Political uncertainties pushed the equities market deep into the red on Monday as ASI witnessed the highest intra-day drop in 15 months. The index lost 226.31 index points (3.1%) in the morning session but recovered during the latter half and closed at 7,235.25 shedding 166.37 index points or 2.25%. 20-scrip S&P SL index slipped by…
The 2015 Budget was passed in Parliament a short while ago by a majority of 95 votes with 152 MPs voting for 57 against. Former Health Minister Maithripala Sirisena and fellow Sri Lanka Freedom Party (SLFP) dissidents were not present today when the vote on the third reading of the budget took place. The United…
Sri Lanka exports broke fresh ground on 20 November as a pioneering MoU between the country’s apex exports facilitator EDB and China was entered into in Colombo-and with the commencement of FTA talks, bilateral relations have further deepened. “During President (HE) Xi Jinping’s recent visit to Sri Lanka this September, he and HE the President…
A leading computer security company says it has discovered one of the most sophisticated pieces of malicious software ever seen. Symantec says the bug, named Regin, was probably created by a government and has been used for six years against a range of targets around the world. Once installed on a computer, it can do…
A whopping 85% of Lankan industrial base is manufacturing, as revealed on 19 November-and Sri Lanka ranks close to Brunei in its innovation infrastructure. “We have the manufacturing base ready. 85% of Sri Lanka’s industrial economy is concentrated on manufacturing. In the Global Innovation Index 2014 we rank at 69 in “innovation infrastructure” close to…
Blink and you’ll miss it: Facebook is unbanned in China for three days. China is hosting an Internet conference this week in Wuzhen, a sleepy town located about halfway between Shanghai and Hangzhou, the headquarters of e-commerce juggernaut Alibaba (BABA, Tech30). Wuzhen is sometimes called a “Venice of the East” for its network of canals,…
Fitch Ratings Lanka has upgraded Sri Lanka-based Union Bank of Colombo PLC’s (UB) National Long-Term Rating to ‘BB+(lka)’ from ‘BB(lka)’. The Outlook is Stable. KEY RATING DRIVERS – NATIONAL RATING The upgrade of UB’s rating reflects the sharp increase in its capitalisation and ongoing structural improvements in the bank’s credit profile. UB’s Fitch core capital…
Colombo bourse slumped significantly on Friday amid the crossover of several key ruling party Politicians to the opposition. Main index lost notably by 128.71 points (-1.71%) to end at 7,401.62. 20-script S&P SL index lost 63.67 points (1.52%) to end at 4,127.26. This was the second highest intra-day drop for the year. All Share Price…
Dealing a massive blow to the ruling UPFA alliance ahead of the presidential polls, Minister Maithripala Sirisena, who is the General Secretary of its main constituent party SLFP, today announced that he will contest the forthcoming Election as the Common Opposition Candidate. “I thank all political parties and political groups for selecting me as the…
Fitch Ratings has assigned Abans Plc’s proposed issue of senior unsecured redeemable debentures of up to LKR2bn an expected National Long-Term rating of ‘BBB+(lka)(EXP)’. The rating is contingent upon the final transaction documents conforming to information already received. The proposed debentures are rated in line with the Sri Lanka-based retailer’s National Long- Term Rating of…
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