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Mahindra bets big on Sri Lanka
Mahindra & Mahindra Ltd., a part of the US $20.7 billion Mahindra Group, emphasized the importance of Srilanka as a key strategic growth market in the company’s overall global growth strategy. With the recent inauguration of its 1st automotive assembly plant, the company is now fully equipped to deliver products customised to local needs, on […]
Mangala calls Mahinda to a public debate on debt status
Oct 04, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera called on former President Mahinda Rajapaksa to enter into a public debate on the true status of the national debt. Samaraweera addressing media on Thursday assured the island’s economy is now stable because of sound fiscal policies introduced over the past few years by […]
First Capital anticipates Sri Lanka ASPI to reach 6,000 by Dec 2019 & 6,500 by Jun 2020
Oct 04, 2019 (LBO) – First Capital Research expects the equity market to adopt an upward trajectory over the next 12 months as they expect the ASPI to reach the next stage of the market cycle “Hope” stage and the Optimism stage. With the expected uptrend, the research firm targets ASPI to reach 6,000 by […]
Daniel Alphonsus replaces Deshal de Mel as Advisor to Finance Minister
October 3, 2019 (LBO) – Finance Minster of Sri Lanka Mangala Samaraweera, speaking at a press conference on the management of the country’s debt situation, today announced that Daniel Alphonsus has replaced economist Deshal de Mel as Advisor to the Finance Minister. Alphonsus has a B.A. in philosophy, politics, and economics from Balliol College, Oxford […]
UK announces a further £10m of funding for stability projects
Minister of State for the Commonwealth, UN and South Asia and Prime Minister’s Special Representative on Preventing Sexual Violence in Conflict, Lord (Tariq) Ahmad of Wimbledon visited Sri Lanka on 1-2 October. At the same time, the UK announced over £10m of new funding to support long-term stability in Sri Lanka. The UK support will […]
Sampath Bank among the top 10 Most Respected Entities in Sri Lanka
Sampath Bank, the growing force in Sri Lanka’s financial services recently appeared in the 15th annual edition of the Most Respected – a survey and publication commissioned and conceptualized by LMD and conducted by Nielsen. Sampath Bank was named to be among the top 10 most respected entities in Sri Lanka, making it to the […]
‘s office tower to open in Q1 2020
Oct 03, 2019 (LBO) – John Keells Properties announced that Cinnamon Life projects office tower complex will officially open for business in early 2020. In May the real estate developer announced the completion of structural work on all towers of its skyline-transforming development with the office tower the first to be ready for occupation. Cinnamon […]
HNB recognised as Sri Lanka’s strongest bank by Asian Banker
Oct 03, 2019 (LBO) – Hatto National Bank was recognized as Sri Lanka’s strongest bank by balance sheet evaluation by the Asian Banker Magazine. “There are a multiplicity of metrics which professionals utilize to gauge the success of a bank, because business is about numbers, but it is also about trust, ” Jonathan Alles, managing […]
Access Engineering buys warehouse -logistics firm for Rs.925Mn
Oct 03, 2019 (LBO) – Access Engineering PLC has bought 100 percent stake of WUS Logistics Ltd. The shares were bought at for 925 million rupees, the company said in a stock exchange filing. “W.U.S. Logistics owns a land of 41.5 acres in Kimbulapitiya to be used for warehousing purposes,” it added.
Sri Lanka tea prices down in first nine months of 2019
Oct 03, 2019 (LBO) – All elevations show a negative variance January-September 2019 compared with January-September 2018 and high growns show the largest deficit of Rs. 63.37 YOY, a report shows. National average for the month of September 2019 totalled Rs. 511.31 compared with Rs. 506.86 of August 2019 showing a marginal increase of Rs. 04.42 month […]