The government’s Budget for 2015 is to be presented to Parliament on 24 October, according to reliable sources. The government’s attention has been focused on the possibilities of holding a Presidential election in January 2015 and there are possibilities the 2015 Budget being presented to Parliament earlier than usual this year, said Media Minister Keheliya…
Ms. Damayanthi Fernando, a lawyer has been appointed Director General of the Insurance Board of Sri Lanka which regulates the insurance sector of the country. She had been Acting Director General of the Insurance Board of Sri Lanka for the past seven months prior to this appointment. Ms. Damayanthi Fernando possesses around 16 years experience…
Samsung Electronics has forecast a 60% fall in quarterly operating profit from a year ago, missing estimates, because of slowing Galaxy smartphone sales. The world’s biggest mobile phones and TV maker said it expects an operating income of 4.1tn won ($3.8bn; £2.5bn) for the three months to September. That is below analysts’ expectations for earnings…
While the government continues wide programmes to develop the tourism industry in Sri Lanka, large scale luxury and semi-luxury hotels too are being constructed speedily. The data on tourist arrivals for September 2014 released by the government indicate that the most number of tourist choosing Sri Lanka as their destination has been from China. In…
A secretive group of the world’s most powerful oil ministers will soon gather in Vienna to take arguably one of the most important decisions that could affect the still fragile world economy: whether to cut production of crude to defend prices at US$100 per barrel, or keep open the spigots as winter looms among the…
After a successful career spanning almost four decades, Sri Lanka’s global spice champ has, in a surprise announcement outlined his retirement plan on 03 October. “As a result of your committed services to Sri Lanka’s spice sector, today Pure Ceylon Cinnamon is a global brand. We wish you great retirement filled with happiness” said a…
Colombo shares extended the gains on Friday to wrap the weekly operations in positive territory. Benchmark All Share Price Index gained 55.55 points or 0.76% to end at 7,406.60 while S&P SL 20 index gained 52.95 points or 1.29% to end at 4,160.31. The core index has gained 172.89 points or 2.4% during the week…
Central Finance Company PLC proposes to acquire shares in the licensed finance leasing entity Isuru Leasing Company Limited and thereafter amalgamate this business with Central Finance Company. This is in accordance with the Central Bank’s Consolidation of Financial Institutions programme. Central Finance Company entered into a share sale and purchase agreement to acquire a majority…
Fitch Ratings Lanka has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable. KEY RATING DRIVERS SCBSL’s rating is at the highest end of the National Rating scale and reflects the credit profile and financial strength of Standard Chartered Bank (SCB; AA-/Negative). SCB’s rating is higher than…
Global oil prices have fallen to their lowest level in more than two years after Saudi Arabia cut its official selling price. Concerns of oversupply after higher output in the US, together with forecasts of lower global demand by the International Energy Agency (IEA), are driving prices down. Brent crude fell by more than 1%…
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