The American Chamber of Commerce in Sri Lanka held a roundtable discussion this morning with Acting Assistant Secretary, Bureau of South and Central Asian Affairs Alice G. Wells, U.S. Ambassador for Sri Lanka and the Maldives Alaina B. Teplitz, and other key officials from the U.S. Embassy and AmCham members. The roundtable discussion, held…
Southeast Asian countries eyeing the promise of 5G connectivity to boost economic development are sticking to Chinese telecommunications giant Huawei among others. Cambodia, Indonesia, Malaysia, Philippines and Thailand, all members of the Association of Southeast Asian Nations, or ASEAN, have indicated they may allow Huawei to help build their fifth-generation mobile communications networks. The…
After more than a century of merchandising and deal-making, traders in Sri Lanka’s retail and wholesale ‘Pettah Market’ hub are vying for a bigger domain as they prepare to ink many Chamber to Chamber MoUs-and also venture into global trade. “Once we link with the Chamber by affiliation, next we will go to international affiliations”…
Amãna Bank achieved a commendable 29% YoY growth in Profit After Tax for Q2 to close the quarter with a bottom-line of Rs 162.2 million compared to Rs 125.5 million recorded in the corresponding period of 2018. Despite the higher tax regime applicable to the Banking Industry which accounted for 60% of the Banks Operating…
Sri Lanka’s Ceylon Tobacco Company PLC (CTC) in their latest quarterly financials outline that the Government increasing the Excise duty on cigarettes in August 2018 and March 2019 lead to a price increase of legal cigarettes. As a result, the Ceylon Tobacco Company’s sales volume for the second quarter ended 30th June 2019 had reduced…
HarmonyOS will deliver an intelligent experience across all user scenarios [Dongguan, China, August 9, 2019] At the Huawei Developer Conference today, Huawei launched HarmonyOS – a new microkernel-based, distributed operating system designed to deliver a cohesive user experience across all devices and scenarios. Richard Yu, CEO of Huawei’s Consumer Business Group, explained the company’s thoughts…
President Maithripala Sirisena, who is on a state visit to Cambodia, held a meeting with Cambodian Prime Minister Mr. HUN SEN Thursday (08) afternoon. President Sirisena was accorded a grand welcome on his arrival at the Peace Palace by the Prime Minister of Cambodia. The Prime Minister recalled the strong religious and cultural ties between…
Q1 FY2019/20 has been a challenging period for Hemas with revenues 2.3% below last year. This has been, primarily, a result of the terrorist attacks of 21st April,with the aftermath causing economic slowdown and difficult trading conditions. Our profitability has been more significantly impacted as we recorded a loss before tax of Rs.140Mn. Key factors…
The Bank reported a net interest income of Rs 19.8 Bn for 1H 2019 reflecting a growth of 12.2% over the figure reported in 1H 2018, a commendable result given the challenging economic environment throughout the period under review. Operating profit before impairment charges and taxes for the period, grew by 4.6% over the corresponding…
Forbes – Legendary billionaire investor George Soros famously observed that “the most money is made when things go from terribly awful to just awful.” Coincidentally, this is also the time when hardly anyone wants to invest. Few markets in the region probably embody that adage more than Sri Lanka. Currently classified as an Asian frontier…
Video Story
