Housing Development Finance Cooperation Bank of Sri Lanka (the bank of ‘HDFC) said that it has been able to meet the regulatory minimum core capital requirement of Rs.5.0 billion stimulated by the central bank, through internally generated reserves and Rs.250 million cash infusion by the General treasury of the government of Sri Lanka via non-convertible…
In an encouraging sign for the Sri Lankan economy and its bourgeoning FinTech sector, Japan’s Hitachi-Omron Terminal Solutions announced that it had entered into an agreement for the purchase of the entire issued share capital of Interblocks Ltd, a local company specializing in payment-related software products and services catering to needs of financial institutions and…
Revealing its financial performance for the first three months of the 2019/20 financial year, during the period ended 30th June 2019, the LVL Group reported a drop in revenue to LKR 51 million from LKR 114 million achieved during the corresponding period in the previous year. The revenue decline is attributable to a dip in…
SriLankan Airlines has made preparations to minimize inconvenience to its valued passengers at London’s Heathrow Airport that may occur as a result of the strike action planned by ground staff of Heathrow Airport Limited (HAL) on the 5th and 6th of August. SriLankan does not envisage any cancellation of its flights at this time and will…
Reuters – Sri Lankan shares recovered from an intraday fall of over 1% to close flat on Friday, while the rupee ended weaker due to importer dollar demand. ** The country’s benchmark stock index ended 0.04% down at 5,894.70, a one-week low. However, the bourse is up 0.37% for the week, its sixth straight weekly…
John Keells Holdings PLC (JKH) renewed its 16-year public private partnership with Sri Lanka Railways for the refurbishment and maintenance of the Slave Island Railway Station. A renewal Agreement in this regard was signed on 29 th July 2019 between General Manager, Sri Lanka Railways, Mr. M.J. D. Fernando, and JKH represented by Mr. Gihan Cooray, Deputy Chairman and Group Finance…
Sri Lanka’s First Capital recommends investors to reduce overall portfolio exposure to 45% from 60%. The firm recommends cutting 2021 and 2022 maturities of the carrying portfolio amidst the significant reduction in yields and also recommended an increase in 2023 and 2024 maturities in the trading portfolio amidst the slight rise in yields. “In our…
Transforms century old, high density dwelling units and shops; Around 740 families benefited The first phase of the Slave Island Redevelopment Project, Metro Homes was inaugurated today and handed over to the beneficiaries by the Prime Minister of Sri Lanka Ranil Wickremesinghe. Minister of Megapolis and Western Development, Hon. Patali Champika Ranawaka, Minister of…
According to the latest monthly LMD-Nielsen Business Confidence index (BCI) survey, only 12% of respondents consulted by Nielsen, for LMD’s publisher Media Services, anticipate that the economy will improve in the next 12 months. Conversely, the majority view is that economic conditions will worsen. “Certain industries have been slow to pick up after April and…
The annual sugar consumption of Sri Lanka is 670,000 metric tons and 91% of this requirement is fulfilled by importation. The amount of expenditure annually incurred for this purpose is around US$ 350 million. By the year 2020, it is expected that the domestic sugar requirement will be increased up to 700,000 metric tons and…
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