Reuters – The U.S. House Foreign Affairs Committee voted on Wednesday along party lines to give President Joe Biden the power to ban Chinese-owned social media app TikTok, in the latest setback for the popular video sharing site. Lawmakers voted 24 to 16 to approve the measure to grant the administration new powers to ban…
Seylan Bank reported a robust Profit before Tax (PBT) of LKR 6.6 Bn, a 10% growth for the year ended 31st December 2022 while recording a Profit after Tax (PAT) of LKR 4.7 Bn delivering a stable performance. The results were further buoyed by an impressive 72% rise in Net Interest Income (NII) for the…
Expolanka Holdings PLC, through its wholly owned subsidiary EFL Global LLC (EFL USA), a leading global supply chain and logistics solutions company, acquired 100% equity interest in Trans American Customhouse Brokers LLC and its related companies for a purchase consideration of USD 42.5Mn on a cash free, debt free basis. “The acquisition will enable EFL…
With India looking very positively at becoming a manufacturing hub for electric vehicles (EV), joint venture partners are looking very closely at Hambantota International Port (HIP) as the key transshipment point for their markets in the east and west of the island. HIP participated in the recently held ‘ET Auto Electric Vehicle Conclave 2023’ organised…
The People’s Convention for Good Governance was held at the BMICH in the midst of an exclusive audience , all of them invited and registered by the organizers, on 25th February . The Convener of this National Initiative Richard de Zoysa set the tone for the day by requesting the delegates to observe a minute’s…
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) decreased to 50.6% in February 2023 from 51.7% in January 2023. The decline in the headline inflation is broadly in line with the disinflation path envisaged by the Central Bank of Sri Lanka (CBSL) in January 2023. The…
Overall exports: Earnings from merchandise exports declined by 11.3 per cent in January 2023, over January 2022, to US dollars 978 million, continuing the moderation observed since September 2022, though at a slower pace than expected. This decline was observed across all main categories, and the compression of industrial exports was noticeable. Industrial exports: Earnings from the exports…
Representatives from the World Bank stated that the World Bank will continue to support Sri Lanka’s development reforms program. They stated that the World Bank will provide technical assistance in the drafting of laws for development policy operations, as well as work to provide additional guidance and support regarding the use of international media and…
Business Sentiment – BIZ Confidence in a Tailspin “As soon as adequate assurances are obtained and the remaining requirements are met – including by the Sri Lankan authorities – the Extended Fund Facility (EFF) can be presented to the IMF’s Executive Board for approval, which would unlock much needed financing,” a spokesman for the so-called…
Nestlé Lanka PLC appointed Bernhard Stefan as its Managing Director effective 1 March 2023, succeeding Jason Avanceña whose term ends 28 February 2023. Jason, who successfully led Nestlé’s operations in Sri Lanka and the Maldives through unprecedented challenges during his tenure, will move on to a new role as the Managing Director of Nestlé Pakistan…
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