The Ceylon Chamber of Commerce, with a view to build a dependable, pragmatic, and advantageous relationship and to establish friendly and cordial relations between Sri Lanka and Kurdistan Region of Iraq, signed a Memorandum of Understanding (MOU) with the Kurdistan Federation of Chambers of Commerce and Industry. This was done with the intention to further…
Sri Lanka’s diversified conglomerate John Keells Holdings (JKH) said its net profit for the December quarter fell 50% from a year earlier to Rs.2.4 billion, whilst the first nine months performance at Rs.5.68 billion is a decrease of 53 % over the previous year. “The profit attributable to equity holders in the third quarter of…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 29 January 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 6.50 per cent and 7.50 per cent, respectively. The Board arrived at this…
Mr. Manjula de Silva will assume duties as the Secretary General and CEO of the Ceylon Chamber of Commerce, from February 1st, 2020. Mr. de Silva takes over from Mrs. Dhara Wijayatilake who retires from that position after serving in that capacity since March 2016. Mr. de Silva has held several senior positions in the…
Senior Advisor to the Prime Minister Mahinda Rajapaksa on Economic Affairs Ajith Nivard Cabraal Tuesday (28th January 2020) met with The United Kingdom’s State Minister for Trade Policy, Conor Burns at the Department of International Trade, at Westminister, London. “At the meeting where a wide range of initiatives relating to the improvement of trade and investment…
President Gotabaya Rajapaksa has appointed a 12-member high-powered Task Force for Poverty Eradication and Livelihood Development through the issuance of an extraordinary gazette. The Committee will be chaired by Retired Deputy Secretary to the Treasury S.B. Divarathne Esquire. The other members of the Task Force are Government Medical Officers’ Association President Dr. Anuruddha Padeniya, Retired Ministry…
Fitch Ratings-London/Colombo-29 January 2020: A scheme for Sri Lankan banks to provide special credit support to SMEs this year should not have a material effect on banks’ credit profiles, Fitch Ratings says. We believe that the scheme will prolong the resolution of non-performing loans only until end-2020, and delay capital repayments this year, but banks’…
Forbes – The coronavirus continues to spread within China and throughout other parts of the world. Recent reports claim that about 106 people have died due to the virus and over 4,500 cases have been confirmed. To stem the virus from continuing to infect others, China has quarantined or placed on lockdown several of its…
The value of a currency depends on number of factors that affect the economy of a country such as balance of payment, government debt, foreign exchange reserves, foreign investment, trade deficit, economic growth rate, inflation, macro-economic policies etc. The general belief is that, a strong currency would make imports cheaper and exports uncompetitive while a…
Sri Lankan shares fell for a second straight session on Tuesday (28), as fears over the spreading Chinese virus continued to weigh on the global economy. The All Share Price Index (ASPI) dropped to 0.84% or 49.82 points to close at 5,884.81 points, while the S&P SL20 dropped to 0.90% or 25.70 points to close…
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