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Ceylon Chamber urges IMF to consider assurances received thus far & initiate approval process
The Ceylon Chamber welcomes and appreciates the financial assurances provided by creditors thus far, towards achieving Board approval from the IMF. The timely announcements by India, Paris Club members including members such as Japan, U.S. and UK, and non-members such as Hungary, are highly encouraging and appreciated by the business community at this time, the […]
SriLankan Airlines to start operations to China
SriLankan Airlines is set to renew its commercial operations to China in the first week of April 2023, with a thrice weekly service each to Shanghai, Beijing and Guangzhou as China reopens its borders. China was a leading source market for inbound tourism to Sri Lanka and one of SriLankan’s premier leisure traveller segments before […]
Hemas’ Focus on Core Sectors Continues to Deliver Sustained Growth
Hemas Holdings delivered a commendable performance in the first nine months of the financial year 2023. Notwithstanding the volatile economic conditions, the Group posted a cumulative revenue of Rs.81.7 billion, a 41.6 per cent growth over last year. Despite the 51.5 per cent growth in Group operating profits, reported earnings for the period remained flat […]
Aitken Spence reports cumulative first 9 months PBT of 10.3 Bn with 214-pct growth
The leading blue-chip conglomerate, Aitken Spence PLC reported a cumulative Profit Before Tax (PBT) of Rs. 10.3 Bn for the nine months ended 31st December 2022, which was a significant growth of 213.7% over last year. The highest contribution to the Group’s profit before tax was from the Maritime & Freight Logistics sector which accounted […]
‘s VR &””
Fitch Ratings has upgraded Bank of Ceylon’s (BOC) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’ from ‘RD’ (Restricted Default). The rating does not carry an Outlook because of the high volatility at this rating level, in line with Fitch’s rating definitions. At the same time, Fitch has also upgraded BOC’s Viability Rating (VR) to […]
Personal income taxation is a short-term economic development strategy, says Government
According to Dr Kapila Senanayake, Director General of the Department of Financial Policy, the tax on personal income was imposed as a short-term strategy to resurrect the country from the existing economic situation, and this new tax system in Sri Lanka is of a meagre percentage compared to other Asian countries. He also stated that […]
Paris Club creditors provide financing assurances to support IMF’s approval of an EFF for Sri Lanka
Paris Club creditors have agreed to provide financing assurances to support the approval by the IMF Executive Board of the envisaged IMF program for Sri Lanka, which would allow to restore the country’s macroeconomic stability. Releasing a statement, the Paris Club said that they have examined the macroeconomic and financial situation of Sri Lanka, including […]
Foreign Minister Ali Sabry meets US Under Secretary for Political Affairs Victoria Nuland
The Minister of Foreign Affairs at a luncheon meeting with U.S. Under Secretary for Political Affairs Victoria Nuland on 01 February 2023, discussed issues of importance to the two countries in further consolidating Sri Lanka–U.S. bilateral relations. Under Secretary Nuland carried a special message from U.S. President Joseph Biden to President Ranil Wickremesinghe felicitating Sri […]
European Union & FAO to provide fertilizers, seeds & training to vulnerable paddy farmers in Sri Lanka
The European Union (EU) has allocated 4 million Euro (approximately 1,5 billion rupees) in grants for fertilizers, seeds, and training to the most vulnerable farmers, as a response to the agriculture and food security crisis in Sri Lanka. These funds will be implemented by the Food and Agriculture Organization (FAO) in Sri Lanka.The action has […]
‘s 75th Independence Day
A token of 50 buses was handed over to President Ranil Wickremesinghe at the Presidential Secretariat premises today as the second phase of a project to uplift the public transport service in rural areas across the country. A total of 500 buses are to be provided by the Indian Government as a project implemented in […]