Dim prospects on the economic front put corporates on the back foot Plans to develop the Hambantota Port – with the state-owned China Merchants Port paying an estimated US$ 1.1 billion for a 70 percent stake in the facility – understandably made the headlines in late July. The project, which takes the form of…
Cargills Bank Ltd, the majority shareholder of Colombo Trust Finance PLC, has sold its 80.34% stake in the company today (12), according to sources. A total of 37,374,598 shares of Colombo Trust Finance have been sold at the price of Rs 28.70 per share. The total value of the transaction was Rs. 1,072,650,962.60. According to…
The Indian Express – Citing the geographical and strategic location of Sri Lanka, a Senate committee has opposed Trump Administration’s proposal of a drastic 92 per cent cut in American aid to the island nation. “Given the geostrategic importance of the country, the Committee does not support the President’s budget request for Sri Lanka, which…
Women’s Chamber of Industries and Commerce (WCIC) and SAARC Chamber Women Entrepreneur Council (SCWEC) Chairperson, Rifa Mustapha congratulated the government on its progressive legislation to bring a minimum quota of women to fill the seats of Local Government Councils in future. She opined that this was a timely move and a step in the right direction…
Reuters – Sri Lankan shares closed little changed in low turnover on Monday as investors waited for clarity on the new tax bill. The parliament passed tax reforms on Thursday that should simplify the tax system, widen the tax base and increase government revenue, as agreed with the International Monetary Fund in exchange for a…
Most Sri Lankan non-life insurers should be able to absorb near-term volatility and the effects of adverse weather-related events given extensive use of reinsurance, says Fitch Ratings. However, frequent occurrence of major catastrophic floods could affect insurers’ capital, especially that of state-owned local reinsurer, National Insurance Trust Fund Board (NITF, AA-(lka)/Stable). Changing weather patterns have…
Meanwhile the Group is rationalizing some of its legacy operations Sri Lanka’s long-standing leader in agriculture – the CIC Group – has elevated the country’s agriculture sector via futuristic investments amounting to over Rs. 2 billion, which are now infusing state-of-the-art technology into the industry, thereby making an enduring impact on the livelihoods of farmers….
The country will enjoy a surplus in income by 2020, said Prime Minister Ranil Wickremesinghe. Prime Minister made these remarks attending a function to provide compensation to flood affected tea smallholders of Galle District. In 2014, the government deficit between income and expenditure was 1.5 percent of Gross Domestic Product while it reduced to 0.2…
The 163rd Annual General Meeting (AGM) of the Planters’ Association of Ceylon, one of the plantation sector’s most important gatherings, is scheduled to take place at the Grand Ballroom of the Galadari Hotel on 22 of September 2017. Drawing together some of the most respected names in the plantation industry, this year’s AGM follows…
Chinese investors are willing to invest in aquaculture on a large scale, State Minister of Fisheries and Aquatic Resources Development Dilip Wedaarachchi said. He said that they are willing to invest knowledge, technical knowhow as well as money. The State Minister had a meeting with a group of Chinese investors Friday (8th Sept.) at…
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