The Ceylon Chamber of Commerce welcomes the move to ease the rule on repatriation of export earnings (increased from the earlier 90 days to now 120 days), as formalised by a Gazette notification issued recently. As the Chamber had pointed out in its representations to the government when it was first announced in April, this…
Sri Lanka’s two-fold bid to build economic momentum and improve investor sentiment on the back of a $1.5bn funding pledge from the IMF will be analysed in a report by the global publishing firm Oxford Business Group (OBG). The IMF expects Sri Lanka’s economy to expand by 5% in 2016, which would represent a three-year…
As the financial year draws to a close, the Commercial Bank of Ceylon has been presented with two more significant global awards in Washington DC and Hong Kong. Commercial Bank Chairman Mr Dharma Dheerasinghe and Managing Director Mr Jegan Durairatnam received the Global Finance award for the Best Bank in Sri Lanka at an awards…
LankaClear (Pvt) Ltd, the operator of Sri Lanka’s National Payment Network – LankaPay, made yet another gigantic stride in the payment and settlement arena by completely automating the cheque clearing cycle by introducing the online transfer mode of the Cheque Imaging and Truncation System (CITS). With this revolutionary initiative, Sri Lanka made history by becoming…
Reuters – Sri Lankan shares ended steady at their lowest close in a month on Wednesday as investors cautiously awaited directions from next month’s national budget and a flurry of corporate results. The benchmark index of the Colombo Stock Exchange ended 0.02 percent firmer at 6,444.39, hovering at its lowest close since Sept. 20 hit…
Fitch Ratings Lanka has downgraded Pan Asia Banking Corporation PLC’s (PABC) National Long-Term Rating to ‘BBB-(lka)’ from ‘BBB(lka)’. The Outlook is revised to Stable from Negative. The agency has also revised the Outlook on the National Long-Term Rating of Union Bank of Colombo PLC (UB) to Positive from Stable, and affirmed its rating at ‘BB+(lka)’….
Colombo’s skyline-defining high rise development Altair has generated strong interest in Canada following a series of events and meetings in Toronto recently, promoter Indocean Developers reports. The company was a sponsor of the 25th anniversary celebrations of the Canadian Tamils’ Chamber of Commerce and participated in a day-long forum and a gala dinner organised as…
Trading of shares from Central Investments & Finance Limited (CIFL) was halted at the Colombo Stock Exchange (CSE) this morning (19 October). According to the CSE, this step had been taken pending a clarification from the company. According to a statement from the Central Bank of Sri Lanka, while a final decision has been announced…
Tissa Wickramasinghe the only South Asian speaker at crucial industry forum The Port of Colombo received invaluable global visibility recently when a representative of Colombo International Container Terminals (CICT) was accorded the rare honour of making a presentation at the 2016 TPM Asia Conference in Shenzhen, China. Tissa Wickramasinghe, CICT’s General Manager – Commercial &…
A radial and heavy duty tyre manufacturing plant to be established in Sri Lanka with an investment capital of USD 75 million within four years has received the Cabinet nod. This factory is to create over 1,000 local job opportunities. The proposal put forward by Strategic Development and International Trade Minister Malik Samarawickrama to provide…
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