A staff team from the International Monetary Fund (IMF) led by Jaewoo Lee visited Colombo during September 18-29, 2017 to hold discussions on the third review of the Sri Lankan authorities’ economic program that is being supported by a three-year Extended Fund Facility (EFF). The program aims to support the authorities’ ambitious reform agenda to…
Mobitel (Pvt) Ltd, Sri Lanka’s National Mobile Network Operator enhanced its 4G LTE network coverage by innovatively deploying its existing 900MHz spectrum. This initiative is Sri Lanka’s first such deployment, thus significantly enhancing Sri Lanka’s LTE coverage and making Mobitel the No.1 network for LTE Broadband in Sri Lanka. Mobitel Chairman, P.G. Kumarasighe Sirisena stated…
SriLankan Airlines added another feather to its cap by being honoured with a prestigious Four Star Rating by the Airline Passenger Experience Association (APEX) in the first ever airline industry rating programme based solely on feedback from passengers. Captain Suren Ratwatte, CEO of SriLankan Airlines, said: “We are delighted to receive this rating of excellence,…
Fitch Ratings has maintained the Rating Watch Negative (RWN) on Sri Lanka-based alcoholic beverage manufacturer Distilleries Company of Sri Lanka PLC’s (DIST) National Long-Term Rating of ‘AAA(lka)’, as the company takes steps to complete its restructuring exercise and resolve its capital structure, which will require regulatory approval. Fitch placed DIST on RWN in September 2016…
Reuters – Sri Lankan shares closed at a one-week high on Thursday, as investors bought banking stocks and continued foreign buying in the market underpinned positive sentiment, brokers said. The Colombo stock index ended 0.2 percent up at 6,419.47, its highest close since Sept. 21. Foreign investors bought a net 110.5 million rupees ($721,986) worth…
Mr. Husein Esufally, Chairman of Hemas Holdings PLC, says that a bright future which had been foreseen for Sri Lanka’s pharmaceutical industry did not come to pass largely due to “misguided government policy.” He was speaking during the launch of ‘Morison PLC’, the new identity of J.L. Morison Son & Jones (Ceylon) PLC (JLM), the largest pharmaceutical manufacturer in…
The first ever National Cooperative Policy is expected to be ready by November. The policy, guided by International Labour Organization’s R193 recommendations, has been in the works for the last 10 years. “With the progress of today’s Conference, I call to complete the policy by next month” said the Minister of Industry and Commerce…
The Commercial Bank of Ceylon recently received two prestigious international awards from Asiamoney, for the ‘Best Domestic Bank’ and the ‘Best Digital Bank’ in Sri Lanka. The awards were accepted on behalf of the Bank by its Deputy General Manager Corporate Banking Mr Sanath Manatunge at a gala ceremony at the Ritz-Carlton in Beijing. Asiamoney’s…
Reuters – Sri Lankan stocks ended flat on Wednesday as the gains driven by manufacturing shares were offset by losses mainly in beverage companies. The Colombo stock index ended 0.12 points weaker at 6,419.47. Shares of Ceylon Tobacco Company Plc fell 2.9 percent, while biggest listed lender Commercial Bank of Ceylon Plc ended 1.01 percent…
The first ever ‘Colombo International Shopping Festival’ will kick start on the 1st October 2017, a move that is aimed at helping towards making Sri Lanka a ‘Retail Hub’. The festival an initiative of the Sri Lanka Retailers’ Association (SLRA) of the Ceylon Chamber of Commerce, under the patronage of the Ministry of Tourism Development…
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