The Colombo Chief Magistrate’s Court on yesterday convicted Sri Lanka’s largest state owned savings giant, the National Savings Bank’s (NSBs) former Chairman and the husband of former Chief Justice Shirani Bandaranaike – Pradeep Kariyawasam for illegally allowing the purchase of overvalued shares of once the largest finance company in the country – The Finance Company…
Reuters – The Sri Lankan rupee hit yet another record low against the dollar on Monday due to concerns over political uncertainty dragging the island nation’s economy, after Moody’s downgrade of the country’s credit rating and IMF halting a loan discussion. The rupee fell to an all-time low at 180.40 against the dollar, compared with…
The Rabobank of Netherlands has agreed to provide Euro 52.1 Million financial assistance to construct approximately 250 steel bridges island wide especially in the rural areas. Mr. S R Attygalle, Secretary to the Ministry of Finance and Economic Affairs signed this Credit Facility Agreement today on 26th November at the Ministry of Finance. The Government…
The Chairman of the Asia-Pacific Central Securities Depository Group (ACG) Dr. Lee Byungrhae visited the Colombo Stock Exchange for a special market opening ceremony today. The ceremony was the first event in a series of events to mark the 22nd ACG Annual General Meeting which will be hosted by Central Depository Systems (Pvt) Ltd (CDS)…
Sri Lankan apparel manufacturer, Hela Clothing Group, announced this week that it had secured a capital infusion of Rs. 1.2 billion by way of a mix of shareholder and new Private Equity investment funds from a private consortium whose lead investor has a wide portfolio including private equity investments in the fashion and retail space….
Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), will host the 22nd Annual General Meeting of the Asia-Pacific Central Securities Depository Group (ACG) in Sri Lanka from 26th to 28th November. The event will carry the theme “Fintech – shifting or shaping the future of CSDs”, and…
Reuters – ** The Sri Lankan rupee fell to an all-time low of 179.95 per dollar on Friday, as a Moody’s downgrade of the country’s credit rating in the wake of a political crisis saw more investors dump rupee-denominated assets. ** Moody’s downgraded Sri Lanka on Tuesday for the first time since it started rating…
The Sri Lanka Association for Software and Services Companies (SLASSCOM) representing the Knowledge Services and Innovation industry, Sri Lanka’s fifth-largest and highest value-adding exporter, requests a swift, constitutional settlement to the current political crisis. Jeevan Gnanam, Chairman SLASSCOM, speaking on behalf of the SLASSCOM Board of Directors and General Council, stated that “As an industry…
Reuters – Sri Lanka has arranged funds to repay $1 billion for a sovereign bond maturing in January, a finance ministry official said on Wednesday, seeking to assure investors that the island’s political crisis will not hurt its ability to service debt. The official’s comments came a day after Moody’s downgraded Sri Lanka’s credit rating…
Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100) continued to decline for the third consecutive month, recording 0.1 per cent in October 2018, the lowest since January 2016. The deceleration observed in year-on-year inflation in October 2018 is mainly driven by the higher base prevailed during the…
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