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Reasonable justification required when appointing new Heads of Govt Institutions: President
President Ranil Wickremesinghe has appointed a committee to oversee and grant prior approval for new appointments or changes to the existing positions of chairmen and directors of state corporations, statutory boards and state-owned enterprises. President’s Secretary Saman Ekanayake will chair the committee including Prime Minister’s Secretary Anura Dissanayake and Cabinet Secretary W.M.D.J. Fernando. President’s Additional […]
High impairment provisions neutralise solid 6-month operational growth of ComBank Group
The Commercial Bank Group has reported a six-month financial performance that mirrors the impacts of the country’s macro-economic variables, with solid operational gains negated by extraordinary provisioning in the second quarter for impairment charges and other losses. Comprising of the Commercial Bank of Ceylon PLC, its subsidiaries and an associate, the Group posted a gross […]
Here is the Ten-Point Common Minimum Program for Sri Lanka’s Economic Recovery: Harsha de Silva
Sri Lanka is currently facing its worst economic crisis since independence. Decades of shortsighted policies and halfhearted reforms weakened our foundation, and a global crisis pushed us to a brink. While President Ranil Wickremesinghe and the current cabinet have stated there needs to be some deep economic reform, no roadmap has been put forward thus […]
Aitken Spence records its historically highest ever Q1 PBT of Rs. 7.2bn
Anchored through a heritage of excellence spanning over 150 years with diversified business operations across 8 countries, Aitken Spence PLC reported a strong performance during the Q1 that ended 30th June 2022. The conglomerate recorded a significant increase on its profit before tax (PBT) of Rs. 7.2 billion compared to a loss of Rs. 467 […]
Seylan Bank records Rs.1.5Bn PAT for 1H 2022
Seylan Bank recorded a Profit after Tax of Rs. 1,504 Mn for the 6 months ended 30th June 2022 against Rs. 2,105 Mn reported in the corresponding period of 2021. This has been seen by financial analysts as mcommendable given the extremely challenging and adverse conditions the Bank operated in, with Sri Lanka facing its […]
Cybercrime – The Invisible Lurking Threat
By Ajita Kadirgamar: Warnings and advice on some of the most common and often fatal Cybersecurity traps Cybersecurity, most often the lack of it, is a buzzword that commands attention. In March 2021, Sri Lanka ranked 77th on the National Cyber Security Index[1] – a global live index, which measures the preparedness of countries to […]
Opinion: Stagflation in Sri Lanka? Risks and Policy Responses
The world economy is showing signs of a serious slowdown due to overlapping crises including the Russia-Ukraine War, the COVID-19 pandemic, China’s real estate crisis and the global tightening of monetary policy. In June, the World Bank revised the 2022 growth prediction downward to 2.9% from its January forecast of 4.1%. The slowdown has come […]
‘s & Doctoral Degree Scholarships
The Project for Human Resource Development Scholarship (JDS) was initiated in year 2010 in supporting the capacity development of young officials of the Government of Sri Lanka by providing diverse opportunities to study at reputed Japanese Universities. A Grant Agreement was concluded for an amount of 282 million Japanese Yen, approximately 739 Sri Lankan Rupees […]
Sri Lanka electricity tariff revision 2022
• CEB’s proposal to increase electricity tariffs by 229 percent is rejected – capping off tariff hikes at 75 percent • Subsidies up to 120 units in domestic sector • 50 percent of the price increase for tourism sector will be implemented after 3 months • 1.5% discount on electricity bill payments in dollars • […]
Cabinet nod to present Petroleum Products Amendment Bill in Parliament
In order to ensure the continuous supply of petroleum products due to the acute foreign exchange deficit currently existing in the country, the cabinet decided to amend the Petroleum Products (Special Provisions) Act No. 33 of 2002 to allow more competing parties to be licensed for the importation of petroleum. Accordingly, the relevant bill has […]