Category: Companies
Sri Lanka needs price formula to avert future energy crisis
Regional fuel prices are significantly higher than Sri Lanka Sri Lanka pitches into darkness and its people form lines at fuel stations due to the ongoing energy crisis. Fuel, which is the single largest import accounting for 18% of the country’s total import expenditure, cost an alarming USD 3.7 billion in 2021. Since the actual […]
Ceylon Chamber launches outlook 2022 report; ‘Road to recovery: Overcoming challenges’
The Ceylon Chamber of Commerce (CCC) recently launched the 7th edition of its flagship annual Outlook Report for 2022 at the Economic Outlook 2022 webinar. Titled ‘Road to Recovery: Overcoming Challenges’, the report covers key fundamentals of the global and local economic outlook, policy outlook, and private sector perspectives for the year 2022. This year’s […]
”’/Stable
Fitch Ratings has affirmed the National Long-Term Rating of Sri Lanka based telecom company Dialog Axiata PLC at ‘AAA(lka)’. The Outlook is Stable.
Opinion: Role of divestments in overcoming present economic challenges
By Imesha Dissanayake The Government of Sri Lanka (GoSL) has very ambitious plans for the country’s economic transformation including an economic growth expectation of more than 6% during five-year period of 2022-2027. The national budget announced in 2022, forecasts public investments to be at 5.1% of GDP. A similar figure was announced during the last […]
Pan Asia Bank records post tax profit of Rs.3Bn for the year 2021, up by 50-pct; 4Q profits cross Rs.1Bn for first time
Pan Asia Banking Corporation PLC reported a remarkable performance for the year 2021 to report a Pre-Tax Profit of Rs. 4,034 million and a Post-Tax Profit of Rs.3,075 million with growth rates of 42% and 50% respectively, while demonstrating the resilience amidst challenging macroeconomic conditions. The Bank’s performance was characterised by strength and resilience, despite […]
Resus Energy connects 8th mini-hydropower station to national grid : capacity 2.4MW
Resus Energy PLC, a forerunner in renewable energy, operating a number of small hydropower and ground mounted solar PV stations in Sri Lanka, recently connected its eighth small hydropower station to the national grid. Fed by the Madulla Oya, a main tributary of Uma Oya, and built with state-of-the-art equipment at a cost of over […]
Time for home-grown solutions is over; Seek international support immediately: Harsha
The country is in complete disarray today. Fuel is rationed at pumps, daily power cuts across the island, shortage of dollars to import essentials including medicine, food is to be rationed next, a current Parliamentarian and former Minister said. “Collapse is imminent if we continue to go this way, it is almost similar to a […]
HNB Group profit after tax increased to Rs.20Bn, up 47-pct YoY
Hatton National Bank PLC (HNB) solidified its position as one of the most sustainable and strongest banks recording a well-rounded performance in 2021. Group Profit After Tax (PAT) increased to Rs 20 Bn, representing a growth of 47% YoY while Bank PAT improved to Rs 17.3 Bn as economic activity picked up during the year. […]
Re-exportation of final 45 containers of waste material
Under the BASEL Convention, it is a direct violation to import waste between two countries, and as a result, under the initiative of the Central Environmental Authority and the Sri Lanka Customs, action has been taken to re-export the remaining 45 containers containing waste material to the UK today, the 21st of February 2022. The […]
CSE enables local corporates to raise foreign currency denominated capital
The Colombo Stock Exchange (CSE) has enabled local entities incorporated or established in Sri Lanka to issue and list foreign currency denominated shares in the main market segment (Diri Savi and Main Boards) of the CSE. This new financing option for local companies is a result of the new strategic plan the CSE launched in […]
ADB-ADBI launch innovation and structural transformation database
The new Asian Development Bank (ADB)-Asian Development Bank Institute (ADBI) Innovation and Structural Transformation Database provides a valuable, one-stop platform for analyzing trade-driven growth and economic development in Asia and will be introduced during a launch webinar on 22 February. The database contains a wide variety of trade, supply chain, and capital indicators critical to the innovative growth and […]
Diaspora investment in Mullaitivu, Mullai Milk Processing Industries
By Jekhan Aruliah Mr S.Thavaseelan, known as Seelan, was born in Kayts a town at the Northern end of Jaffna’s Velanai Island. His father, who delivered letters for the Ceylon Post Office, died when Seelan was 4 years old. He left the young family with a government pension which his mother supplemented doing other jobs. […]