London (CNN Business) – Fiat Chrysler and Peugeot owner PSA Group have signed a binding merger agreement, solidifying a nearly $50 billion deal that will create the world’s third largest automaker. The companies said in a joint statement Wednesday that they expect the 50-50 merger to be completed within 12 to 15 months, pending approval…
Sri Lanka’s gross domestic product grew by 2.7% in the third quarter of 2019, recovering somewhat from the Easter Sunday attacks on April 21 2019. In the corresponding quarter of last year, GDP grew by 3.5%. Releasing National Accounts Estimates for the third quarter of 2019, the Department of Census and Statistics (DCS) stated that…
Leading entrepreneur Prabhash Subasinghe has been appointed as the new Chairman of the Sri Lanka Export Development Board (EDB). He replaces Indira Malwatte, who announced her resignation as the Chairperson of EDB on 19th November, ending an over four-year stint. Prabhash is an ambitious and astute entrepreneur with a distinguished track record and diverse business interests…
Earnings of listed companies in the September quarter have declined by 9.6% to Rs.45.8 billion largely owing to a weaker performance by Insurance, Consumer Services, Capital goods and Beverage and Tobacco sectors. Analysing interim financials reported by 264 companies, First Capital Research revealed that September quarter earnings dipped by 9.6%YoY to LKR 45.8Bn primarily due…
Fitch Ratings has revised the Outlook on Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and has affirmed the IDR at ‘B’. KEY RATING DRIVERS Revision of the Outlook to Negative from Stable reflects rising risks to debt sustainability from a significant shift in fiscal policy and the potential for roll-back…
Business leader Susantha Ratnayake has been appointed as the new Chairman of the Board of Investment of Sri Lanka (BOI). Ratnayake has over 30 years of management experience and had served as the Chairman and CEO of John Keells Holdings PLC from January 2006 to December 2018. He had served on the JKH board since 1992/93. …
The government will raise the contribution by employers to the Employees’ Provident Fund (EPF) to 15% from the existing 12% and introduce an insurance scheme for public and private sector employees who become unemployed, a government policy document said. This was affirmed in the fourth chapter of the policy document titled “A Productive Citizen and…
SriLankan Airlines, the national carrier of Sri Lanka, and Gulf Air, the national carrier of the Kingdom of Bahrain, have entered into a codeshare partnership with effect from 18th December 2019, significantly enhancing the travel options of their respective valued customers. Under this agreement, SriLankan Airlines will place its ‘UL’ code on Gulf Air’s flights…
Leading Sri Lankan hotel chain Cinnamon Hotels & Resorts complete their third and final hotel opening of 2019 with the reopening of Cinnamon Hakuraa Huraa Maldives on 16 December following refurbishments, Travel Daily News, an international online publication said. The new Cinnamon Hakuraa Huraa will be located on two separate islands, Hakuraa Huraa Island located…
The World Bank on Tuesday (17) approved a US$ 25 million loan to the Government of Sri Lanka to improve the transparency and efficiency of core government and public financial management functions. The Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance to improve efficiency and deliver better services. The…
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