Reuters – Sri Lankan shares rose to a two-week closing high on Friday, led by diversified and banking stocks, but trading was thin as investors waited for more clarity on the political and economic front. The Colombo stock index ended 0.29 percent firmer at 6,492.06, its highest close since May 4. It rose 0.2 percent…
~ Renewed focus on driving Life Insurance growth post divestment of General Insurance business Returning to being a specialist Life Insurance company, leading Sri Lankan insurer Janashakthi Insurance PLC (Janashakthi) reported its financial results for the three month period ended 31st March 2018. Janashakthi had divested its General Insurance business earlier in the quarter, generating…
Dipped Products Group posted a topline growth of 17% recording Rs. 28.5 billion turnover and Rs. 1.2 billion PBT for the year ended 31st March 2018. The Hand Protection segment contributed Rs. 16 billion to revenue, 11 percent higher than the previous year. Mr. Mohan Pandithage – Chairman stated “The sector was able to grow…
Addressing the regular press briefing of IMF on Thursday (17), Gerry Rice. Director, Communications Department said that “If implemented properly, the formula based pricing would eliminate fuel subsidies that benefit the rich rather than the poor” in Sri Lanka taking a question raised on the country’s fuel pricing mechanism. He said that IMF thinks that…
The Ministry of Telecommunication, Digital Infrastructure & Foreign Employment signed a Memorandum of Understanding (MoU) with Microsoft in Sri Lanka to drive the country’s digital transformation. The MoU will enable the ministry to improve the efficiency and create good governance across the government to ensure effective citizen services for the people of Sri Lanka. It…
China hinted Sri Lanka’s growing importance in its ambitious $500 Bn One Belt One Road (OBOR) initiative saying Sri Lanka a “hub” in its OBOR strategy. Sri Lanka meanwhile stressed of its own role in OBOR, and revealed that the Colombo Port City project despite the 25 year long timeline, is “progressing at great speed.”…
Reuters – Sri Lankan shares ended slightly weaker on Thursday, slipping from a one-week high hit in the previous session, as investors sold diversified shares such as John Keells Holdings Plc. Trading was thin as investors awaited for more clarity on the political and economical front. The Colombo stock index ended 0.16 percent weaker at…
Since the number of financial crimes have been increased with the expansion of technology, better coordination among Government institutions is essential to face this situation successfully. Accordingly the proposal submitted by the Mangala Samaraweera – Minister of Finance and Mass Media to widen the composition of National Coordinating Committee for Preventing Money Laundering and Terrorism…
In accordance with the Cabinet appointed standing procurement Committee, Cabinet of Ministers had approved the proposal to grant permission to Commercial Bank of Ceylon PLC, Sampath Bank PLC, Thomas Cook Lanka Private Ltd., Bank of Ceylon and Peoples’ Bank to maintain their money exchange counters in the Arrival Terminal located beyond the location Sri Lanka…
It has been proposed to establish a Emergency Rescue System in Sri Lanka according to a Cabinet Proposal made by Dr. Rajitha Senarathne, Minister of Health Nutrition and Indigenous Medicine. The estimated cost of the project proposal submitted by Bijorn Steiger Stiftung, non profit organization in Germany, is Rs 190 million for this effort and…
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