(Reuters) – Sri Lanka’s rupee closed weaker on Monday, hovering near a seven-month closing low hit last week, as foreign fund outflows after the central bank’s rate cut weighed on the currency. ** Foreign investors sold net 12.3 billion rupees worth of government securities in the week ended Aug. 28, the second worst weekly outflow…
Makes multi-million dollar investment in Sri Lanka office, hires a new Country Head, and moves key operational functions to its Colombo team. :Different Technologies, one of Australia’s hottest new startups, backed by AirTree Ventures (Australia’s largest VC firm) and Silicon Valley’s Foundation Capital, recently reaffirmed its commitment to Sri Lanka by doubling down on its…
Sinhaputhra Finance PLC has appealed against the move by the Central Bank of Sri Lanka to cancel its license and informed the industry regulator that it is negotiating with a consortium of investors, who has expressed their interest in investing and reviving the company. “A comprehensive capital plan backed by an investor who has demonstrated…
– Amendments aimed at improving public market accessibility for local companies – Offers new avenues for potential issuers to meet eligibility – Proposed changes to IPO process creates flexibility for companies – Improvements to IPO timelines The Colombo Stock Exchange (CSE), in consultation with the Securities and Exchange Commission of Sri Lanka (SEC), is proposing…
Ren Zhengfei, founder and chief executive of Huawei, has said that the Chinese tech giant is creating a united front with their partners, to collaboratively satisfy society and people. “I think Huawei’s goal is to work hard to develop advanced technologies, and provide cutting-edge services to humanity,” Ren said during a recent interview with…
Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) marginally increased to 3.4 % in August 2019 from 3.3 % in July 2019, earlier data from the state statistics office showed. The Year on Year inflation of Food Group has decreased from ‐2.6% in July 2019 to ‐2.8% in August 2019…
Due to the issues which cropped up while accomplishing the objectives anticipated from the Microfinance Act, No.6 of 2016, the proposal made by the Minister of Finance to repeal the said Microfinance Act and establish the ‘Credit Regulatory Authority’ as an independent entity to be administered by the Ministry of Finance, through an Act of…
GDP growth potential, incomes and institutions are stronger than many other similarly rated sovereigns Very weak public finances, large refinancing needs, remain a key credit weakness Moody’s Investors Service says in a new report that the credit profile of Sri Lanka (B2 stable) reflects ongoing government liquidity and external vulnerability risks. Key credit challenges include…
Sri Lanka’s rupee closed slightly firmer on Friday, snapping three straight sessions of losses and recovering from a seven-month closing low hit in the previous session, but risks of foreign fund outflows weighed on the currency. ** Foreign investors sold net 12.9 billion rupees worth of government securities in the week ended Aug. 21, the…
The United States hope that Sri Lanka will eventually approve the $ 480 million Millennium Challenge Corporation (MCC) grant that will assist Sri Lanka to address binding constraints to economic growth. “We plan to sign the grant last December, but the political crisis here unfortunately put our mutual plans on hold. As soon as the…
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