The Monetary Board of the Central Bank of Sri Lanka (CBSL) at its meeting held on 30.05.2019, having considered the continuous failure to comply with directions applicable to primary dealers, acting in terms of the Regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to suspend NatWealth…
SriLankan Airlines is to resume services to Pakistan’s commercial capital Karachi on 1st June 2019. Sri Lanka’s National Carrier will operate five weekly flights on Tuesday, Thursday, Friday, Saturday and Sunday, with flights arriving in Karachi at 15:10 hours and departing Karachi at 16:10 hours. Some of the international flights into Pakistan were suspended following…
The Government has decided to grant financial facilities for 8 new loan schemes thereby further widening the Government’s interest subsidized Enterprise Sri Lanka Loan Scheme that targets to create one hundred thousand entrepreneurs in the country within a year. The proposal submitted by the Finance Minister Mangala Samaraweera to broaden this loan scheme further has…
Diversified Sri Lankan conglomerate Sunshine Holdings (CSE: SUN) reported top-line performance growth of 6.9% YoY (year-on-year) to stand at Rs.22.6 billion during the year ended 31 March 2019 (FY18/19), with the group’s Healthcare and Consumer sectors leading growth while healthcare segment remained the major contributor to total group revenues. Profit after tax (PAT) for the…
Malaysia will make use of Huawei’s technology as much as possible, Prime Minister Tun Dr. Mahathir Mohamad told the Future of Asia conference in Tokyo, amidst ongoing trade tensions between the United States of America and China. Nikkei Asian Review reported that while countries including Japan and Australia were avoiding the use of Huawei equipment…
An expanding retail footprint and strong backing from its parent company helped Cargills Bank to secure a multiple-notch upgrade to its National Long Term Rating by Fitch Ratings from ‘BB(lka)’ up to ‘A-(lka)’ with a stable outlook. Elaborating on its assessment of CBL, Fitch focused operational integration achieved by the Bank through the use of…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 30 May 2019, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 per cent and 8.50 per cent, respectively. The Board arrived at…
Reuters – Sri Lankan shares rose for the third straight session on Thursday on hope of a rate cut by the central bank later this week, while the rupee closed weaker on mild importer dollar demand, market sources said. ** The central bank is widely expected to cut its key interest rates at a meeting…
In a press release, Sri Lanka Tourism Development Authority stated that due to the severe hit on Tourism Industry following Easter Sunday Attacks, they have decided to remove the minimum room rate (MRR) imposed on Colombo City Hotels effective immediately. Furthermore, it stated that it’s better for the market forces to decide the room rates…
AIA Insurance Lanka today announced the appointment of Nikhil Advani as its new Chief Executive Officer. The appointment will be effective 01 July 2019 subject to approval of the Insurance Regulatory Commission of Sri Lanka. The outgoing CEO, Pankaj Banerjee will relocate to Hong Kong to take up a position in AIA Group as Chief…
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