Category: Industry
Central Bank announces new measures to support banking sector & facilitate credit flow
Sri Lanka’s Central Bank has decided to implement new regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector. • Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have […]
JKH recurring EBITDA grows 152-pct to Rs.39.26Bn for 2021/22
The Group witnessed a strong recovery momentum during the year under review with the recurring performance of most of our businesses reaching pre-COVID-19 levels. • Group revenue increased by 71 per cent to Rs.218.07 billion while recurring Group EBITDA increased by 152 per cent to Rs.39.26 billion. The significant growth in profits was driven by […]
Ceylon Chamber call for few more edits to the 21st amendment to the constitution of Sri Lanka
In a letter to the Minister of Justice, Constitutional Affairs and Prison Reform the joint Chambers of Commerce has called for a further strengthening of the 21st amendment through a few more amendments necessitated by past learnings and current context to meet the aspirations of the people, including the business community, who are seeking a […]
Cabinet approval to introduce new mechanism to decide monthly fuel prices
A committee consisting of representatives of the Ministry of Power and Energy and other relevant agencies will be appointed to make recommendations to determine the monthly prices of petroleum products with due consideration to six (06) major cost components. “The Cabinet has identified the need to have a mechanism for determining the selling price of […]
India provides fresh loans to purchase petroleum products
In view of the prevailing economic situation in the country, a short term loan facility of US $ 500 million with the assistance of the India Export-Import Bank and another US $ 200 million loan facility with the assistance of the State Bank of India is available for the purchase of petroleum products in Sri […]
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Fitch Ratings has affirmed the rating on SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at ‘C’. The affirmation follows the 19 May 2022 downgrade of Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘RD’ from ‘C’, and the downgrade of its foreign-currency bonds issued in international markets […]
Sri Lanka Purchasing Managers’ Index further declines in April 2022
Manufacturing PMI declined significantly in April 2022, following the seasonal pattern and indicating a contraction in manufacturing activities on a month-on-month basis. Accordingly, Manufacturing PMI recorded an index value of 36.4 in April 2022, with a decline of 21.4 index points from the previous month. This was due to the significant decreases reported in production, […]
APTS prepares for its next phase of growth by strengthening its leadership team
Asia Pacific Technology Systems (APTS), an award-winning Information Technology Solutions provider in the region, is gearing for its next phase of growth through the appointment of 3 reputed Independent Non-Executive Directors to its board. The new appointments will further strengthen the Company’s strategic focus and governance structure which will assist the company to reach its […]
South Asia Textiles commits to SBTi to limit global warming at 1.5°C
South Asia Textiles (SAT), a fully-owned subsidiary Hayleys Fabric PLC, also joined its parent company in committing to the Science-Based Targets initiatives (SBTi) for reducing Greenhouse Gas (GHG) emissions and limiting global warming to1.5°C. Hayleys Fabric is a pioneering fabric manufacturer in the Country. The Hayleys Fabric Group is the largest manufacturer in Sri Lanka. With […]
Ceylon Chamber meets Party Leaders to discuss economic and political crises
The Ceylon Chamber of Commerce officials met with the leaders of several key political parties during the last 4 days to discuss the serious economic and political challenges faced by the country. Among the leaders met were Hon. Sajith Premadasa, Leader of the Opposition and SJB, Hon. Anura Kumara Dissanayake, Leader of the JVP, Hon. […]
Prime Minister proposes to privatize SriLankan Airlines
Sri Lanka’s Prime Minister Ranil Wickremesinghe said that he proposes to privatize loss-making SriLankan Airlines. SriLankan Airlines has been fraught with challenges over the past three years starting with the Easter Sunday attacks in April 2019 that led to a decline in tourist arrivals in the immediate aftermath, followed by the onset of the pandemic […]
Message by UN Resident Coordinator in SL on Day of Vesak
On behalf of the Secretary-General and the United Nations Country Team in Sri Lanka, I send my warmest wishes to all celebrating the Day of Vesak. “Hatred is, indeed, never appeased by hatred in this world. It is appeased only by loving-kindness.” As Sri Lanka and the world journey through these troubled times, may this […]