Reuters – The Sri Lankan rupee dropped to an all-time low on Thursday, marking its eighth straight session of setting fresh record lows, as dollar demand from importers remained strong amid sluggish inflows. The rupee, which hit a fresh record low of 161.50 early in the day, closed steady at 161.40/50 per dollar, compared with…
EFL (Expolanka Freight) a global freight-forwarding company headquartered in Sri Lanka is setting up its 18th overseas operations in the regional hub of Malaysia. The company is taking over an existing operation managed by its parent company SG Holdings Global and will officially open for business in Kuala Lampur on 1 September 2018. “Malaysia is…
SriLankan Airlines, the largest foreign carrier into India, resumed its services to the southern Indian city of Cochin on 30th August, which had been suspended since 15th August due to the worst flooding in the state of Kerala in nearly a century. Cochin International Airport was closed on August and reopened on 29th August, with…
Nations Trust Bank PLC (NTB) in a disclosure to Colombo Stock Exchange (CSE) said that Chairman of Nations Trust Bank Krishan Balendra will be retiring from the Board of Directors with effect from 1st December 2018 upon completing 9 years on the board as per corporate governance rules in the banking industry. The statement further…
The Commercial Bank of Ceylon has received registrations for a whopping Rs 10 Billion in loans to Small and Medium Enterprises (SMEs), under the government’s ‘Enterprise Sri Lanka’ initiative launched in June this year to stimulate the national economy. The Bank’s concessionary interest loans were disbursed under four designated schemes: ‘Jaya Isura’ for SMEs; ‘Ran…
At the peak of the event that brought in Sri Lanka’s foremost 6 businessmen in the country who control the key sectors of the economy, including Casinos, Banking, Export Crops, Power and Energy, Apparels, Retail, Liquor, Construction Sri Lankan Billionaire Sumal Perera went on to suggest that another Billionaire Dhammika Perera should be the next…
Reuters – Sri Lankan shares rebounded on Wednesday, from their lowest close in 17 months, boosted by local media reports citing the central bank governor that the main state-owned pension fund will return to the equity market. The Employees’ Provident Fund, which had halted equity investments in 2015, is set to resume buying and selling…
Reuters – The Sri Lankan rupee hit an all-time low for a seventh straight session on Wednesday, dragged down by importer dollar demand amid less inflows of the greenback, dealers said. The rupee, which hit a fresh record low of 161.43 early in the trade, closed at 161.40/50 per dollar, compared with Tuesday’s close of…
In a bid to formalize investments of the Mahapola Higher Education Scholarship Trust Fund, Sri Lanka’s Government Cabinet had decided to liquidate National Wealth Cooperation Limited and the National Wealth Securities Limited belonging to the Mahapola Higher Education Scholarship Trust Fund, and invest all Mahapola Funds only in state banks and Central bank bonds. …
Sri Lanka Billionaire ‘Leverage King’ titled Ashok Pathirage’s Softlogic group controlled Odel PLC in a Colombo Stock Exchange (CSE) disclosure said that Odel acquired 100% stake of Cotton Collection (Pvt) Ltd from Niloufer Esufally Anverally for Rs. 300 million. “The decision to enter into this transaction is in line with the company’s strategy of expanding…
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