Sri Lanka’s Department of Public Enterprises (PED) annual report that was recently released to parliament points out that National Lotteries Board (NLB’s) turnover has decreased by 18% from Rs. 19.42 billion recorded in 2016 to Rs. 16.01 billion in 2017. The report outlines that the revenue had decreased largely due to the decrease in lottery…
The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) recently launched “Empower”, a listing platform fostering capital raising and growth opportunities for Sri Lankan Small and Medium Enterprises (SMEs). SMEs around the country now have at their disposal a range of new capital raising methods and entities listing on…
Recently released annual report of the Department of Public Enterprises (PED) reveals that government is hoping to expedite the process of merging Lankaputhra Development Bank (LDB) with Regional Development Bank (RDB) and Sri Lanka Savings Bank (SLSB) with country’s largest savings bank National Savings Bank (NSB). “Expedite the process of merging Lankaputhra Development Bank with…
Bloomberg – Johnson & Johnson was ordered by a jury to pay $4.69 billion to women who claimed asbestos in the company’s talc products caused them to develop ovarian cancer, marking the sixth-largest product-defect verdict in U.S. history. The award of $4.14 billion in punitive damages on top of the $550 million meant to compensate…
President of the International Federation of Accountants Ms. Rachel Grimes who was in Sri Lanka last week met with Mr. Ranil Wickremesinghe, Prime Minister of Sri Lanka at Temple Trees. During the meeting, matters pertaining to the development of the accounting profession as well as the role played by the three local accounting bodies; CA…
Fitch Ratings-Colombo-13 July 2018: Fitch Ratings has removed the Rating Watch Negative (RWN) on Distilleries Company of Sri Lanka PLC’s (DIST) National Long-Term Rating, and has affirmed the rating at ‘AAA(lka)’. The Outlook is Stable. The removal of the RWN reflects our view that DIST and parent Melstacorp PLC have effectively concluded the group’s restructuring…
The Proposal presented by Ranjith Siyambalapitiya, Minister of Power and Renewable Energy to award the contract of providing 10 stocks of LED bulbs to M/s Rang Dong Light Source & Vacuum Flask for Rs.169.6 million per each stock, was approved by the Cabinet of Ministers. Thus according to the Cabinet decision total cost of 10…
Recent Cabinet decisions outline that the Cabinet of Ministers approved the proposal presented by Lakshman Kiriella, Minister of Public Enterprises and Kandy Development, to purchase 656,298 empty LP gas cylinders with safety valves (various sizes) from M/s Mauriya Udyog Ltd., for Rs. 2,057.1 million (Rs. 2.05 billion). Mauriya Udyog Ltd. is an Indian leading exporter…
Recent Cabinet decisions outline that the Cabinet of Ministers approved the proposal Presented by Nimal Siripala De Silva, Minister of Transport and Civil Aviation to allocate a land ( 1 acre and 02 roods )in Maradana to construct a Colombo Train Controlling Centre and Railway Operations Headquarters, under the Colombo Suburban Railway Efficiency Improvement Project…
The recent Cabinet decisions outline that the Cabinet of Ministers considered the cabinet memorandum presented by Ranil Wickremesinghe, Prime Minister & Minister of National Policies and Economic Affairs, stating that it is expected to obtain approximately US $ 450-500 Million grant for two projects on Transport Field Development and Land Administration Process and regarding the…
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