Reuters – The Sri Lankan rupee hit a record low on Wednesday, tracking weakness in emerging-market currencies as Turkey’s financial woes bruised investor risk appetite, dealers said. Absence of dollar conversions by exporters and remittances also weighed on the market, they added. The rupee fell to an all-time low of 160.30 per dollar, surpassing the…
Cochin Airport closed due to flooding SriLankan Airlines has temporarily suspended flights to and from the South Indian city of Cochin until 18th August, following the closure of Cochin Airport due to flooding in the region. Cochin Airport was closed today (15th August) until 2 p.m. on 18th August due to heavy floods in the area…
The Monetary Board of the Central Bank of Sri Lanka, acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of business and activities of a Primary Dealer of Pan Asia Banking Corporation PLC (PABC) for a period of…
Cargills Bank Limited announced it is joining RippleNet to facilitate cross-border inward remittances to Sri Lanka. Cargills Bank will use xCurrent, Ripple’s blockchain based enterprise software solution, to enable safe and secure cross-border transactions. Payment settlement by Remittance Agents to Cargills Bank will be through existing methods. By joining RippleNet, Cargills Bank sees an irresistible…
Panasian Power PLC (PAP.N), one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs. 99 million for the quarter ending 30th June 2018. This represented an incredible growth of 1380% compared to the same period last year. Revenue also grew during this period by 134% to reach Rs 177.7…
Reuters – Sri Lankan shares edged lower in thin trade on Tuesday and posted their lowest close in nearly five weeks, as lacklustre corporate results dented investor sentiment for the island nation’s risky assets, stockbrokers said. The Colombo stock index fell 0.26 percent to 6,113.00, its lowest close since July 11 and third straight session…
Sri Lanka’s Inspector General of Police (IGP) Pujith Jayasundara on Monday (August 13) had told Tourist Police officials that they should learn Chinese, Hindi and French in addition to English. The Police Chief Jayasundara’s comments had arisen at a time when the tourism sector in Sri Lanka is expected to become the largest foreign exchange…
Reuters – The Sri Lankan rupee hit a near-record low on Tuesday on weakness in emerging-market currencies including the Indian rupee, and importer dollar demand, dealers said. The rupee, which fell to a low of 160.15 per dollar in intraday trade, closed at 160.10/25, compared with Monday’s close of 160.00/10. It hit a record low…
Sri Lanka’s Guardian Capital Partners PLC and US-based Small Enterprises Assistance Funds have decided to terminate their Joint Venture Agreement seeking to establish a company to manage and invest in private equity projects in Sri Lanka. Guardian Capital Partners PLC (WAPO) had entered into a Joint Venture Agreement with Small Enterprises Assistance Funds (SEAF), a…
Aluminium extrusions producer, Alumex, recently unveiled the Country’ first fully automated, front-loading aluminium extrusion plant and South Asia’s first vertical powder coating facility with patented SAT Travisan CUBE Technology in Ekala, Ja-Ela. The LKR. 2 billion mega project—located at No. 138/ 4, Minuwangoda Road—will officially make Alumex PLC the largest aluminium extruder in Sri Lanka…
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