On January 24, 2022, Ambassador of Sri Lanka to the Russian Federation Prof. Janitha Abeywickrema Liyanage together with the delegation headed by the Sri Lankan State Minister of Batik, Handloom and Local Apparel Products Dayasiri Jayasekara visited Russian Association of International Cooperation. The delegation was received by the Vice-Chairman of Russia-Sri Lanka Friendship Society Vladimir…
Sri Lanka Insurance upholds its leadership position again as the market leader of the General Insurance sector for the year 2021 reaffirming the supremacy of the state insurance giant. The flagship brand “Sri Lanka Insurance Motor Plus” also continued its tradition of leadership being the leader of the motor insurance market. In the year 2021…
The Silk Road Journal by Mahika Ming The Chinese people all over the world are celebrating the 2022 Spring Festival or the Chinese New Year. Chinese President Xi Jinping also extended festival greetings to all Chinese people encouraging them to build China into a great modern socialist country in all respects. The Chinese are ending the…
Net profit improves by 23% to Rs 1.7 billion with higher productivity reducing impact of rising raw material costs Improved demand from the region and enhanced capacity have helped Teejay Lanka PLC to post Group revenue of Rs 36.1 billion for the nine months ending 31st December 2021 and record strong topline growth of 64%…
Financial Year 2021/22 – First Nine Months Performance Chief Executive Officer’s Review Hemas Holdings PLC (HHL) delivered a strong and a resilient first nine months amidst a challenging operating environment. The cumulative Group revenue stood at Rs.57.7 billion, an increase of 20.5 per cent over last year. The underlying cumulative operating profit of Rs.4.9 billion,…
January consumer prices rise 14.2% vs 13.2% survey median Central bank raised borrowing costs to arrest price pressures Bloomberg – Sri Lanka’s inflation rate surged past Pakistan to make it the fastest in Asia, stoked by failed harvests, import restrictions to conserve dwindling foreign-exchange reserves, and high global prices of key commodities. Consumer prices rose…
Airtel Lanka demonstrated the 5G readiness of its network as it conducted LIVE 5G trials over a commercial network and recorded speeds of over 1.9Gbps – the highest speed ever recorded in the country. “Sri Lanka is a market that has been defined by pioneering technology adoption and the investments we are making today into…
Trade Minister Hon Bandula Gunawardhana presented cheques and certificates to potential and existing exporters who were selected as beneficiaries under several EDB-led assistance schemes on 28th January, 2022, during a function held at JAIC Hilton hotel. The beneficiaries were chosen under the EDB assistance programmes on National Export Brand Development, New Exporter Development, and Market…
Business Sentiment – Confidence at A Nine Month High In a telltale sign of policy vacillation, the Central Bank of Sri Lanka hiked its policy rates by 50 basis points (to 6.5%) on 20 January to contain the nation’s balance of payments crisis and runaway inflation (14%). “The Monetary Board was of the view that…
Sarvodaya Development Finance (SDF), in its first earnings release since its IPO, announced excellent financial performance for the first 9 months of FY 2021/22, ended 31st December 2021. Compared against the same period in the year prior, the Company recorded a total profit growth of 48% or LKR 118 million, while total income grew 5%…
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