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USD 400 million this year through Hambantota harbor deal

The Hambantota harbor transaction would make a huge positive impact on the economy of Sri Lanka, said Central Bank of Sri Lanka (CBSL) Governor Dr. Indrajit Coomaraswamy during a media conference today (24 March). While speaking to the media, he further added, “This deal would improve our foreign reserves. If these funds do not flow…

(0)Comments | March 24, 2017 4:48 pm

Despite IMF urgings, we work according to our needs, says Central Bank Governor

The Central Bank of Sri Lanka’s (CBSL) Monetary Board decided to increase the policy interest rates today (24 March) not due to any pressures from the International Monetary Fund (IMF), said CBSL Governor Dr. Indrajit Coomaraswamy in response to a query by Ad Derana. “We focused on several factors like inflation, balance of payment etc….

(0)Comments | March 24, 2017 2:57 pm

CB hikes policy rates by 25 bp

The Monetary Board decided to increase the key policy interest rates of the Central Bank, namely the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points each, to 7.25 per cent and 8.75 per cent, respectively, with effect from 24 March 2017

(0)Comments | March 24, 2017 7:51 am

Sri Lankan shares fall to 1-yr closing low, rate review in focus

Reuters – Sri Lankan shares fell for a second straight session on Thursday to a more than one-year closing low as expectations of an interest rate hike continued to drag down the market ahead of the central bank’s monetary policy review. The Colombo stock index closed down 0.3 percent at 5,979.85, its lowest close since…

(0)Comments | March 23, 2017 6:05 pm

Dhammika Perera takes over as Chairman of Lanka Ceramics, Lanka Walltiles

Prominent Sri Lankan entrepreneur and a member of the Board of Directors of Lanka Ceramics PLC and Lanka Walltiles PLC, has been appointed as the Chairman of both entities with effect from 15 March, 2017. Meanwhile, A.M. Weerasinghe has been appointed as Deputy Chairman of Lanka Ceramics PLC and Lanka Walltiles PLC and also Chairman…

(0)Comments | March 23, 2017 2:07 pm

The Ceylon Chamber marks 178 years of service to the nation

The Ceylon Chamber of Commerce, Sri Lanka’s premier Business Chamber will complete 178 years of service to the nation on the 25th March, 2017, marking yet another achievement for an organization, which has played one of the most decisive roles in transforming the commercial landscape of Sri Lanka, since its inception in the 19th century….

(0)Comments | March 23, 2017 11:30 am

Dusit Thani Sri Lanka Investors’ Forum London 2017

London: Dusit Thani Sri Lanka co-hosted ‘Dusit Thani Sri Lanka Investors’ Forum London 2017” at The Grange City Hotel, London along with Real – Estate Intelligence Unit (RIU) the premier research and consultancy firm for many of the top corporations in the U.K, Sri Lanka and in many of the major cities in Asia. Mr….

(0)Comments | March 23, 2017 10:23 am

LOLC Chairman Rajah Nanayakkara passes away

Lanka Orix Leasing (LOLC) Group Chairman Rajah Nanayakkara has passed away in Singapore at the age of 77 years. Rajah M. Nanayakkara was the founder and Executive Chairman of Ishara Traders (Pvt) Ltd, which pioneered the import and sale of new and reconditioned motor vehicles and also the Founder Chairman of the Motor Vehicle Importers’…

(0)Comments | March 23, 2017 9:39 am

Sri Lankan shares fall to 1-yr closing low, breaching key barrier

Reuters – Sri Lankan shares fell on Wednesday to a more than one-year closing low, breaching a key psychological barrier of 6,000, as expectations of an interest rate hike continued to drag down the market ahead of the central bank’s policy review. The Colombo stock index closed down 0.7 percent at 5,996.65, its lowest close…

(0)Comments | March 23, 2017 9:10 am

Lubricant players concerned over the Increase in Duty and Taxes on Synthetic Lubricants

The recent steep rise in duty and tax imposed by the government on synthetic lubricants effective mid-November is causing alarm in the market, as lubricant suppliers are now starting to pass on the hike to the end users. The duty and taxes have been increased by 31 percent. This has forced suppliers in the local…

(0)Comments | March 22, 2017 12:14 pm