Category: Economy and Markets
DeepSphere.AI and 10QBIT announce partnership to promote Sri Lanka as AI innovation and talent hub
DeepSphere.AI, led by the esteemed AI expert Jothi Periasamy, and 10QBIT under the leadership of UK-based technopreneur Sanj Chandran, have announced a monumental partnership. Facilitated by the innovation ecosystem AQCELLOR, this alliance aims to position Sri Lanka as a leading hub for AI, R&D, and innovation. Sanj Chandran, Founder and CEO of 10QBIT, shares his […]
Amana Bank marks successful Rights Issue with ceremonial CSE market opening
Having carried out a successful Rights Issue with the objective of meeting the enhanced regulatory minimum capital, Amana Bank recently listed its Rights Issue shares on the Colombo Stock Exchange (CSE) which was marked by the ceremonial bell ringing to commence market trading. The occasion was graced by Amana Bank’s Chairman Asgi Akbarally, Managing Director/CEO […]
Headline inflation is expected to converge towards 5-pct level over medium term, says CBSL
Sri Lanka’s Central Bank says that the spillover effects of tax measures and other developments are likely to be muted due to subdued underlying demand pressures; hence, this rise in inflation is expected to be transitory. A one-off upward movement in inflation is expected in the near term, driven mainly by the changes to the […]
Monetary Policy Board further reduces policy interest rates by 1-pct
The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 23 November 2023, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00 per cent and 10.00 per cent, respectively. The Central […]
Distilleries’ Acquisition of Heineken Lanka May Challenge Lion Brewery Share: Fitch Ratings
Lion Brewery (Ceylon) PLC (AAA(lka)/Stable), the leader in Sri Lanka’s beer market, could face more competition in the medium term following Distilleries Company of Sri Lanka PLC’s (DIST; AAA(lka)/Stable) decision to acquire beer producer Heineken Lanka Limited, Fitch Ratings says. The full statement is reproduced below. Heineken is a distant second in Sri Lanka’s beer […]
HEINEKEN signs agreement with Distilleries Company of Sri Lanka
Heineken International B.V. (HEINEKEN) has signed an agreement with Distilleries Company of Sri Lanka PLC (DCSL) today. DCSL is a Public Limited Liability Company and is listed on the Colombo Stock Exchange (CSE). Under this agreement, HEINEKEN will sell all its shares in HEINEKEN Lanka Limited to DCSL and agree to Trademark Licence Agreements for […]
”s Unveiling Critique of Budget 2024
● Blatant violation of the Fiscal Management Responsibility Act in Budget 2024, with budget deficit exceeding 5%. ● Staggering increase in poverty affecting 3 to 7 million people, highlighting a critical issue overlooked in the budget. ● Critique of the government’s “Oxymoron” economic approach and the absence of a comprehensive plan for making Sri Lanka […]
VAT exemptions will be limited to health, education & few essential foods: Deloitte Sri Lanka budget discussion
Deloitte Sri Lanka, part of the international auditing, consulting, and financial advisory giant, Deloitte Global, held a special “Budget Night” panel discussion on Sri Lanka’s Government Budget 2024, on the 13th of November 2023, soon after the Budget was presented to parliament by President Ranil Wickremasinghe, as the Minister of Finance. The panel comprised Dr. […]
Sri Lanka’s Ambitious Budget Agenda Faces High Implementation Risks: Fitch Ratings
The targets laid out in Sri Lanka’s budget for 2024 will be challenging to meet, even with the economic recovery that we expect to continue next year, says Fitch Ratings. Full Statement
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Fitch Ratings has assigned National Development Bank PLC’s (NDB, A-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR5 billion a final National Long- Term Rating of ‘BBB(lka)’. The final rating is the same as the expected rating assigned on 1 September 2023 and follows the receipt of documents conforming to information […]
Siddhalepa honors Asian Games gold medalist Tharushi
Siddhalepa, a respected name in natural healthcare, took the opportunity to honor and appreciate the outstanding achievements of Tharushi Karunarathna, the young Sri Lankan track and field athlete who made history with her remarkable performance at the 19th Asian Games in Hangzhou, China last month. Tharushi, with her determination and prowess, secured a gold medal, competing […]
Budget 2024: Pragmatic Implementation & Timely Execution Will be Key, says CCC
The Ceylon Chamber of Commerce considers the 2024 Budget as a crucial step in continuing the macroeconomic stabilization measures that began in late 2022, as a response to the economic challenges faced by Sri Lanka. The Chamber acknowledges that one of the main challenges faced by Sri Lanka’s economy has been macroeconomic mismanagement. The National […]