Category: Economy and Markets
Panasian Power commissions solar power project worth Rs. 420Mn
Panasian Power PLC (PAP), a dynamic Sri Lankan renewable energy solutions organisation and a leading supplier of renewable energy to the national grid recently commissioned a 3 MW ground solar plant in Matara, worth a total investment of LKR 420 million. Panasian Power is the equity investor and led all aspects of the construction including […]
ACL Cables launches its own online sales channel to personalize customer experience
Sri Lanka’s leading cable manufacturer, ACL Cables PLC launched its own e-commerce platform designed to help customers personalize their buying experience. The “ACL shop online” e-commerce platform can be accessed through the ACL corporate website www.acl.lk or through the direct link www.acl.lk/shoponline. This paves way for the company to reach its customers more conveniently and […]
Comm Bank Group’s operating income up 13.3-pct: Total assets grow 25-pct
Strong asset and other income growth combined with an emphasis on prudent provisioning in one of the most challenging years on record, have enabled the Commercial Bank of Ceylon Group (ComBank) to end 2020 on a stable platform for growth, with better liquidity than most peers and adequate provision cover. The Group, comprising of Sri […]
Spotify Launches in Sri Lanka
Spotify, the world’s most popular audio streaming subscription service, officially launches today in Bangladesh, Pakistan and Sri Lanka, offering a revolutionary music experience tuned to your personal taste. With a worldwide community of more than 345 million monthly active listeners including 155 million Premium subscribers, Spotify will offer a personalized listening experience for local and […]
Export proceeds repatriation & conversion not uncommon in other regional economies: CBSL
Sri Lanka’s Central Bank says that the repatriation and conversion requirements related to export proceeds are not uncommon in other regional economies, which have displayed strong export performance. Releasing a statement, Central Bank emphasized that in fact, the requirements are more stringent in numerous aspects in these countries. Full Statement Repatriation and Conversion of Export […]
Sri Lanka January inflation at 3.7-pct
The overall rate of inflation as measured by NCPI on Year-on-Year basis is 3.7 percent in January 2021 and inflation calculated for December 2020 was 4.6 percent. Year-on-Year inflation of both food group and non food group have decreased from 7.5 percent in December 2020 to 5.9 percent in January 2021 and from 2.2 percent […]
Economy at a glance for 2020:Double whammy blow
Highlights ICRA Lanka estimates Sri Lanka’s GDP growth rate in 2020 to be -4%. In addition, our estimates indicate industry, services, and agricultural sectors to have contracted by 7.3%, 1.7% and 1.3% respectively. By mid-March the COVID crisis took center stage and the CBSL implemented a series of policy rate cuts further bringing the short-term […]
Ceylinco Life records income of Rs 36.98 billion in 2020
Ceylinco Life has achieved consolidated income of Rs 36.98 billion for FY 2020, demonstrating the Company’s ability to grow business volumes and investment returns even in the most challenging conditions. This top line growth of 15.2 per cent was made possible by Gross Written Premium Income of Rs 22.07 billion for the 12 months ending […]
Trade Finance and Investments amalgamates into Commercial Credit and Finance PLC
Trade Finance and Investments PLC (TFI), a financial service providerhas been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF). The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on 09 […]
Responsive web and app design: new trends on the horizon, in 2021.
Although software development in Sri Lanka started out as an offshoring destination for IT services, this has long since moved from being just a niche operation that only serves to reduce labour costs for international clientele. With leverage from leading cloud support services, the country’s IT landscape has evolved to deliver more than just application […]
Veemansa policy development & advocacy group to discuss debt sustainability of Sri Lanka
Veemansa Initiative a newly launched, Sri Lanka based, policy development and advocacy group promoting dialogue on sustainable and inclusive development will be hosting a webinar on ‘External debt situation in Sri Lanka; Are we heading for a resolution or crisis?’ on 24th February 2021 at 10 am. The discussion will be aired through multiple social […]
Central Bank updates rules for export proceeds & conversion of them into Sri Lanka Rupees
The Monetary Board of Sri Lanka’s Central Bank has issued rules as published in the Gazette Extraordinary No. 2215/39 in respect of receipt of export proceeds into Sri Lanka and conversion of such export proceeds into Sri Lanka Rupees. Accordingly, following Rules are imposed with effect from 18 February 2021 until further notice. Every exporter […]