Category: Economy and Markets
Fitch Ratings no longer provides ratings or analytical coverage of Ceat Kelani Holdings
The international credit rating agency, Fitch Ratings said that they no longer provide ratings or analytical coverage of Ceat Kelani Holdings. In a response to the publication of the private rating letter by Kelani Tyres PLC on 26 March 2021, the rating agency said that the previous rating was expired on 1 March 2021. Fitch […]
South Asian economies bounce back but face fragile recovery: World Bank
Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery. But growth is uneven and economic activity well below pre-COVID-19 estimates, as many […]
Vietnam to support investment and trade promotion in Sri Lanka
The newly appointed Ambassador of the Socialist Republic of Vietnam Ho Thi Thanh Truc to Sri Lanka presented her credentials to President Gotabaya Rajapaksa at the Presidential Palace yesterday (30). President Rajapaksa and the new Vietnamese Ambassador thereafter exchanged views on the current status of bilateral relations and the development of future cooperation between the […]
US-based Blackstone Group acquires 56.5-pct of Piramal Glass
US-based private equity major Blackstone Group has acquired a 56.5 percent stake of Piramal Glass Ceylon PLC. The acquisition price implies a total enterprise value of 13.9 billion rupees for the target company. Asia Securities Advisors (Pvt) Ltd. acted as the buy-side advisor and Asia Securities (Pvt) Ltd acted as the executing stockbroker to the […]
Dialog Axiata’s Genie reaches Rs.10Bn worth transactions by 2021
Powered by Dialog Axiata PLC (“Dialog”), Genie, Sri Lanka’s first PCI-DSS-certified payment app has cemented a major milestone moment on its journey in establishing itself as the biggest payment processing network in Sri Lanka through the achievement of over Rs. 10 billion worth transactions. With more and more customers falling reliant on smart devices, Genie […]
CEAT Kelani announces 125-pct increase truck bus radial tyre production
Phase 1 to see production increase of 65% Phase 2 to increase capacity by 125% by June CEAT Kelani Holdings has announced another significant increase in production that will more than double the number of Truck Bus Radial (TBR) tyres reaching the domestic market by June this year, further supporting the national effort to reduce […]
CBL Investments Limited wins ‘Best Corporate Citizen Sustainability Award 2020’
CBL Investments Limited (CBL Group) won the coveted ‘Best Corporate Citizen Sustainability Awards 2020 (BCCS Awards)’ at an annual event organized by the Ceylon Chamber of Commerce, the country’s premier business chamber to recognise sustainable champions of the local corporate world, while Aitken Spence PLC and Commercial Bank of Ceylon PLC became the first and […]
Sri Lanka vehicle registrations marginally up in Jan 2021
Total Vehicle registrations recorded 3,558 units in Feb marginally up from 3,256 units in Jan but significantly down from 31,402 units 12 months ago, a new report shows. “The main contributor for the increase was a higher number of hand tractors, a category that is not under an import ban and an uptick from locally […]
Project Company welcomes Cabinet approval to establish SEZ at Port City
The approval was granted at the cabinet meeting held on the 04th January 2021 to establish the Colombo Port City Special Economic Zone which will be an International business and services hub with specialized infrastructure facilities. Port City investor company, CHEC Port City Colombo (Pvt) Ltd. welcomes the Government’s move and expects this initiative will […]
Governors and District Sec are responsible for regional development process: President
President Gotabaya Rajapaksa emphasizes that the Governors and District Secretaries should take the lead in the regional development process. It is the objective of the Government to see that the people from the villages reap the benefits of development expeditiously. He says that this process could not be delayed under any circumstance and that the […]
Sri Lankan economy is steadily progressing as displayed in latest economic indicators: CBSL
Sri Lanka’s Central Bank says that the economy is steadily progressing as displayed in the latest economic indicators even though the second wave of COVID 19 posed a setback. Releasing a slideshow with the latest economic indicators, the Bank said that enhanced foreign exchange earnings and increased investment inflows are expected to assist Sri Lanka […]
EFL 3PL becomes first GDP Certified 3PL Service Provider for its pharmaceutical supply chain
EFL 3PL, a member of the leading conglomerate Expolanka Holdings PLC, was certified by Bureau Veritas as a ‘GDP certified 3PL service provider’ for its pharmaceutical supply chain, thereby making them the first logistics company in Sri Lanka to obtain this certification. This internationally reputed certification cements the company’s new focus on expanding its pharma […]