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G-20 debt freeze won’t fix eligible sovereigns’ liquidity pressures or medium-term debt challenges: Moody’s

Most frontier market sovereigns are experiencing acute foreign-exchange liquidity shortages Liquidity relief from bilateral creditors will only partially offset the immediate shock The G-20 debt suspension initiative is unlikely to ease the significant credit challenges that the coronavirus pandemic has amplified in some frontier market sovereigns,  Moody’s Investors Service said in a report yesterday (…

(0)Comments | May 19, 2020 10:42 am

HNB Group posts Rs 3.3 Bn PAT for Q1 2020

• Bank PAT Rs 2.6 Bn • Deposits grow by Rs 31 Bn to Rs 841 Bn • Rolls out relief measures in line with CBSL guidelines Hatton National Bank PLC (HNB) posted a Profit After Tax (PAT) of Rs 2.6 Bn for Q1 2020, representing an increase of Rs 607 Mn over Q1 2019….

(0)Comments | May 18, 2020 9:18 pm

Cinnamon Life Post-COVID Standard Commended by Health Officials – Construction Resumes

Colombo’s iconic landmark and the single, largest, private mixed development investment in Sri Lanka, Cinnamon Life by the John Keells Group, has resumed construction after a lock down since March 2020. An inspection to the Cinnamon Life construction site was made by Chief Public Health Inspector DR. R. L. De S. Wijayamuni and other public…

(0)Comments | May 18, 2020 4:50 pm

Sri Lanka stocks surge, All Share Price Index up by 167 points

Colombo stock market’s positive momentum persists The Colombo stock market’s positive momentum continued on Monday (18) infusing fresh confidence to investors. The ASPI increased by 3.78% or 167.81 points to close at 4,606.85. The S&P SL20 index of more liquid stocks was increased by 5.25% or 92.20 points to close at 1,847.71. The S&P SL20 index…

(0)Comments | May 18, 2020 1:48 pm

Colombo Chamber requests for pre-shipment loans to boost national export drive

The Colombo Chamber of Commerce has submitted a written appeal to President Gotabaya Rajapaksa for intervention to instruct Banks to support the SME and MSME Exporters with Pre-Shipment loans up to 75% of the value of Export order with a maximum cap of Rs 5 million based on actual export orders and firm contracts. As…

(0)Comments | May 18, 2020 9:33 am

Sri Lanka’s trade deficit widens in February 2020

According to the latest external trade data released by the Central Bank, country’s trade deficit widened in February 2020 compared to February 2019, as expenditure on imports increased at a faster pace than the increase in earnings from exports. The deficit in the trade account widened in February 2020 to US dollars 574 million, from US…

(0)Comments | May 18, 2020 9:11 am

Workers’ remittances up 5.4% in Feb

Workers’ remittances recorded a growth of  5.4% year on year to US $ 527 million in February 2020,  latest External Sector Performance report of the Central Bank of Sri Lanka outlines. On a cumulative basis, workers’ remittances grew by 6.0% to US $ 1,108 million during the first two months of 2020 in comparison to the corresponding period of…

(0)Comments | May 18, 2020 8:00 am

Sri Lanka Telecom & Mobitel donate Rs. 50 Milllion to Itukama covid 19 healthcare and social security fund

The Chairman, Board of Directors, representatives of the Management and Unions of SLT and Mobitel handed over a cheque to the value of Rs.50 million to HE the President, today (15) at the Presidential Secretariat. SLT & Mobitel, the Nation’s leading telecommunication solution providers continue to support the Government of Sri Lanka in its commendable…

(0)Comments | May 15, 2020 4:35 pm

Singer records Rs. 55 Bn revenue for FY 2019/20 and 11% rise in PAT amidst challenging business environment

The Singer Group reported Full Year (FY) 2019/20 consolidated revenue of Rs. 55 Bn with an 11% rise in Profit after Tax (PAT) despite the ongoing challenging business environment. Additionally, the Group’s consolidated gross profit for the year increased by 2% to Rs. 16.4 billion and at the Company level, gross profit increased by 6%…

(0)Comments | May 15, 2020 3:31 pm

Colombo Bourse ends on positive note

The Colombo Stock Exchange (CSE) ended on a positive note today (15) as the All Share Price Index (ASPI) increased by 45.5 points (or 1.04 %) to close at  4,439.04 points, while the S&P SL20 Index also increased by 57.76 points (or 3.38%) to close at 1,764.78 points. The daily turnover was recorded as Rs. 1.27 billion.  …

(0)Comments | May 15, 2020 3:28 pm