The Ceylon Chamber of Commerce congratulates the Government of Sri Lanka for securing a board-level agreement on the second review of Sri Lanka’s Extended Fund Facility (EFF) with the International Monetary Fund (IMF). This agreement provides Sri Lanka with immediate access to approximately SDR 254 million (about USD 336 million) in financing. This significant development…
JAT Holdings PLC, a leader in wood coatings and brushes in Sri Lanka, announces the grand opening of its cutting-edge binder plant in Horana. This milestone event, a testament to JAT’s dedication to innovation and operational excellence, follows months of strategic planning and construction. The new binder plant began operations in March 2024, with the…
The International Monetary Fund (IMF) says that there is sufficient progress for Sri Lanka’s Debt Restructuring process to move forward. However, the IMF further said Sri Lanka’s economy is still vulnerable and the path to debt sustainability remains knife- edged hence the country need to sustain the reform momentum. Meanwhile, joining the IMF press briefing…
According to the latest Kantar BrandZ Most Valuable Global Brands 2024 report, BYD has successfully retained its position within the Top 10 global automotive brands for the second consecutive year, with a brand value exceeding US$10 billion. As a global company operating across four major industries—automotive, rail transit, new energy, and electronics—BYD has established a…
The Board of Directors of Softlogic Life Insurance PLC has announced a share repurchase program aimed at enhancing capital management and optimizing shareholder value. The decision, made on June 11, 2024, will see the company offer to purchase up to 58,593,750 shares at Rs. 102.40 per share, representing a total value of up to LKR…
The 25 highest-value expenditure proposals in the budget speech for 2023 had a total allocation of LKR 49.3 billion. But for proposals to the value of 43.8 billion (89%) the government was not able to provide information on progress, according to the annual evaluation done by Verité Research. The state of Information In 2022, progress…
The Executive Board of the International Monetary Fund (IMF) completed the second review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$336 million). This brings the total IMF financial support disbursed so far to SDR 762 million (about US$1 billion).[1] The Executive Board also concluded the 2024…
Currently, institutions providing money transfer services in Sri Lanka such as banks and non-bank financial institutions, are regulated by the Central Bank of Sri Lanka (CBSL) or other relevant authorities to ensure financial system stability. However, some entities providing similar services operate outside the formal system, potentially disrupting the money transfer system and not being…
The Colombo Stock Exchange’s (CSE) implementation of the shortened settlement cycle for equity trades has been executed seamlessly with the first settlement under the T+ 2 cycle taking place on 12th June 2024, marking a significant milestone in Sri Lankan Capital Market operations. Investors have experienced swift payment processing, receiving their funds within two days…
Reuters – U.S. technology firm Apple has become the first brand to cross $1 trillion in brand value, a 15% jump from last year, a global ranking by Kantar’s BrandZ showed on Wednesday. The iPhone maker retained its crown as the world’s most valuable brand for the third straight year in 2024, followed by Alphabet’s Google at…
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