Category: Economy and Markets
Ceylon Chamber of Commerce marks 182 years
Governor Stewart Mackenzie, initiated the establishing of the Ceylon Chamber of Commerce on 25 March 1839, for the purpose of best promoting the interests of commerce. It was among the first group of chambers established in Asia at the time. Governor Mackenzie who was deeply interested in promoting Agriculture and Trade adopted the rules and […]
SLTDA approves Bolagala floating agro tourism resort in Katana
Bolagala Floating Agro Tourism Resort in Katana located close to the Negombo tourism hub will be the newest addition to the inventory of unique experiences for tourists visiting Sri Lanka. This is the first-ever floating resort in Sri Lanka created adopting an agro-tourism theme consists of 50 floating cabanas, including 10 GPS tracker equipped cabanas that could […]
”; Outlook stable
Fitch Ratings has affirmed Sri Lanka-based consumer-durable retailer Abans PLC’s National Long-Term Rating at ‘AA(lka)’. The Outlook is Stable. Fitch has simultaneously affirmed the ‘AA(lka)’ rating on Abans’ outstanding senior unsecured debentures and the ‘F1+(lka)’ National Short-Term Rating on its commercial paper. The affirmation reflects our expectations that the healthy performance of Abans’ core operations […]
Sri Lanka’s export earnings grew by 2.5-pct in February
Sri Lanka’s export earnings registered a growth of 2.52% with US$ 993.73 Mn in February, compared to the previous year, maintaining the growth momentum recorded during the last five months as per the provisional statistics released by Sri Lanka Customs. This is the highest export figure recorded for the month of February during the last […]
CEAT ups radial production by 72,000, exceeding half a million tyres per year
CEAT Kelani Holdings has announced that it has increased production of Passenger Car Radial (PCR/Van) tyres by 72,000 tyres a year, adding 16 per cent to its annual capacity in this category, as part of its expansion plan to support government efforts to conserve foreign exchange through domestic production. This first phase of the planned […]
Central Bank increases maximum compensation under deposit insurance scheme by Rs.500,000
The Monetary Board of the Central Bank has decided to increase the maximum compensation payment under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) from Rs.600,000 to Rs.1,100,000, by Rs.500,000. This decision has been taken to provide further relief to the depositors of financial institutions regulated by CBSL in the event of a […]
Increasing production and income only answer to cost of living problem: President
“The only answer to the problem of cost of living is to increase production and income received by the people. Price of imported goods is determined by the world market forces. Their prices could only be regulated by reducing taxes. 17 crops that could be grown locally were identified and they have been barred from […]
Central Bank informs banks to suspend the purchase of Sri Lanka ISBs until 09 April 2021
The Central Bank has informed licensed commercial banks and National Savings Bank to suspend the purchase of Sri Lanka International Sovereign Bonds with effect from 23 March 2021 until 09 April 2021. The decision has been taken to ease the pressure on the exchange rate and considering the substantial amount of potential outflow of foreign […]
Kingslake to support GRI’s next phase of growth: Increase rubber exports
Global Rubber Industries (Pvt) Ltd. has partnered with Kingslake, Sri Lanka’s manufacturing solutions experts, to lay the foundation for its next phase of growth. By leveraging Kingslake’s Advanced Planning and Scheduling (APS) solutions, the country’s leading manufacturer of specialized tires hopes to make a significant contribution to the rubber industry, a key export of the […]
‘s Dialog Axiata at AAA(lka); outlook stable
Fitch Ratings has affirmed the National Long-Term Rating on Sri Lanka-based telecoms company Dialog Axiata PLC at ‘AAA(lka)’. The Outlook is Stable. KEY RATING DRIVERS Mobile-Market Leader: Dialog’s Standalone Credit Profile (SCP) of ‘aaa(lka)’ is underpinned by its market leadership in the expanding mobile and pay-TV segments. We believe Dialog will continue to gain revenue […]
Web development trends that will dominate in 2021.
As consumer demands change with the times, the digital pathways we embark on also evolve to accommodate these shifting needs. Web development has been at the forefront of establishing powerful digital presences that make many experiences possible at one’s fingertips. From shopping to research, much is possible. Therefore, it makes sense to understand the technologies […]
‘s official reserves down to USD 4.5bn by end Feb; YTD rupee depreciation 5.2-pct
Sri Lanka’s official reserves were 4.5 billion US dollars (USD 4,555.7mn) by the end of February, down from 4.8 billion US dollars in January, the latest Central Bank data showed. By the end of February, the foreign currency reserves were 4,097.3 million dollars while the reserve position in the IMF was 69.2 million dollars. Special […]