On 19th August 2019, President Maithripala Sirisena conferred “National Honours” on distinguished personalities for the outstanding and invaluable service rendered by them to the Motherland. Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka along with five other distinguished personalities were conferred the title of “Deshamanya” by the President. “Deshamanya” is the second-highest…
According to the latest external trade data released by the Central Bank, country’s trade deficit had narrowed significantly in June 2019 in comparison to the corresponding month of 2018 mainly due to the reduction in imports of motor vehicles and fuel. The trade deficit narrowed to US $316 million in June from US $795 million…
With manufacturing and credit signaling signs of recovery in economy and vulnerabilities affecting the external outlook, Sri Lanka’s First Capital Research believes that the Central Bank may delay the monetary easing while allowing the impact of the previous rate cut to materialise. Accordingly First Capital Research assigned a higher probability of 70% for a neutral…
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…
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