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Commercial Bank continues growth in Q2 to post strong 6-month result

Deposits exceed Rs 911 billion, growing by over Rs 10 billion a month Loan book maintains growth of over Rs 12 billion a month to reach Rs 829 billion Taxes exceed Rs 7 billion in first 6 months of 2018 accounting for 45% of PBT Commercial Bank of Ceylon PLC has continued its growth momentum…

(0)Comments | August 16, 2018 7:09 am

Sri Lankan shares extend falls, foreign investors cut holdings in John Keells

Reuters – Sri Lankan shares fell for a fourth straight session on Wednesday, as foreign investors pared holdings in market heavyweight John Keells Holdings amid global worries. Lacklustre corporate results also hit investor appetite for riskier assets, analysts said. The Colombo stock index fell 0.43 percent to 6,086.74, its lowest close since July 10. It…

(0)Comments | August 16, 2018 7:04 am

CB directs Finance companies ‘Not to Lend’ for Un-Licensed Tourism Businesses – Reports

Sri Lanka’s financial market regulator had added a new regulation to the industry by directing finance companies not to give loans to borrowers in tourism related businesses unless they have a license, Sri Lanka’s Tourism sector regulator Sri Lanka Tourism Development Authority had said. Reports reveal that the move has come at a time when…

(0)Comments | August 16, 2018 7:03 am

Manipal to set up campus in Sri Lanka – Reports

Manipal Academy of Higher Education, Manipal Vice Chancellor Dr. H. Vinod Bhat had recently told reporters that “Manipal plans to start three new campuses in the next two years, one in Bengaluru, the second in Jamshedpur and the third in Sri Lanka”. He has made these comments during an event held to celebrate Manipal Academy…

(0)Comments | August 16, 2018 7:00 am

Sri Lanka to target US $ 7 billion revenue from Tourism by 2020 – Tourism Minister

Sri Lanka Tourism removes the Minimum Room Rate (MRR) imposed on Colombo City Hotels   Sri Lanka’s Minister of Tourism John Amaratunga had told reporters that the government is looking at revenue from tourism in the excess of US $ 5.9 billion for 2018 end and US $ 6.5 billion for 2019 end and a…

(0)Comments | August 16, 2018 6:57 am

Sri Lankan rupee hits record low, Turkey woes hit emerging markets

Reuters – The Sri Lankan rupee hit a record low on Wednesday, tracking weakness in emerging-market currencies as Turkey’s financial woes bruised investor risk appetite, dealers said. Absence of dollar conversions by exporters and remittances also weighed on the market, they added. The rupee fell to an all-time low of 160.30 per dollar, surpassing the…

(0)Comments | August 16, 2018 6:55 am

SriLankan Airlines flights to Cochin suspended until August 18

Cochin Airport closed due to flooding SriLankan Airlines has temporarily suspended flights to and from the South Indian city of Cochin until 18th August, following the closure of Cochin Airport due to flooding in the region. Cochin Airport was closed today (15th August) until  2 p.m. on 18th August due to heavy floods  in the area…

(0)Comments | August 15, 2018 11:59 pm

Regulatory Action on a Primary Dealer – Pan Asia Banking Corporation PLC

The Monetary Board of the Central Bank of Sri Lanka, acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of business and activities of a Primary Dealer of Pan Asia Banking Corporation PLC (PABC) for a period of…

(0)Comments | August 15, 2018 9:28 pm

Cargills Bank joins RippleNet for Cross-Border Remittance Blockchain

Cargills Bank Limited announced it is joining RippleNet to facilitate cross-border inward remittances to Sri Lanka. Cargills Bank will use xCurrent, Ripple’s blockchain based enterprise software solution, to enable safe and secure cross-border transactions. Payment settlement by Remittance Agents to Cargills Bank will be through existing methods. By joining RippleNet, Cargills Bank sees an irresistible…

(0)Comments | August 15, 2018 4:47 pm

Panasian Power continues successful 2018 with 1380% growth in PAT

Panasian Power PLC (PAP.N), one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs. 99 million for the quarter ending 30th June 2018. This represented an incredible growth of 1380% compared to the same period last year. Revenue also grew during this period by 134% to reach Rs 177.7…

(0)Comments | August 15, 2018 4:33 pm