South Korean tech company may suffer poor earnings in coming quarters Nikkei Asia – Samsung Electronics said Friday that its operating profit likely fell more than 30% in the third quarter, as unusually high inflation squeezed global demand for semiconductors, smartphones and home appliances. In issuing earnings guidance, the South Korean company forecast that its…
Sri Lanka’s economic crisis is deepening with unsustainable debt and a severe balance of payment crisis on top of lingering scars of the COVID-19 pandemic. Debt restructuring and the implementation of a deep reform program are critical for Sri Lanka’s economic stabilization, says the World Bank in its twice-a-year update, underscoring the need for Sri…
Reuters – Japan has not yet reached an agreement to co-chair a debt summit with Sri Lanka’s creditors, a government official in Tokyo said on Thursday, as the island nation struggles to find a way out of a crippling economic crisis. Sri Lanka has to renegotiate around $30 billion of foreign debt, including with bilateral…
The AmCham Sri Lanka recently held its 30th Annual General Meeting (AGM) and election of Directors. Despite the challenges of the socio-economic and political conditions faced by the business community over the past year, significantly curtailing usual Chamber activities, the Chamber recorded its highest net surplus yet, for the third consecutive year. Addressing the gathering…
“In order to ensure that investors are protected, there are different mechanisms and rules such as the listing rules, market institution rules and market intermediary rules play a vital role” – SEC Chairman “A common challenge that Sri Lanka faces is that we do not use capital markets as effectively as we could to channel…
The Securities and Exchange Commission of Sri Lanka (SEC), the Colombo Stock Exchange (CSE), and the International Finance Corporation (IFC), in partnership with the Australian Government, conducted an Investor Forum in Kandy at the Royal Kandyan Hotel as part of the series of events to celebrate the sixth World Investor Week (WIW) 2022, launched by…
Group of creditors is awaiting responses from both nations Creditors committee could help Sri Lanka secure IMF funding Bloomberg – Paris Club creditors reached out to China and India to coordinate Sri Lanka’s debt-restructuring talks, according to a person familiar with the matter, in an attempt to bring major global creditors together to rework the…
Import expenditure declined in August 2022, on a year-on-year basis, for the sixth consecutive month, despite recording an increase compared to July 2022. Considering the need to prioritise essential imports amidst shortage of forex liquidity, the Government tightened import restriction measures on non urgent imports during August 2022, which, however, were partially relaxed in September 2022. Meanwhile earnings…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 05 October 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 per cent and 15.50 per cent, respectively. In arriving at this…
New York (CNN) — Elon Musk on Monday sent a letter to Twitter proposing to follow through with his deal to buy the company at the originally agreed upon price of $54.20 per share, according to a securities filing on Tuesday. In the letter, Musk said he would proceed with the acquisition on the original terms, pending receipt of the debt…
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