Reuters – Sri Lanka’s consumer price inflation rose to 1% in October year-on-year from 0.8% in September, the statistics department said on Tuesday. The National Consumer Price Index (NCPI) (LKNCPI=ECI), which captures broader retail price inflation, is released with a lag of 21 days every month. Food prices fell 5.2% in October after declining 5.2% in…
The proposed Sri Lanka – Thailand Free Trade Agreement (SLTFTA) is planned to be signed on 03 February 2024, Cabinet Spokesman, Minister Bandula Gunawardena said during the Cabinet press conference held today (21). Signing of the FTA will follow the completion of the multiple rounds of discussions by December 2023, according to the Gunawardena. In…
RM Parks Inc. California-based US fuel distribution company signed an agreement with the BOI with an Investment of U$ 100 Mn. The company will serve the Sri Lankan petroleum sector, in collaboration with Shell Plc. Shell plc operates as an energy and petrochemical company in Europe, Asia, Oceania, Africa, the United States, and Rest of…
A broad focus on promoting tourism and trade relations between the two countries. The Special envoy of the Chinese President, state councillor Mrs. Shen Yiqin, and the delegation paid a courtesy call on President Ranil Wickremesinghe Monday morning (20) at the Presidential Secretariat. The primary focus of the meeting was to enhance tourism and trade…
Arab-Israeli vlogger and online influencer Nuseir Yassin – known to his millions of followers as the founder of the popular online community “Nas Daily” – has entered into an agreement with the Sri Lanka Tourism Promotion Bureau (SLTPB). Yassin, 31, currently resides in Dubai and is renowned for his YouTube channel “Nas Daily,” which documents…
The Food and Agriculture Organization of the United Nations (FAO) together with the Department of Agriculture and the Mahaweli Authority of Sri Lanka with funding from the European Union (EU) recently launched a Farmer Field Schools Programme to train 6,000 smallholder paddy farmers across four key rice-growing districts on sustainable approaches to paddy cultivation. The…
FitsAir, Sri Lanka’s first privately owned international airline, today announced its partnership with Mastercard involving integration with the Mastercard Payment Gateway Services (MPGS) platform to strengthen its payment infrastructure. Mastercard Payment Gateway Services platform enables merchants to accept both local and international payments, strengthening their ability to compete in the market. Through this partnership, FitsAir…
Rising gold-backed lending among Sri Lanka’s finance and leasing companies (FLC) sector is exposing financiers to higher collateral price risk and making them more susceptible to any adverse movements in gold prices, says Fitch Ratings. Sri Lankan FLCs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core vehicle-financing…
Key Highlights Profit Before Tax (PBT) of Rs. 22.6 billion Total Assets base of Rs. 4.3 trillion Total Deposit base of Rs. 3.7 trillion Gross loans and advances of Rs. 2.4 trillion Financial Performance Bank of Ceylon (BOC) concluded the third quarter of 2023 on a positive note, demonstrating resilience in a challenging economic environment. The Bank’s PBT stood…
Lion Brewery (Ceylon) PLC (AAA(lka)/Stable), the leader in Sri Lanka’s beer market, could face more competition in the medium term following Distilleries Company of Sri Lanka PLC’s (DIST; AAA(lka)/Stable) decision to acquire beer producer Heineken Lanka Limited, Fitch Ratings says. Heineken is a distant second in Sri Lanka’s beer market for now, but we believe…
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