Microsoft has appointed Hasitha Abeywardena as Country Manager for Sri Lanka and Maldives. Abeywardena, who joined Microsoft Sri Lanka in 2015 as the Director for Enterprise Business, will take over the role from Brian Kealey. Kealey, in turn, will take up his new role as APAC Pursuit Lead in the Emerging Markets Digital Transformation Organization…
Fitch Ratings says Hayleys PLC’s acquisition of a controlling stake in Singer (Sri Lanka) PLC (Singer, A-(lka)/Stable) is neutral for Singer’s rating. This is because Hayleys’ balance sheet will be stretched significantly following the completion of the Singer acquisition despite Hayleys’ stronger business risk profile as the purchase is likely to be largely funded by…
Reuters – Sri Lankan shares gained for a fourth straight session on Tuesday to mark a four-week closing high on foreign buying in blue-chips. Foreign investors bought a net 129.9 million rupees ($848,188) worth of shares on Tuesday, extending the year-to-date net foreign inflow to 17.1 billion rupees. The Colombo stock index ended up 0.29…
Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Negative) proposed Basel III compliant subordinated debentures an expected National Long-Term Rating of ‘A(lka)(EXP)’. The notes, the first Basel III compliant subordinated debt in Sri Lanka, will total LKR6 billion, mature in five years and carry fixed coupons. The notes include a non-viability clause and will qualify as…
Making her first visit to the Colombo Stock Exchange (CSE), the Chief Executive Officer of the World Federation of Exchanges (WFE) Ms. Nandini Sukumar commended the special relationship between the two organizations and stressed on the important contribution made by the CSE to regional capital market development. Her visit aims to further strengthen the relationship…
‘Best Corporate Citizen Sustainability Award 2017’ will take into consideration the sustainable work done by local firms in line with the 17 UN Sustainable Development Goals, when evaluating applications forwarded by companies for this year’s competition. Accordingly, the competition will focus on what the competitors have done in order to contribute to the UN Sustainable…
The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated Gross Domestic Product at current prices and at constant (2010) prices in Production approach and other macroeconomic indicators for the second quarter of 2017. Issuing a communiqué, on releasing National Accounts Estimates for the second quarter of 2017, the DCS states that…
Sri Lanka has begun boosting its world class porcelain, glass and red-clay industry segments with a host of new initiatives -and has also realised that the red-clay sector that is now surging as a result of next year’s Asbestos ban, packs considerable promise for the economy. “Sri Lanka’s clay and quartz are of high quality…
The Ceylon Chamber of Commerce congratulates the Ministry of Finance on the successful passing in Parliament of a new Inland Revenue Bill that aims to modernize and streamline Sri Lanka’s income tax system. We are particularly encouraged by the recent decision to change the implementation date of the Act to 1st April 2018 – a…
Reuters – Sri Lankan shares rose for a third straight session on Monday and ended at a three-week closing high as investors picked up diversified and telecom shares, brokers said. The Colombo stock index ended 0.12 percent firmer at 6,409.65, its highest close since Aug.28. The bourse rose 0.4 percent last week, ending an eight-week…
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