Category: Economy and Markets
Widespread informality likely to slow recovery from COVID-19 in developing economies
A strikingly large percentage of workers and firms operate outside the line of sight of governments in emerging market and developing economies (EMDEs)—a challenge that is likely to hold back the recovery in these economies unless governments adopt a comprehensive set of policies to address the drawbacks of the informal sector, a new World Bank […]
Prime Residencies IPO oversubscribed on opening day
Following the debut of Prime Lands Residencies’ Initial Public Offering (IPO) yesterday (11), the company’s oversubscription forecasts proved to be true as the initial 100 million shares were purchased in record time. The Board of Directors have decided to exercise the option to issue up to a maximum of a further 87.5 million shares as […]
Sri Lanka secures USD 500Mn concessional financing from Republic of Korea
In order to further strengthen the economic cooperation between two countries, the Government of Republic of Korea has agreed to provide concessional loans from the Economic Development Cooperation Fund (EDCF) of the Export Import Bank of Korea (KEximbank). Accordingly, the Government of Republic of Korea and Government of Sri Lanka have agreed to sign a […]
Melstacorp Chairman Harry Jayawardena visits Colombo Port City
Leading businessman Harry Jayawardena of Melstacorp PLC was recently hosted at the Port City Colombo project development site by Executive Project Management Director, Raja Edirisuriya. Jayawardena, who has held many prestigious titles in his years of service to the country, was able to view first-hand the progress and impact of Port City Colombo on Sri […]
Sri Lanka’s gross official reserves estimated at USD 4.5bn at end April 2021
Sri Lanka’s official reserves were 4.5 billion US dollars (USD 4,476.5mn) by the end of April, up from 4.1 billion US dollars in March, the latest Central Bank data showed. By the end of April, the foreign currency reserves were 4,022.9 million dollars while the reserve position in the IMF was 68.7 million dollars. Special […]
Opinion:Today’s CFO is the protector of tomorrow’s business resilience
By Sherman Gunatillake With market uncertainty and disruptions across different business verticals christened as the ‘New Normal’, the chief financial officer (CFO) of the modern-day has many elements to balance across the business. In such a context, strengthening business resilience is a crucial responsibility that a CFO has on his agenda. But has a CFO’s […]
Rizing acquires attune Lanka from MAS Holdings
MAS Holdings announced today, that in line with its long-term strategic objectives, it has concluded the acquisition of its subsidiary attune Lanka (Private) Limited by Rizing. Rizing is a privately held, US-based boutique firm specializing in providing SAP solutions for Consumer Industries, Enterprise Asset Management and Human Capital Management worldwide. In 2018, MAS Holdings completed […]
”; Outlook stable
Fitch Ratings has affirmed Sri-Lanka based footwear and tire manufacturer and retailer DSI Samson Group (Private) Limited (DSG) at ‘AA(lka)’. The Outlook is Stable. The affirmation and Stable Outlook reflect Fitch’s belief that DSG will maintain sufficient liquidity and healthy operating performance in the next one to two years such that its leverage and fixed-charge […]
Prime Minister elected Chair of the Asian Development Bank Board of Governors
Prime Minister Mahinda Rajapaksa, who, as the Minister of Finance, serves as the Governor for Sri Lanka of the Asian Development Bank (ADB), was elected Chair of the ADB Board of Governors for the year 2021/2022 during the 54th Annual Meeting that was held virtually this afternoon. The annual meeting that was originally scheduled to […]
China backed Port City missing link for SL to become game changer; no threat to sovereignty
The Colombo Port City, one of Sri Lanka’s most significant projects with tremendous potential has to go forward in the right direction as a game-changer for the island and the proposed draft legislation is the missing link, a senior official said. Multiple petitions were filed in the Supreme Court last week by Opposition parties, civil […]
ComBank raises interest rate on ‘FC Plus’ foreign currency accounts to 4.5-pct per annum
The Commercial Bank of Ceylon has announced a significant increase in the interest rate offered to Sri Lankan Personal Foreign Currency (PFC) account holders, via the Bank’s ‘FC Plus’ account. Individuals who open an FC Plus foreign currency account at Commercial Bank will be eligible to receive an interest rate of 4.5% per annum for […]
Prime Lands Residencies Limited debuts IPO
Prime Lands Residencies Limited the condominium property arm of the of real estate artistry in Sri Lanka, Prime Group, recently debuted its Initial Public Offering (IPO) Proposition. Through the past 25 years of the Prime Group journey, this feat is certainly a remarkable milestone for both the company and the real estate industry of Sri […]