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Sri Lanka Budget 2022 – LIVE Coverage
The Minister of Finance Basil Rajapaksa is delivering the Second Reading of the Appropriation Bill for the financial year 2022 in Parliament. Finance Minister presenting the budget said “We are presenting the budget amid five global challenges and many countries are focussing on internal problems, there are climate problems, inflation and Coronavirus crises has disrupted […]
Reliance Industries acquires amanté from MAS Holdings
MAS Holdings announced that one of its subsidiaries, MAS Brands, which owns and operates the retail lingerie business under the brand amanté, was acquired by Reliance Retail Ventures Limited, a subsidiary of the Ambani-owned Reliance Industries. The amanté business, which was established by MAS in 2007/8, engages in the retail and wholesale distribution of premium […]
eChannelling Q3 financial performance sets foundation for growth: Records 116-pct growth YOY
eChannelling PLC, the largest Channelling Network in Sri Lanka and a subsidiary of SLT-MOBITEL, is gearing towards a quantum leap with acquisitions, expansion plans, partnerships and product innovation to further uplift the nation’s digital lifestyle experience. Supporting this trajectory is eChannelling’s strong Q3 performance, forming a firm foundation for its strategic relaunch and future growth. […]
Central Bank expects inflation to remain high at around 8-9% in next few months
Sri Lanka’s Central Bank expects inflation to remain high at around 8-9% in the next few months, before gradually reverting to the desired 4-6% level thereafter. Releasing the ‘Recent Economic Developments’ report, the Central Bank said that the upward adjustments in retail market prices of some commodities, mainly driven by supply side factors and increased […]
CBSL expects reserves to remain around USD 3.5bn by end 2021; USD 4bn on average in 2022
Sri Lanka’s Central Bank expects gross official reserves to remain at around USD 3.5 bn at the end of 2021, and around USD 4.0 bn on average in 2022. Releasing the ‘Recent Economic Developments’ report, the Central Bank said that it expects financial flows to strengthen in the period ahead with the envisaged inflows in […]
Teejay Lanka consolidates in Q2 to post 6-month revenue of Rs 23.1Bn
Topline grows 71% on higher demand for fabric Net profit improves by 59% to Rs 954.1 million for 1H Teejay Lanka PLC has built on its robust first quarter performance in Q2 of 2021-22, helped by strong demand for fabric from strategic customers due to the changing dynamics of the global market, increased capacities and […]
Hemas Group revenue up 19.8-pct over last year
Hemas Holdings PLC (HHL) delivered a strong first half amidst a challenging operating environment with half of the second quarter being under island wide lockdown. The cumulative Group revenue stood at Rs.36.2 billion, an increase of 19.8 per cent over last year. During the quarter under review, an unprecedented level of input cost inflation and […]
Sri Lanka to introduce incentive package for migrant workers with various benefits
Sri Lanka to introduce an incentive package for migrant workers, which includes pension/superannuation benefits, accident/life insurance benefits, banking facilities including low-interest loans for housing and/or self-employment on return to Sri Lanka, and enhanced duty-free concessions. The Central Bank said they are currently working in collaboration in this regard, with the Ministry of Labour, State Ministry […]
PwC evaluates potential economic impact of Port City Colombo
PwC, on Tuesday, presented their latest assessment of the Port City’s economic impact to the Economic Commission. The assessment evaluates the potential impact of the Port City Colombo across five key macroeconomic variables: Employment, Gross Domestic Product, Foreign Direct Investment, Balance of Payments, and Government Revenue. Having initiated the original report in early 2020, the […]