Once a lost opportunity when country’s largest insurer ‘Sri Lanka Insurance Corporation’ ownership was reversed, which resulted in his control and ownership being cut by a larger stake in Sri Lanka’s Apollo Hospitals (Now Lanka Hospitals); a recent Colombo Bourse disclosure revealed Sri Lankan billionaire tycoon Harry Jayawardena is gearing up again to taste the…
Ceylinco Life has more than doubled pre and post-tax profits at the end of the second quarter of 2018, sustaining its growth momentum with consistent operational performance. The life insurance market leader has reported profit before tax of Rs 3.338 billion for the six months ending 30th June 2018, an increase of Rs 1.71…
The weakness in Sri Lanka-based diversified conglomerate Hemas Holdings PLC’s (Hemas, AA-(lka)/Stable) first-quarter financial results is temporary, and is mainly due to the cash flow seasonality of its new school stationary business, Fitch Ratings says. The agency expects Hemas’ performance to improve during the remainder of fiscal year to end 31 March 2019 (FY19), and…
Being the fund manager of the country’s largest social security scheme – Employees Provident Fund (EPF) – that has nearly Rs. 1.7 trillion or US $ 10.5 billion worth of private sector workers’ hard earned savings of lifetime – Central Bank of Sri Lanka (CBSL) – in a statement on Monday (20thAugust 2018) said that…
Reuters – Sri Lankan shares extended losses into a seventh session on Monday and posted their lowest close in nearly seven weeks, as foreign investors continued to reduce their holdings, while confusion over new tax measures weighed on the market as well. Lacklustre corporate results and a Moody’s report saying Sri Lanka could face significantly…
Reuters – The Sri Lankan rupee touched a record low on Monday as importer dollar demand, foreign outflows and government securities weighed on the currency, dealers said. The rupee touched an all-time low of 160.60 per dollar in early trade on Monday before closing at 160.50/70, compared with Friday’s close of 160.45/55, and has declined…
Prima Limited, one of Asia’s pioneer flour millers with a strong international reputation in the food industry, has made an endowed contribution of $2 million to set up a new Scholarship to motivate outstanding incoming undergraduates of Sri Lankan nationality pursuing any degree programme at the Singapore Management University (SMU) to achieve academic excellence and…
Celebrating 10 years since the opening of its flagship green facility Mihila, Asia’s first CarbonNeutral® Apparel factory, The Hirdaramani group this month is again paving the way with the installation of the largest Rooftop Solar installation in the Apparel Sector in Sri Lanka. The installations are part of the Suryadhanavi – meaning ‘generated from the…
The country’s financial sector regulator Central Bank of Sri Lanka recently informed the public, the Regulatory and Supervisory Procedure on Lending to an Entity when a Director of a Bank has an Interest CBSL noted in the long statement that the Banking Act does not prohibit granting loans to directors or their family but such…
In shaping a fast track to a turnaround, focus areas driving the future of trade, investment and services will require great planning, execution and synchronisation. In this light, on Day 2 of the Sri Lanka Economic Summit 2018, a session titled “Accelerating Future Outcomes: Trade, Investment & Services” will be organised at the premier annual…
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