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Sri Lanka’s first national SME study calls for apex Commission & licensing agency
Sri Lanka’s first ever nation-wide study on the country’s SMEs recommend an apex SME Advisory Commission integrating the three top national SME institutions under one roof. It also recommends Sri Lanka’s first ever SME Industrial Zone, a national SME portal ‘e-platform’, and an SME-only licensing agency on the lines of BoI. “I wish to thank […]
Ambassador Gunasekera pays farewell calls on dignitaries of Korean government
On completion of tenure as the Ambassador of Sri Lanka to the Republic of Korea, Ambassador Manisha Gunasekera paid farewell calls on high level dignitaries of the Korean Government prior to her departure from Seoul. The Ambassador paid a farewell call on the first Vice Minister of Foreign Affairs Cho Hyun at the Korean Ministry […]
Sri Lanka introduces Business to Consumer direct transaction under E-commerce
Oct 22, 2018 (LBO) – Sri Lanka’s Finance Ministry as envisaged in the Budget-2018 has established a regulatory framework enabling the Sri Lankan companies to initiate Business to Consumer (B2C) direct E-Commerce transactions with overseas customers.Sri Lankan Customers do enjoy this B2C e-commerce facility via E-bay and other trading platforms but not vice versa.Accordingly, hereafter […]
Finance Ministry justifies divestiture of Hyatt and Hilton Hotels
Oct 22, 2018 (LBO) – Sri Lanka’s Finance Ministry on Monday justifying the divestiture of Hyatt and Hilton Hotels said the decision was taken by the Cabinet and proposed in several budget speeches. The ministry further stated that independent financial advisers Lazard and MTI through their global offices have already begun to reach out to […]
Status of BOI Director General Duminda Ariyasinghe still uncertain
October 22, 2018 (LBO) – The status of the Board of Investment’s Director General (DG) Duminda Ariyasinghe remains uncertain. Last week the BOI had rejected reports that he had tendered his resignation. Other sources have said that he has been dismissed by the appointing authority, President Maithripala Sirisena. There has still been no official word […]
Adam Investments (AINV) warned of CSE trading suspension from October 29th
October 22, 2018 (LBO) – The Colombo Stock Exchange (CSE) has notified the marketplace of an enforcement action against listed Adam Investments (AINV). “Trading of securities of the following company, which is on the watch list, will be suspended with effect from 29th October 2018 in terms of Rule 7.5 (d) (l) (9) of the […]
MTD Walkers Executive Deputy Chair Jehan Amaratunga resigns from Peoples Bank board
October 20, 2018 (LBO) – Newsfirst is reporting that Jehan Amaratunga has resigned from the board of Peoples Bank. His resignation as reported by Newsfirst, although handed over on October 18th, is said to be effective August 31, 2018. Amaratunga, Executive Deputy Chairman of CSE listed MTD Walkers (KAPI), has been a subject of controversy […]
‘s request – Hemasiri Fernando
October 20, 2018 (LBO) – Hemasiri Fernando, Chairman of Peoples Bank, has said that he and the rest of the board of directors of People’s Bank are ready to offer their resignations as per the Presidents request. In a call broadcast on Newsfirst, Fernando stated that the President has requested the respective line ministers to […]
September quarterly results for Industrial Asphalts (ASPH), Tea Smallholder Factories (TSML)
October 20, 2018 (LBO) – The first quarterly results posted by CSE listed companies for the September quarter have been by Industrial Asphalts (ASPH) and Tea Smallholder Factories PLC (TSML).ASPH saw a 220% increase year over year in revenue for the quarter, however despite this increase the company reported close to breakeven earnings. ASPH controlling […]
Foreign outflows from stocks/bonds Rs7.6bn/week, $ 1bn loan from China to prop reserves
October 20, 2018 (LBO) – Net foreign outflows from Sri Lanka’s stock/bond markets continued at a brisk pace this past week.The government securities market saw outflows of Rs5.3bn, while the stock market saw outflows of Rs2.3bn for the week. Stock market outflows were exacerbated by a Rs1.4bn foreign sale of Singer Sri Lanka (SINS).Year to […]