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Commercial Credit joins hands with Western Union
Commercial Credit and Finance PLC, one of Sri Lanka’s premier non-bank financial institutions, recently joined hands with MMBL Money Master (brand name of MMBL Money Transfer (Pvt) Ltd), a joint venture between Mercantile Merchant Bank and Aitken Spence PLC, the largest representative in Sri Lanka for Western Union money transfers. This timely partnership will enable […]
‘ Asset Quality Under Pressure as Relief Measures End: Fitch Ratings
Sri Lankan banks are likely to face continued asset-quality pressure in 2022 as rising macroeconomic stresses stemming from the sovereign credit profile pose a threat to borrowers’ repayment capacity, alongside the conclusion of most relief measures in 2021, says Fitch Ratings. Fitch-rated banks’ stage 3 (impaired) loans ratio has remained broadly unchanged since 2019 (9M21: […]
President presents awards for national industry outstanding performers
The National Industrial Excellence Awards Ceremony was held under the patronage of President Gotabaya Rajapaksa at the Waters Edge in Battaramulla, yesterday (15). The outstanding performers received the Platinum Award from the President at the Awards Ceremony for the categories of best small, medium and large scale manufacturing industries and the best machinery manufacturers. At […]
USD 111.5mn raised through direct issuance of SLDBs YTD: Central Bank
Sri Lanka’s Central Bank has raised USD 111.5 million through direct issuance of SLDBs from 01 January to 15 February 2022. The investments in SLDBs during the above period were spread across maturities ranging from 3 months to 5 years, attracting large volume as well as small ticket eligible investors. In collaboration with certain Sri […]
EPF & ETF will not be subjected to Surcharge Tax: Finance Minister Basil Rajapaksa
Finance Minister Basil Rajapaksa has informed the Cabinet of Ministers that the Employees Provident Fund and the Employees Trust Fund are not included in the 2022 budget proposal regarding the imposition of a 25% surcharge tax on individuals and companies with a net profit of over Rs. 2000 million for the year 2021. Finance Minister […]
Aitken Spence reports its highest ever Q3 PBT of Rs. 3 Bn
The leading blue-chip conglomerate, Aitken Spence PLC reported its best ever third quarter (Q3) performance with a Profit-Before-Tax (PBT) of Rs. 3 Bn in Q3 2021-22, a significant turnaround from the third quarter Q3 of the previous year. The Group’s businesses including the tourism sector is showing positive momentum. Across all sectors, the Group’s earnings […]
Ceylon Chamber of Commerce requests Government to reconsider Surcharge Tax Bill
The Ceylon Chamber of Commerce earnestly requests the Government to reconsider some of these provisions before it is submitted for approval by Parliament and extends its support to develop alternative proposals to ensure the revenue targets are met. Full Statement The membership of the Ceylon Chamber of Commerce notes serious concerns on the provisions of […]
Pro-Poor Tourism: Can it Reduce Poverty in Sri Lanka?
By Kimuthu Kiringoda: “Tourism has been described as the world’s largest transfer of resources from rich to poor, dwarfing international aid.” – Salli Felton, CEO, Travel Foundation The tourism industry’s performance was hampered first by the Easter Sunday bomb explosions in 2019 and then the COVID-19 pandemic. Sri Lanka saw a decline in tourist arrivals from […]
We stand ready to discuss options if Sri Lanka requests financial support: IMF
The International Monetary Fund (IMF) reiterates that they are standing ready to discuss options if Sri Lanka requests financial support. Speaking to journalists at Washington DC headquarters, Gerry Rice of the Communication Department confirmed that they have not yet received a request for financial support from the Government of Sri Lanka. “We have not received […]
24 Sri Lankan companies honoured at 25th SAFA
A total of 24 Sri Lankan companies were honoured for their excellent annual reporting and for also promoting transparency, accountability, and governance in financial reporting at the 25 th Best Presented Annual Report Awards of the South Asian Federation of Accountants (SAFA).The prestigious South Asian awards ceremony was hosted by the Institute of Chartered Accountants […]