Category: Economy and Markets
Former Telecom Regulatory Chief Asserts Privatizing Telecom Industry Poses No Threat to National Security
Privatization of the telecom industry does not pose a threat to national security, according to Professor Rohan Samarajeeva, former Director General of the Telecommunications Regulatory Commission. During his participation in the President’s Media Division’s ‘101 Katha’ program, Professor Samarajeeva expressed his opinion regarding the Sectorial Oversight Committee’s report on National Security, stating that it relies […]
Plantation sector to see growth in Q2 amid labour issues: Report
The Research Intelligence Unit, a multi sectoral research consultancy says plantation companies are very optimistic about the revoking of the ban imposed on the usage of chemical fertiliser and see it as the ex-factor for a production boost in 2023, as compared with 2022. The companies consider labour as a crucial element of their business […]
SL Rupee depreciates against USD
The Sri Lankan Rupee (LKR) has depreciated against the US Dollar (USD) today compared to last week, according to the Central Bank of Sri Lanka. Accordingly, today’s buying rate of USD is Rs 290.06 while the selling rate is Rs. 303.73. Last Friday’s buying rate of USD was Rs. 288.08 while the selling rate was […]
Eran submits VAT amendment bill to restore Parliamentary powers on public finance
Opposition MP Eran Wickramaratne submitted a private members Bill to amend the Value Added Tax (VAT) Act, No 14 of 2002 to transfer the powers vested in the Minister of Finance to Parliament, Friday. The new bill proposes that any order made by the Minister of Finance shall come into force only upon the approval […]
ADB Provides Sri Lanka Access to Concessional Financing to Facilitate Sustained & Inclusive Recovery
The Asian Development Bank (ADB) has approved the eligibility of Sri Lanka to access concessional financing. The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable. Eligibility for concessional resources among […]
”; Outlook negative
Fitch Ratings has upgraded Sri Lanka-based Kotagala Plantations PLC’s National Long-Term Rating to ‘B+(lka)’, from ‘RD(lka)’. The Outlook is Negative. Fitch has simultaneously upgraded the National Long-Term Rating of Kotagala’s outstanding senior unsecured debentures to ‘B+(lka)’, from ‘C(lka)’. The upgrade reflects the completion of Kotagala’s debt restructuring process in May 2023. The Negative Outlook considers […]
US Treasury Dept Deputy Assistant Secretary Holds Meetings Focused on Supporting Sri Lanka
U.S. Department of the Treasury Deputy Assistant Secretary (DAS) for Asia Robert Kaproth visited Sri Lanka June 5 – 6.He met with Ambassador Chung and a range of officials in the country. DAS Kaproth’s visit to Sri Lanka focused on gaining a clear understanding of Sri Lanka’s latest macroeconomic and financial conditions and outlook. During […]
MullenLowe Group launches LoweMedia: Appoints Sabry Haniz as VP and Director
Sri Lanka’s largest marketing communications group, The MullenLowe Group (MLG) launches LoweMedia on the 1st of June. LoweMedia becomes the 7th independently managed strategic vertical following the formation of the group’s six other strategic verticals. Today, MLG consists of MullenLowe (Mainstream advertising), LoweDigital (Social, Content and Paid Media) LoweActive (Brand Activation), LoweTech (Martech Services & […]
Ceylinco Life appoints new COO and Deputy COO
Executive Director/Deputy CFO Ranga Abeynayake becomes Chief Operating Officer General Manager – Marketing Samitha Hemachandra appointed Deputy COO Ceylinco Life has announced the appointments of Ranga Abeynayake and Samitha Hemachandra as Chief Operating Officer and Deputy Chief Operating Officer respectively, following the creation of the two positions as part of the Company’s leadership […]
‘s Economic Development
At the invitation of the International Monetary Fund (IMF), the Ceylon Chamber of Commerce recently briefed key representatives of the IMF on recent economic developments in Sri Lanka, and their impact on the country’s economic trajectory. The meeting comprised high-level representatives of the IMF Kenji Okamura, Deputy Managing Director – IMF, and Anne-Marie Gulde-Wolf – […]
Sri Lanka Prepares for Assessment on Anti-Money Laundering & Countering Financing of Terrorism
President Wickremesinghe addressing the National Law Conference said that Sri Lanka’s next country assessment on Anti-Money Laundering and Countering the Financing of Terrorism will commence soon. The assessment, slated to commence soon, holds immense significance as it directly impacts the country’s ease of doing business rating and its ability to attract foreign investments. In an […]
CBSL requests Govt to phase out remaining import restrictions; official reserves surpass USD 3bn
The Monetary Board of the Central Bank requests the Government to consider phasing out the remaining restrictions on most items of merchandise imports. The exchange rate, which is allowed to be determined by market forces, continues to reflect positive market sentiments underpinned by the improvement in liquidity in the domestic forex market. The Central Bank […]