The Bank experienced increased Non Performing Assets (NPA), lower than anticipated business volumes and the impact of weaker macroeconomic conditions resulting in a loss after taxes of Rs. 196.5 million during the quarter ended 31st March 2019, as compared with a Profit After Tax of Rs. 18.3 million in the corresponding period of the previous…
In a positive development, the Italian Embassy in Sri Lanka is pleased to announce that it has updated its travel advisory on its website for all Italian nationals travelling to Sri Lanka. Lowering the level of security previously advising against travel to Sri Lanka, the new update advises Italian nationals intending to travel to Sri…
~ Strategic Investor G&G has mega plans despite overall risk laden market prognosis Lotus Renewable Energy Group announced the acquisition of the Hatton Plantations (HPL), a public quoted Company, in a 1 billion stock market deal recently via a crossing on the Colombo Stock Exchange. Lotus will acquire the HPL assets, it’s top pool of…
The Board of Directors of Sunshine Holdings PLC appointed Shalini Ratwatte, Head of Corporate, External and Legal Affairs – South Asia New Markets of Microsoft Corporation, as a Director of the Company. The appointment is effective 31 May, 2019. With the new appointment, the Board of Sunshine Holdings PLC will now be comprised of 10…
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…
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