Category: Companies
IPS Proposals for the Interim Budget
Ahead of the presentation of the Interim Budget, the Institute of Policy Studies of Sri Lanka (IPS) has recommended policy proposals for inclusion in the forthcoming Budget. Some key policy issues and recommendations follow. Trade Policy Despite strict import controls, Sri Lanka’s trade deficit in merchandise goods widened in 2021. The slight increase was mainly […]
JKH records EBITDA of Rs.13.33 billion in Q1; Resilient performance despite macro challenges
Summarised below are the key operational and financial highlights of our performance during the quarter under review: • Group EBITDA recorded a significant improvement to Rs.13.33 billion during the quarter under review, which is an increase of 180 per cent against the comparative period of last year [2021/22 Q1: Rs.4.76 billion]. The first quarter of […]
Blockchain platform SORA announced launch XOR currency in Sri Lanka
XOR – a blockchain-based currency under SORA – a blockchain-platform that holds XOR (the currency code for the cryptocurrency SORA) announced the launch of the cryptocurrency in Sri Lanka in July 2022. SORA (XOR) isn’t owned by any single nation or individual, but belongs to all of its users, and is designed as a new […]
Invest to progress, not to regress: bridging the infrastructure gaps in Sri Lanka
By : Tiffahny Hoole and Janani Wanigaratne Sri Lanka is going through a crisis of a magnitude that has never been witnessed in its economic history. The country is in disarray as people wait in lines to purchase essentials. Official reserve assets have plummeted to a US Dollar 1920 1 million by May this year […]
Sri Lanka President steps down officially
Sri Lanka’s Parliamentary Speaker Mahinda Yapa Abeywardena said President Gotabaya Rajapaksa has officially stepped down from his post. He made the announcement speaking to reporters from his official residence, earlier on Friday. Abeywardena said as per Article 38 (1) of the constitution he received the letter of resignation of President Gotabaya Rajapaksa , on Friday […]
Fitch Ratings: Non-European emerging markets vulnerable to EU growth shock
A recession in Europe, which is becoming more likely, would increase external strains and growth challenges for some vulnerable non-European sovereigns, including several in north Africa and south Asia that have high export exposure to the EU, says Fitch Ratings. We forecast the eurozone economy to expand by 2.6% in 2022 and 2.1% in 2023, […]
Hemas Holdings set to enter Omani market: Foreign Ministry
Sri Lanka’s 72-year-old leading public quoted company Hemas Holdings PLC is set to enter the Omani market. Ambassador of Sri Lanka to the Sultanate of Oman Ameer Ajwad together with Hemas Senior Manager for International Business Promotion Kavindra Kasun Sigera met the Chairman of the Oman Chamber of Commerce and Industry (OCCI), Engr. Redha Juma […]
Aitken Spence expands renewable energy portfolio with solar
Aitken Spence PLC reiterates their commitment to local and global sustainable development goals by acquiring Sagasolar Power (Private) Ltd, from the major shareholder LOLC Group for Rs. 1.4 billion. Moreover, it is in line with Sri Lanka’s power and energy strategy to increase power generation from the renewable energy sector. This investment from Aitken Spence […]
Ceylon Chamber appeals to all parties to prevent violence on 9th July
Ceylon Chamber of Commerce notes that a number of political parties, professional associations and civil society organizations have called for mass protests on 9 th July. While clearly understanding the views of the general public and recognizing their freedom of speech and right to express views through public protests, CCC appeals to all parties to […]
SEC overhauls regulations; introduces a Code for Collective Investment Schemes
The Securities and Exchange Commission of Sri Lanka (SEC), the securities market regulator has prepared Rules pertaining to Market Institutions, Market Intermediaries and a Code for Collective Investment Schemes following the enactment of the new Securities and Exchange Commission Act No. 19 of 2021. These Rules which were made in terms of the powers vested in […]
Sri Lanka exports recorded 5-billion-dollar mark in five months
Earnings from the merchandise exports increased by 9.9 % y-o-y to US$ 980.2 Mn in May 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles, Coconut based products and Electrical & Electronic Components. Table 1: Merchandise Export Performance […]
‘s Cauvery and Mannar Basins from FTG and aeromagnetic data
Bell Geospace, the world leaders in gravity gradiometry, has conducted the first aerial mapping of petroleum resources in Sri Lanka in Q4 of 2021, and will be presenting these insights – together with Wintermoon Geophysics- at the prestigious SEAPEX (South East Asia Petroleum Exploration Society) Asia Pacific Conference in London on Thursday the 30th of […]