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Aruna Perera, CFA takes over CFA Society Sri Lanka reins
CFA Society Sri Lanka is part of the worldwide network of CFA Institute member societies that lead the investment profession globally. The Society announced the appointment of Aruna Perera, CFA as its 10th President at the AGM held virtually on Thursday, 10th November 2022. He takes the reins from Dinesh Warusavitharana, CFA. Aruna is a […]
Korea and Sri Lanka marks 45th Anniversary of diplomatic relations
By Korean Ambassador Santhush Woonjin JEONG Ayubowan, Vanakkam, Annyonghasimnikka (Korean greeting) I am the Ambassador of the Republic of Korea to Sri Lanka, Santhush Woonjin Jeong. November 14th marks the 45th anniversary of the establishment of the diplomatic ties between Korea and Sri Lanka. I would like to celebrate the meaningful day together with Sri […]
Apparel industry calls for urgent action of FTAs to maintain resilient performance
The Joint Apparel Association Forum (JAAF) has urged the Government to urgently expedite negotiations on Free Trade Agreements (FTAs) to enhance the industry’s resilience and global competitiveness amid rising fears of a global economic recession. Elaborating on its rationale, the Association noted that FTAs have become an integral part of the global trading system, particularly […]
Bath Curry Indicator trending down
Advocata Institute’s Bath Curry Indicator (BCI) , which tracks changes in the retail price of food in Colombo that typically goes into a packet of rice, recorded a year on year increase of 53% in October 2022. Compared to June 2022, prices of the BCI basket of food have been declining. The average price of […]
Operationally strong ComBank Group posts healthy topline growth, amidst prudent provisioning
The Commercial Bank of Ceylon Group has posted a strong operational performance in the first nine months as well as in the third quarter despite the continuing adverse effects of macroeconomic variables which have necessitated a tripling of impairment provisions for the nine months ended 30th September 2022 and reduced profits for the quarter as […]
Sampath Bank moves ahead steadily to prove its ability to withstand strong headwinds
Amidst widespread economic uncertainty during the year 2022, Sampath Bank maintained a strong capital base and a steady liquidity profile. Proactive efforts to identify challenges and implement appropriate strategies has allowed the Bank to further reinforce its strength and stability. The Bank has also continued to lead by example in demonstrating its commitment to the […]
UK Trade Envoy concludes 3-day visit to Sri Lanka
The UK Prime Minister’s Trade Envoy for Sri Lanka Lord Davies of Abersoch visited Colombo from 9th to 11th November 2022. During the visit Lord Davies had meetings with Minister of Trade Hon. Nalin Fernando, State Minister of Finance Hon. Shehan Semasinghe, and Central Bank Governor Dr. Nandalal Weerasinghe. Discussions focused on Sri Lanka’s trade and investment landscape, and […]
History Repeating Itself: Sri Lanka’s Electricity Crisis
By Imesha Dissanayake: The COVID-19 pandemic and the subsequent economic crisis revealed vulnerabilities in the Sri Lankan economy and weakened its economic state. Given the severity of the challenges faced, the economy is now at a fragile state with many crises at hand. One such crisis is the electricity crisis where sporadic power cuts even […]
Taxing Tobacco: Why the 2023 Budget Should Increase Tobacco Taxes
By an IPS Research Team Sri Lanka’s economy is at a critical juncture where urgent steps are needed to improve the country’s fiscal position. The Institute of Policy Studies of Sri Lanka (IPS) has maintained that increasing tobacco taxation has undeniable health and fiscal benefits. In this context, policy solutions, such as taxing tobacco which […]
‘s Basel III Subordinated Debt Final A(lka); on RWN
Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (COMB, AA (lka)/Rating Watch Negative (RWN)) proposed Sri Lankan rupee denominated Basel III-compliant subordinated debentures of up to LKR10 billion a final National Long-Term Rating of ‘A(lka)’ on RWN. The final rating is the same as the expected rating assigned on 15 September 2022 and follows […]