The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 14.2 billion for the twelve months ended 31st March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year. This phenomenal performance was driven by the Group’ diverse presence in eight countries spanning sixteen segments of operation. The…
SDB bank recently entered into a joint initiative together with the Asian Development Bank (ADB), to provide a line of credit (LoC) to selected small and medium-sized enterprises (SMEs) in Sri Lanka, including those led by women, are first-time borrowers, lack of sufficient collateral and those who are located outside of Colombo. The project also…
By Prof. Samitha Hettige The leaders of QUAD (USA, Japan, India and Australia) held their 4th summit in Japan recently. QUAD is an attempt by USA to counter China’s outreach (with the Belt and Road – BRI) in the Indo Pacific region. President Trump wanted an alternative to BRI in 2017 in Tokyo (first expressed in 2008 by US sensing China’s rise). Though…
Overview The Sri Lanka government remains in default on some foreign currency obligations, including international sovereign bonds (ISBs) on which it has missed interest payments. We do not expect the government to make ISB interest payments within 30 calendar days after their due dates. Following missed interest payments due on May 3 and May 11,…
Addresses national need with Chlorphenamine Oral Solution and Paracetamol 500mg tablets production Morison Ltd., one of the pioneers of pharmaceutical manufacturing in Sri Lanka since 1959, announced the commencement of commercial production at its state-of the-art WHO GMP and EU GMP compliant production facility in Pitipana, Homagama. Unveiled in late 2020 as Sri Lanka’s first and…
The Parliamentary Council decided to concur with the recommendation to appoint Mr. Anthony Nihal Fonseka as a member of the Monetary Board of the Central Bank of Sri Lanka. The decision was taken at a meeting of Parliamentary Council chaired by the Speaker Hon. Mahinda Yapa Abeywardena yesterday (26). The Prime Minister Hon. Ranil Wickremesinghe,…
Amidst a host of global and local challenges, Hela Apparel Holdings PLC recorded a landmark year of growth in FY 2021/22, with revenue increasing by 75% to LKR 56 Bn. Profits attributable to equity holders also increased to LKR 813 MN, compared to LKR 767 MN in FY 2020/21. In addition, the company’s successful listing…
Warns that brands may move to alternate production locations Bracing for 20% reduction in orders, export earnings to take a hit Amid rising apprehension of a global economic recession and resulting softening of international consumer demand, Sri Lanka’s Joint Apparel Association Forum (JAAF) reiterated its demand for systemic economic and political reforms to restore stability,…
The Hindu – India and Japan have agreed to work together on assisting crisis-hit Sri Lanka, the Japanese government said, following a recent meeting between Prime Ministers Narendra Modi and Fumio Kishida in Tokyo. Mr. Modi and Mr. Kishida met on May 24 on the sidelines of the Quad summit and held bilateral talks on…
The U.S. and Keells are partnering to strengthen small businesses in Sri Lanka through an agreement to connect Keells suppliers with private business advisory service providers. “The small businesses that supply your grocery stores keep the economy going and drive job creation,” said U.S. Ambassador to Sri Lanka Julie Chung at the MOU signing. “This…
Video Story
