Whilst reports earlier this week highlighted that Sri Lanka has proposed to settle Oil debt amounting to over US $ 250 million in a swap with Tea, a recent report in Iranian English Economic Daily – Financial Tribune outlined that Iran has described the move as “impossible”. The report added that Lucille Wijewardena, Chairman of…
Sri Lanka signed a $100 million credit agreement with the World Bank to support Sri Lanka’s efforts to strengthen and modernize its education system. The General Education Modernization Project (GEM) will modernize and diversify the curriculum of general education in keeping with the transformation taking place in Sri Lanka’s society and economy. Greater emphasis will be on strategic…
Leading Sri Lankan financial solutions provider, HNB Grameen Finance Ltd, continued its growth momentum into the fourth quarter of 2017/18 with steadfast performance in all key indicators, including Net Interest Income (NII) exceeding Rs. 4.1 billion and assets surpassing Rs. 25.3 billion. Profit before tax (PBT) of the company stood at Rs. 2.02 billion. “HNB…
Sri Lankan start-ups can learn from the best on entrepreneurship, business and technology Disrupt Asia 2018, Sri Lanka’s Premier Start-up Conference and Innovation Festival, was officially announced today. This year’s event is the 3rd edition of this ground-breaking event and is set to take place from 4pm to midnight on 11th August 2018 at the…
Reuters – Sri Lankan shares extended fall for a second straight session on Tuesday, easing further from a three-week closing high recorded late last week, but foreign buying helped limit losses. The Colombo stock index ended 0.02 percent weaker at 6,183.64. The index, which is down nearly 3 percent in the year so far, had…
The Cabinet of Ministers, on the recommendation of the Minister of Finance and Mass Media Mr. Mangala Samaraweera decided to write off the non-consumption loans granted up to Rs One Hundred Thousand to women by all registered Finance companies. Further, the government has also decided to introduce an interest rate cap of 30 percent per…
Sri Lanka’s Minister of Finance and Media Managala Samaraweera recently revealed that the first batch of electric three wheelers manufactured in Sri Lanka will be ready by 2020. In an official post on his Facebook profile Minister Samaraweera notes that with more than 1 million three-wheeler drivers in Sri Lanka, the three-wheeler industry is indeed…
Fitch Ratings has maintained Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC Bank) National Long-Term Rating of ‘BBB-(lka)’ on Rating Watch Negative (RWN). The agency has also maintained the RWN on the ‘BBB-(lka)’ rating of HDFC Bank’s senior secured and senior unsecured debentures. KEY RATING DRIVERS The RWN, first placed in August 2017, has…
Whilst the transportation sector this year will see the impact of the EURO 4 standard implementation coming into play in July in Sri Lankan, Sri Lanka’s Ashok Leyland Chief Executive Officer (CEO) Umesh Gautam in his annual review points out that higher initial investment in purchase of the vehicles and use of cheaper fuels in…
Headline Inflation, as measured by the change in the National Consumer Price Index (NCPI, 2013=100), which is compiled by the Department of Census and Statistics (DCS), increased to 2.5 per cent in June 2018 from 2.1 per cent in May 2018, on year-on-year basis, mainly driven by monthly increase in the prices of items in the Food category….
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