Category: Companies
ComBank Group navigates devaluation impact in complex Q1 performance
Total assets cross Rs 2 Tn., first private sector bank to achieve the milestone Mainly influenced by Rupee devaluation, loan book grows by Rs 133 Bn., deposits by Rs 234 Bn. in 3 months 3-month net operating income up 66% to Rs 28.3 Bn. Posts other operating income of Rs 11.3 Bn. primarily from realized […]
Sri Lanka’s trade deficit widens in Feb 2022 despite above USD 1Bn of export earnings
The momentum of export earnings continued with over US dollars 1.0 billion for the ninth consecutive month in February 2022. Meanwhile, import expenditure also increased substantially in February 2022, year-on-year, while recording a decline, compared to the previous month. The trade deficit widened, compared to year before. Tourist arrivals showed a notable recovery in February […]
Serious concerns of current crisis as outlined by Sri Lanka Shippers’ Council
The Sri Lanka Shippers’ Council expresses its grave concern at the violence unleashed on peaceful protestors in Colombo on 9th May 2022. While recognizing the right for peaceful protest, we condemn all forms of violence which took place on 9th May 2022 and reiterate that it should be dealt with by the law of the […]
Joint Chambers call for appointment of interim PM and cabinet
Joint Chambers together with Institute of Chartered Accountants of Sri Lanka call upon the President to take immediate steps to appoint a competent person as the interim Prime Minister and a small Cabinet of Ministers to be appointed in consultation with the Prime Minister acceptable to all leading political parties represented in Parliament. This must […]
Commercial Bank appoints Sanath Manatunge as MD/CEO
Sellathurai Prabagar appointed new COO in smooth succession at country’s top private sector bank The Commercial Bank of Ceylon PLC has announced the appointment of Chief Operating Officer Mr Sanath Manatunge as Managing Director and CEO effective 12th May 2022, and the concurrent appointment of Mr Sellathurai Prabagar as Chief Operating Officer to fill the […]
Uncovering the human element in ESG at Kelani Valley Plantations;Report
The challenge of driving meaningful progress in Environmental, Social and Governance (ESG) standards hinges on people more than it does processes or policies. That is why organisations that can understand the human element in driving change tend to set the pace in their respective industries. As a true pioneer among Sri Lanka’s Regional Plantation Companies […]
New payment terms related to importation of goods gazetted
Regulations have been promulgated under the Imports and Exports Control Act, No. 01 of 1969 and published in the Gazette No. 2278/21 dated 6th May 2022 to regulate selected payment terms related to importation of goods with a view to curb opportunities for under-invoicing at the time of Customs clearance of imported goods. As per […]
“Export outlook dims amidst economic challenges” latest CCC-USAID export barometer survey says
Findings from the latest bi-annual Export Barometer Survey indicate that exporters are losing confidence in the industry’s outlook, as firms face mounting challenges posed by increasing local and global economic risks. This survey was conducted by the Ceylon Chamber of Commerce (CCC) and the United States Agency for International Development (USAID)’s Partnership for Accelerating Results […]
Luminex Limited announces upcoming IPO
Luminex Limited has announced their plans for a LKR 250 Million initial Public Offering (IPO) of 31,250,000 ordinary shares at LKR. 8/- per share commencing on the 12th of May 2022. The issue amounts to a 11.52% stake of the company subsequent to the IPO. The amount of LKR 250Mn raised from the IPO will […]
Some Sri Lankan Corporates More Affected by Stressed Environment: Fitch Ratings
Some rated Sri Lankan corporates are more affected by the challenging macroeconomic environment stemming from the Sri Lanka sovereign’s distressed credit profile, Fitch Ratings says. Fitch in April downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’. The Long-Term Local-Currency IDR was affirmed at ‘CCC’. Sri Lankan corporates are grappling with rising costs […]
European Union gives Rs.60Mn in grants to support small tourism businesses
The Delegation of the European Union in Sri Lanka (EU) and the Sri Lanka Tourism Development Authority (SLTDA) awarded the first three grants – worth 1 million rupees each – to small tourism enterprises to help them accelerate their post COVID recovery and build a stronger base for growth as tourists start returning to the […]
Xebiro developing European tech in London, Colombo, and Jaffna
By Jekhan Aruliah COVID-19 lockdowns and remote working The COVID-19 pandemic, which had a devastating impact on health and on economies, is having a revolutionary impact on working and learning. Schools and universities were shoved unready from in-class to distance learning. Young people looking forward to a few years of unsupervised love and unhealthy food […]