Chief Guest, Prime Minister Ranil Wickremesinghe The country’s foremost economic event, the Sri Lanka Economic Summit (SLES) 2019, kicks off at the Cinnamon Grand Colombo, today. The two-day event is themed around Re-calibrating Sri Lanka’s Economic Trajectory Towards 2025, to guide Sri Lanka’s journey towards development and prosperity. Today’s event brings together over 450 local…
Present government has taken numerous initiatives to stabilize and reorientate the economy and attracting foreign investment is a key priority of the country right now, Minister of Development Strategies and International Trade Malik Samarawickrama said. “Sri Lanka becomes more and more interesting with new initiatives getting under way. Our government has taken numerous initiatives to…
Reuters – ** Sri Lanka’s rupee closed weaker on Monday, with continued foreign outflows from government securities, while equities ended slightly firmer for the second straight session. ** The rupee ended 0.1% weaker at 180.45/55 per dollar compared to Thursday’s close of 180.25/45 following a long weekend. Markets were closed for a Buddhist religious holiday…
Fitch Ratings has affirmed National Development Bank PLC’s (NDB) National Long-Term Rating at ‘A+(lka)’. The Outlook remains Negative. The rating reflects a modest franchise, balanced against declining capitalisation and rising risk appetite. “The Negative Outlook reflects our expectation of continued pressure on NDB’s capitalisation, which has been on a decreasing trend. This is even after…
Sri Lankan entrepreneur, philanthropist and animal rights advocate Otara Gunewardene was invited by the Rwandan Government as an honorary guest to name a baby Mountain Gorilla at the annual Kwita Izina naming ceremony. The ‘Kwita Izina’ baby Gorilla naming ceremony, held on the first Friday of September every year, is based on a traditional Rwandan…
With the construction of expressways in the county, the land prices located specially near the exit points of the Expressways have skyrocketed, Millennium Housing Developers PLC, CEO Arjuna Waidyasekera said. “There has been a steady increase in land prices located near expressways and exit points. Also the ease of access to and from Colombo has…
Traders have scrambled to calculate what the limit move in oil would be, after Saturday’s drone attack on the ‘’world’s most important oil processing plant’’. And moments ago, Brent crude reopened for trading, exploding almost 20% higher, its biggest jump in 28-years time. Bloomberg notes that this attack has resulted in the single-worst disruption in oil markets…
Finance Minister Mangala Samaraweera ordered Excise Commissioner General, H.G. Sumanasinghe to conduct an immediate investigation how liquor licenses have been issued by the Excise Department without getting his approval in 2017 and 2018 and, report him within two weeks. The protocol followed so far by the Excise Department when issuing liquor licenses is to obtain…
Report says SOEs are a source of both explicit and implicit contingent risk for APAC governments Government management of liabilities is key to assessing risk Moody’s Investors Service says in a new report that State-owned enterprises (SOE) liabilities are posing both explicit and implicit contingent risks, to several countries including Sri Lanka. State-Owned Enterprises (SOEs)…
Central Bank Governor Dr. Indrajit Coomaraswamy believes that Sri Lanka has almost accomplished a transition to a flexible inflation targeting regime. “Now the central bank has been transitioning towards a flexible inflation targeting regime. The senior deputy governor has been very much in the helm of these things. And we have pretty much transited. We…
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