Category: Economy and Markets
Time for home-grown solutions is over; Seek international support immediately: Harsha
The country is in complete disarray today. Fuel is rationed at pumps, daily power cuts across the island, shortage of dollars to import essentials including medicine, food is to be rationed next, a current Parliamentarian and former Minister said. “Collapse is imminent if we continue to go this way, it is almost similar to a […]
HNB Group profit after tax increased to Rs.20Bn, up 47-pct YoY
Hatton National Bank PLC (HNB) solidified its position as one of the most sustainable and strongest banks recording a well-rounded performance in 2021. Group Profit After Tax (PAT) increased to Rs 20 Bn, representing a growth of 47% YoY while Bank PAT improved to Rs 17.3 Bn as economic activity picked up during the year. […]
Re-exportation of final 45 containers of waste material
Under the BASEL Convention, it is a direct violation to import waste between two countries, and as a result, under the initiative of the Central Environmental Authority and the Sri Lanka Customs, action has been taken to re-export the remaining 45 containers containing waste material to the UK today, the 21st of February 2022. The […]
CSE enables local corporates to raise foreign currency denominated capital
The Colombo Stock Exchange (CSE) has enabled local entities incorporated or established in Sri Lanka to issue and list foreign currency denominated shares in the main market segment (Diri Savi and Main Boards) of the CSE. This new financing option for local companies is a result of the new strategic plan the CSE launched in […]
ADB-ADBI launch innovation and structural transformation database
The new Asian Development Bank (ADB)-Asian Development Bank Institute (ADBI) Innovation and Structural Transformation Database provides a valuable, one-stop platform for analyzing trade-driven growth and economic development in Asia and will be introduced during a launch webinar on 22 February. The database contains a wide variety of trade, supply chain, and capital indicators critical to the innovative growth and […]
Diaspora investment in Mullaitivu, Mullai Milk Processing Industries
By Jekhan Aruliah Mr S.Thavaseelan, known as Seelan, was born in Kayts a town at the Northern end of Jaffna’s Velanai Island. His father, who delivered letters for the Ceylon Post Office, died when Seelan was 4 years old. He left the young family with a government pension which his mother supplemented doing other jobs. […]
Local retail industry: Hardest hit by FOREX crisis calls for solutions
Sri Lanka Retailers Association Retail industry constitutes 23% of the country’s GDP and is hardest hit by the ongoing FOREX crisis The wider eco system of employees, suppliers, farmers and consumers of Sri Lanka impacted by the ongoing crisis and is pushing businesses to the brink of collapse Goods for sale, raw materials and basic […]
Commercial Credit joins hands with Western Union
Commercial Credit and Finance PLC, one of Sri Lanka’s premier non-bank financial institutions, recently joined hands with MMBL Money Master (brand name of MMBL Money Transfer (Pvt) Ltd), a joint venture between Mercantile Merchant Bank and Aitken Spence PLC, the largest representative in Sri Lanka for Western Union money transfers. This timely partnership will enable […]
President presents awards for national industry outstanding performers
The National Industrial Excellence Awards Ceremony was held under the patronage of President Gotabaya Rajapaksa at the Waters Edge in Battaramulla, yesterday (15). The outstanding performers received the Platinum Award from the President at the Awards Ceremony for the categories of best small, medium and large scale manufacturing industries and the best machinery manufacturers. At […]
USD 111.5mn raised through direct issuance of SLDBs YTD: Central Bank
Sri Lanka’s Central Bank has raised USD 111.5 million through direct issuance of SLDBs from 01 January to 15 February 2022. The investments in SLDBs during the above period were spread across maturities ranging from 3 months to 5 years, attracting large volume as well as small ticket eligible investors. In collaboration with certain Sri […]
EPF & ETF will not be subjected to Surcharge Tax: Finance Minister Basil Rajapaksa
Finance Minister Basil Rajapaksa has informed the Cabinet of Ministers that the Employees Provident Fund and the Employees Trust Fund are not included in the 2022 budget proposal regarding the imposition of a 25% surcharge tax on individuals and companies with a net profit of over Rs. 2000 million for the year 2021. Finance Minister […]
Aitken Spence reports its highest ever Q3 PBT of Rs. 3 Bn
The leading blue-chip conglomerate, Aitken Spence PLC reported its best ever third quarter (Q3) performance with a Profit-Before-Tax (PBT) of Rs. 3 Bn in Q3 2021-22, a significant turnaround from the third quarter Q3 of the previous year. The Group’s businesses including the tourism sector is showing positive momentum. Across all sectors, the Group’s earnings […]