interim financial account released to the Colombo stock exchange. “The macroeconomic status will not pick up overnight due…
The Government has mobilized Loan assistance amounting to USD 160 million from the Asian Development Bank (ADB) to cater to the increasing demand of the Railway Sector through modernization of the railway operations and thereby improving the efficiency of services provided by Sri Lanka Railways. The total estimated investment cost of the Project is USD…
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