Sampath Bank PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) Friday. The market opening ceremony was organized to mark the first trading day for the month of April. Sampath Bank PLC Chairman Mr. Dhammika Perera, Managing Director Mr. Aravinda Perera, COO Mr. Nanda Fernando, Senior DGM for Consumer Banking…
Vista Rooms, the Indian low-cost hotel network, has announced its first foray into Sri Lanka. The company has now partnered with more than 200 hotels in 25 cities across the country, ranging from boutique hotels, to guesthouses, service apartments, private villas and home-stays. Commenting on the development, Amit Damani, co-founder & head of growth at…
~ PA Chairman confident that incomes of workers will increase significantly in the long run if the proposals of the RPCs for worker remuneration are implemented Far-reaching changes to the operating model of Sri Lanka’s plantation sector, which goes beyond the worker remuneration mechanism, is essential for the industry’s survival, growth and sustainability, Roshan Rajadurai…
Johor state-owned conglomerate, Johor Corp (JCorp), is expected to finalise its first investment deal in Sri Lanka later this year. President/chief executive, Datuk Kamaruzzaman Abu Kassim, said the investment would be in either healthcare or agriculture – two potential sectors that had been identified during a trade mission to the country recently. “We will start…
Rising exposure to microfinance at Sri Lankan nonbank financial institutions (NBFIs) could pose a risk to their credit profiles, says Fitch Ratings. The exposure among Fitch-rated NBFIs stood at just 4% of total loans of these entities as recently as March 2014. but this had increased to 27% by December 2015. Fitch estimates that loan-book…
The general public is hereby informed that with effect from 01 April, 2016 The Hongkong and Shanghai Banking Corporation Ltd (HSBC) at 24, Sir Baron Jayathilaka Mawatha, Colombo 01, ceases to operate as a Primary Dealer. HSBC will, however, continue to function as a Dealer Direct Participant in scripless securities and transact in scripless securities…
A score of flights at Suvarnabhumi Airport and Don Mueang International Airport were delayed this morning following the implementation of new aviation rules. Aeronautical Radio of Thailand Executive Vice President Tinnagorn Choowong said that at 7am today, the revised area navigation (RNAV) rules, standard instrument departure (SID) and standard terminal arrival route (STAR) was implemented…
Sri Lanka’s economic growth is projected to recover in 2016 as private sector investment will pick up once fiscal reforms are committed to. Growth will rise further in 2017 as the global environment improves, a new Asian Development Bank (ADB) report says. ADB’s flagship annual economic publication, Asian Development Outlook (ADO) 2016, forecasts gross domestic…
AFP – Indian steel giant Tata Steel on Wednesday put its British business up for sale, placing thousands of jobs at risk and striking a heavy blow to the crisis-hit steel industry. Tata said in a statement that trading conditions had “rapidly deteriorated” in Britain and Europe due to a global oversupply of steel, a…
Diesel and Motor Engineering PLC (DIMO) will be introducing the second installment of commercial vans, the “Vito” under Mercedes-Benz. The new introduction will encompass a versatile edge consisting of a larger payload and a set of unique features. The launch of the Vito is a part of the global car manufacturing company’s new product introduction…
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