Category: Economy and Markets
Resus Energy connects first of its ground-mounted Solar PV power plants to national grid
Diversifying its portfolio, Resus Energy PLC, a forerunner in renewable energy, operating a number of mini-hydropower stations in Sri Lanka, recently connected the first of its ground-mounted Solar PV plants to the national grid. The development rights were secured from a government tender floated under the Sooriya Balasangramaya programme to procure 60 x 1MW Solar […]
I ask you to be confident; ongoing negotiations will produce results soon: CBSL Governor
Governor of Sri Lanka’s Central Bank, Professor W D Lakshman requests people to be confident as ongoing negotiations with overseas agencies will produce results within one and a half months time. Speaking to journalists in Colombo yesterday (12), the Governor emphasized that in spite of the doomsday predictions, they will continue to maintain the country’s […]
Sri Lanka official reserves down to USD4.8bn by end January; YTD rupee depreciation 4.2-pct
Sri Lanka’s official reserves were 4.8 billion US dollars (USD 4,814.6mn) by the end of January 2021, down from 5.7 billion US dollars in December last year, the latest Central Bank data showed. By the end of January, the foreign currency reserves were 4,343.9 million dollars while the reserve position in the IMF was 69.0 […]
Hemas reasserts its agility with a strong quarter performance
Hemas Holdings PLC (HHL) delivered another strong quarter of results driven by its commitment to serve its customers in the core segments, Home and Personal Care (HPC) and Healthcare amidst the outbreak of the second wave of COVID-19 pandemic and the resultant localised lockdowns within the Western Province and suburbs. Continued focus on working capital […]
SEC and CSE meet with Stockbrokers to discuss current status of stock market
The Securities and Exchange Commission of Sri Lanka together with the Colombo Stock Exchange on Thursday held a discussion with the stockbroker firms on the current status of the stock market. Full statement issued by SEC The Securities and Exchange Commission of Sri Lanka (SEC) together with the Colombo Stock Exchange (CSE) met the CEO’s […]
Eco-Spindles breaks ground on new polyester yarn facility
Aims to double polyester yarn production by 2022 2,300 tonnes of waste plastic bottles recycled in 2019/20 Targeting export demand for recycled polyester fabrics Pioneering Sri Lankan plastic bottle recycler and manufacturer of polyester yarn and monofilaments, Eco-Spindles (Pvt.) Ltd commenced Phase 2 of its expansion strategy to add 20,000 sq.ft of production space […]
SLT Group’s operating profit for 4Q 2020 grew by 27-pct, revenue recorded at Rs. 24Bn
Sri Lanka Telecom PLC (SLT) Group concluded financial year 2020 on a high note, with a significant 25% YoY growth in profit after tax to Rs. 7.9 Bn, despite many challenges faced by the Group arising from the COVID-19 pandemic. Group revenue climbed to Rs. 91.1 Bn for the year with a 6% YoY growth, […]
People trust robots more than themselves with money
Research shows growing confidence among consumers and business leaders that robots handle finance tasks better than people 2020 has changed our relationship with money and people now trust robots more than themselves to manage their finances, according to a new study by Oracle and personal finance expert Farnoosh Torabi. The study of more than 9,000 […]
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Fitch Ratings has assigned Hatton National Bank PLC’s (HNB, AA-(lka)/Stable) proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘A(EXP)(lka)’. The notes will total LKR7 billion, mature in 10 years and include a non-viability clause. The bank plans to use the proceeds to refinance the debentures maturing in 2021, to […]
Sampath Bank partners with John Keells Properties’ TRI-ZEN on Home Financing Solutions
Sampath Bank entered into a strategic alliance with TRI-ZEN, a premium smart living project being developed in Union Place, Colombo by John Keells Properties in partnership with Indra Traders that shares the Bank’s penchant for innovation. Building on its longstanding relationship with the John Keells Group and Indra Traders, Sampath Bank seeks to partner with […]
Driving growth-bridging deficits – outlook 2021 report of Ceylon Chamber
The Ceylon Chamber of Commerce launched its annual Outlook Report for 2021, at the Economy and Sector Review and Outlook 2021 webinar recently. The Outlook 2021 report published by the Economic Intelligence Unit (EIU) of the Ceylon Chamber of Commerce (CCC) explores the macroeconomic and sector outlook for the year ahead. The theme for the report […]
Sri Lanka on positive and steady path for economic recovery, says Cabraal
Feb 08, 2021 (LBO) – State Minister of Finance, Capital Markets, and State Enterprise Reforms Ajith Nivard Cabral says Sri Lanka is on track now to enacting an effective economic recovery to swiftly close the gap between pre and post-COVID-19 output losses. He says the island’s growth prospects are now positive, underscored by a stabilizing currency and sound debt […]