Reuters – ** Sri Lanka’s rupee rose 0.3 percent on Wednesday due to exporter dollar sales, while a trade union action at customs dampened importer demand for the greenback. ** Sri Lankan customs officers on Tuesday called off a strike that left 6,000 containers stranded at the country’s main port and put pressure on food…
Softlogic Life Insurance PLC announced that Chula Hettiarachchi has been appointed to the Board of Directors of the Company. The appointment is subject to the approval of the Insurance Regulatory Commission of Sri Lanka (IRCSL). Chula Hettiarachchi was previously the Company’s Chief Operating Officer and will now be designated as Executive Director of Softlogic Life…
The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 14.3 billion and profit before tax of Rs. 854 million for the nine months ending 31st December 2018. The profit after tax stood at Rs. 672 million. Haycarb PLC Managing Director, Mr. Rajitha Kariyawasan said that the growth in turnover is attributable to the adjustment…
Hayleys Group’s globally-ranked subsidiary Dipped Products PLC (DPL), a leader in the non-medical rubber glove market, reported Rs. 22.5 billion Group turnover for the nine months ending December 2018, increase of 5 percent versus comparative period last year. The Hand Protection sector contributed Rs 12.9 billion to the group’s top line, while the Plantation sector…
Payment cards provide customers the convenience of withdrawing cash through Automated Teller Machine (ATM) network and transacting through merchants worldwide. However, there is a possibility that ATM and card reading machines can be abused by criminals in order to steal customer funds from their accounts. To mitigate such incidents, international payment card security standards and…
Business Sentiment – Index Takes a Post Crisis U-Turn A statement issued by the IMF’s Managing Director Christine Lagarde, following a meeting with Sri Lanka’s Minister of Finance Mangala Samaraweera and Governor of the Central Bank of Sri Lanka Dr. Indrajit Coomaraswamy in mid-January, noted that “a strong policy mix with effective implementation of that…
Analysts say if Melstacorp takes over control of JKH, Harry J may virtually control 4 largest Licensed Commercial Banks, several Finance and Insurance Companies apart from being a Liquor and Dairy Baron that controls Colonial era founded 2 largest Conglomerates in Sri Lanka Sri Lanka’s one of the oldest-richest men and a Billionaire turned Liquor…
Sri Lanka’s Rupee closed at Rs. 178.8381 per US Dollar ($) (Central Bank announced Telegraphic Transfer Selling Rate for US Dollar) on Tuesday (5th February 2019) whilst analysts said that Sri Lankan Rupee had appreciated by over 3% so far during the first 36 days of 2019. Sri Lankan Rupee closed at Rs. 184.6966 per US…
Fitch Ratings said Monday (04) it will recalibrate the Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following the downgrade of the country’s sovereign rating to ‘B’ from ‘B+’ on 3 December 2018. The recalibration will result in rating actions for some issuers with Sri Lankan national…
LVL Energy Fund PLC sustained its strong profitability path by posting 17% growth in profitability within 9 months of operations. Announcing its provisional financial results for the 9-month period ended 31`st December 2018, LVL Energy Fund PLC recorded a profit before interest and tax of Rs. 710 million for the period compared to Rs. 628…
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