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Sri Lanka’s Forex reserves down by over US $ 884 Mn in November 2018

Sri Lanka’s foreign exchange reserves had tumbled by over US $ 884.9 million in November 2018, to US $ 7,018.38 million latest official data shows. According to official Central Bank (CBSL) data interventions with commercial banks were nearly US $ 303.55 million in October, whilst US $ 7.0 million had been bought to stop the…

(0)Comments | December 11, 2018 10:22 am

Hayleys Strikes Gold with 12 awards at CA Sri Lanka Annual Report Awards 2018

• Brings home 9 Gold Awards including Overall Excellence in Financial Reporting • Group subsidiaries shine with 10 sector awards including 7 Gold Awards The Hayleys Group recorded a stellar performance at the CA Sri Lanka’s 54th Annual Report Award Ceremony held on 4th December at the Shangri- la Hotel Colombo receiving a total of…

(0)Comments | December 11, 2018 10:11 am

Weligama Bay Marriott Resort & Spa adds 68% revenue to East West Properties Group in first year

Sri Lankan Billionaire Nahil Wijesuriya’s family largely owned and controlled Weligama Bay Marriott Resort & Spa had added over 68% revenue amounting to over Rs. 685 million in the first 8 months of Hotel’s operation to the total revenue of the holding company East West Properties group. In the lately released annual report of the…

(0)Comments | December 11, 2018 10:08 am

Sri Lankan rupee, stocks end weaker as foreign outflows bite

Reuters – ** The Sri Lankan rupee ended slightly weaker on Monday, as foreign investors continued to exit from bonds and stocks as a lingering political crisis weighed on market sentiment ahead of a key ruling by the island nation’s Supreme Court. ** The ruling will determine if the current parliament can continue in the…

(0)Comments | December 11, 2018 10:03 am

Huawei welcome in France, sensitive investments can be blocked – French minister

Reuters – French Finance Minister Bruno Le Maire said on Friday Chinese tech giant Huawei was welcome in France, though the government could block certain investments. “It’s a company that plays an important role in France, that invests in France and these investments are welcome,” Le Maire told journalists after talks with Chinese Vice Premier…

(0)Comments | December 10, 2018 3:16 pm

Norway partners with UNDP Sri Lanka to support peace, justice and strong institutions

The Government of Norway entered into a partnership agreement with the United Nations Development Programme (UNDP) in Sri Lanka to extend support to UNDP Sri Lanka’s flagship portfolio on SDG (Sustainable Development Goals) 16: Peace, Justice and Strong Institutions project for the period December 2018 2018 to December 2020. The Ambassador of Norway to Sri…

(0)Comments | December 10, 2018 12:37 pm

Oil likely to stay around $60 for next decade

Oil prices are likely to remain priced around $60 per barrel for the best part of the next decade before increased use of renewable energies starts pushing prices down consistently, a leading UK economic think-tank has said. “A year ago we made an aggressive forecast for oil prices that had them falling to $40 by…

(0)Comments | December 10, 2018 12:24 pm

EFL facilitates significant cross-border logistics movement between Bangladesh and India

EFL achieved a significant milestone in cross-border trade by creating a tailor-made logistics solution and acting as the key facilitator to handle the very first bonded Cross-Border Land-Air Transshipment, on behalf of a leading European retail brand. This alternative efficient gateway was used to strengthen ties between Indo-Bangladeshi trade routes and to enhance the efficiency…

(0)Comments | December 8, 2018 8:56 pm

Sri Lankan rupee, stocks gain; weekly net foreign outflows hit near 2-yr high

Reuters – ** The Sri Lankan rupee ended firmer on Friday, helped by inward dollar remittances, but foreign investors continued to exit from bonds and stocks as a lingering political crisis weighed on market sentiment. ** Foreign investors sold a net 17 billion rupees ($95.3 million) worth of government securities in the week ended on…

(0)Comments | December 8, 2018 1:29 pm

New FAO-China South-South Cooperation Project Launched to Strengthen Fruit Value Chain in Sri Lanka

The signing ceremony of the FAO-China South-South Cooperation Tripartite Agreement between the Food and Agriculture Organization of the United Nations (FAO), the People’s Republic of China, and the Democratic Socialist Republic of Sri Lanka took place at FAO headquarters on 6 December 2018. The aim of this South-South Cooperation project is to help Sri Lanka boost…

(0)Comments | December 8, 2018 11:58 am