Sri Lanka’s official reserve assets have significantly increased to USD 6.46 billion in October 2024, according to the Central Bank of Sri Lanka (CBSL). This is an increase of 7.9% compared to the USD 5.99 billion recorded in September 2024. Sri Lanka’s foreign currency reserves, which is the main component of official reserve assets, have…
The Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the National Secretariat for Non-Governmental Organizations on November 04, 2024 at the Central Bank of Sri Lanka (CBSL) to exchange information on investigations and prosecutions of Money Laundering (ML), Terrorist Financing (TF) and related crimes and of any persons…
Group: New record half-year performance with profit before tax[1]of AED 10.4 billion (US$ 2.8 billion), up 1% from the same period last year. Revenue up 5% to AED 70.8 billion (US$ 19.3 billion), driven by strong customer demand across its business divisions. Emirates: Revenue up 5% to AED 62.2 billion (US$ 16.9 billion), with profit…
Sri Lanka made a remarkable entry at the World Travel Market (WTM) 2024 held in London with record number of trade delegation of over 100 industry participants, highlighting the nation’s commitment to revitalize and strengthening its tourism sector. This record-breaking participation underscores Sri Lanka’s dynamic push to position itself as a top global travel destination….
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has deployed the world’s first commercial virtual Base Station Controller (vBSC) with Ericsson (NASDAQ: ERIC). This breakthrough deployment is set to enhance network performance and reliability, improving user experience and operational efficiency while significantly reducing operating costs. The vBSC, a virtualized version of the traditional Base Station…
Profit After Tax Soars to Rs. 512million against Rs. 306 million in the previous year Sri Lanka Revenue up by 8% to Rs. 3,287 million Group Revenue lower by 7% due to Bangladesh crisis Gross profit margin rises 2% due to backward vertical integration Binder plant and alkyd resin plant fully operational JAT Holdings PLC,…
Performance review for the Six Months ended 30th September 2024 Hemas Holdings PLC reported a cumulative revenue of Rs. 54.4 billion, with operating profits of Rs. 5.0 billion and earnings of Rs. 2.5 billion. The decrease in revenue compared to same period last year was a result of cautious consumer spending accompanied by several strategic…
The Tech Portal – Nvidia has conquered a new milestone – the chipmaking giant surpassed tech behemoth Apple in market cap on Tuesday. Nvidia’s market cap reached a total of $3.43 trillion after a 2.9% increase in its share price, blowing past Apple’s market cap of $3.4 trillion. The signs had been there, and the…
By Dr Bilesha Weeraratne The recent presidential election in Sri Lanka marked a series of “firsts,” setting it apart from previous elections. It saw a record-low number of 350,516 valid voters per candidate, implementation of the Regulation of Election Expenditure Act of 2023, and a second count of votes. Notably, there was also greater engagement from…
How an Effective Procurement Policy Overhaul Could Rewrite the Nation’s Future and Transform the Nation’s Public and Private Sectors By Jithendra Antonio In a country where corruption has long infiltrated both public and private sectors, Sri Lanka approaches a critical juncture, where decisions today will echo for generations. Embedding a robust procurement system is more…
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