Category: Industry
Japanese Marubeni Corporation Explores Possibilities of Investing USD 375mn in Wind Power Project
Marubeni Corporation’s Executive Management Team for Asia visited Sri Lanka to negotiate an investment opportunity for the 200MW Mannar Wind Power Project. During this visit, the team met with President Gotabaya Rajapaksa and the Minister of Finance. The Marubeni Corporation with revenues of US$ 67 billion and a history spanning 160 years specializes in Renewable […]
MY Kalizma – First Superyacht to berth at Port City Colombo Marina
The Port City Colombo Marina welcomed the MY Kalizma – The Classic Superyacht, once owned by Hollywood screen idols Elizabeth Taylor and Richard Burton. The first Superyacht to sail into the Port City Colombo Marina, established Colombo as a calling port in the Indian Ocean with facilities for berthing luxury Superyachts. Pierre Pringiers, Chairman of […]
INSEE Cement signs MOU with Hambantota Port to improve supply chain efficiency
The Hambantota International Port Group (HIPG) today signed an agreement with INSEE Cement, the leading cement manufacturing company in Sri Lanka, to ensure the efficient transfer of raw materials to their factory in Galle, via the Hambantota Port. This will have a positive impact on the operational efficiency. The agreement was signed between Gustavo Navarro, […]
Mark Surgenor appointed Chief Executive Officer for HSBC Sri Lanka
Mark Surgenor has been appointed as Chief Executive Officer of HSBC Sri Lanka and the Maldives from 1 December 2021. He succeeds Mark Prothero, who retired from HSBC at the end of August. Prior to this new appointment, Mark Surgenor was HSBC’s Group Head of Wealth Management, Wealth & Personal Banking. In that role, Mark […]
Committee appointed to investigate recent incidents of LPG explosions
President Gotabaya Rajapaksa has appointed a Committee to look into the recent incidents of Liquefied Petroleum Gas (LPG) cylinder fires and explosions that occurred at domestic, commercial, and sales outlets in various parts of the country and to find possible causes of the problem in order to provide immediate solutions to the issue. The Committee […]
“Dark future looming as foreign reserve drop to USD 1.5Bn, lowest in history” Eran
The opposition alleged in Parliament that foreign reserves have dropped to US 1.5 billion dollars which included the gold reserves of US 300 million dollars. The Govt. did not refute the opposition claim that the available cash reserve was only USD 1.5 billion less than one month’s import payment, lowest in history. He told a […]
National consensus on structural reforms needed to get out of economic crisis: Advocata
Sri Lanka is already in one of the worst economic crises in its history. The reforms are so difficult that no party will want to even contemplate let alone implement them fearing loss of popularity. The longer reforms are postponed, the worse the problem becomes which makes remedies even more difficult to implement. The only […]
New USAID 5-year, USD 19m project supports Sri Lanka’s renewable energy goals
On November 17, the United States Agency for International Development (USAID) announced its new $19 million, 5-year Sri Lanka Energy Program. Once finalized, this grant will support the Government of Sri Lanka’s vision to increase the generation of renewable energy to 70% by the year 2030 and will contribute to the transformation of Sri Lanka’s […]
JICA supports Bandaranaike International Airport expansions; new Apron & Taxiways to open
Prime Minister Mahinda Rajapaksha will open the new Apron and Taxiway constructed as a part of Bandaranaike International Airport Expansion Project on 25th November 2021 in the presence of MIZUKOSHI Hideaki, Ambassador of Japan. Japan through JICA has been partnering with Sri Lankan Government for developing Bandaranaike International Airport for nearly four decades since 1980. […]
Sri Lanka’s budget proposals weigh on insurers’ near-term earnings:Fitch
The Sri Lankan government’s proposal to introduce new one-off as well as recurring taxes on companies will likely constrain the near-term profitability of some insurers, Fitch Ratings says. However, we expect the proposals to have only a limited impact on most insurers’ capital positions because of their sound capital buffers accumulated before and during the […]
Sarvodaya Development Finance IPO oversubscribed on opening day
Sarvodaya Development Finance’s (SDF) Rs. 1 billion Initial Public Offering (IPO) was oversubscribed on the initial opening day, the company secretary said issuing a statement within two hours of the opening. Underwritten by NDB Bank and Sampath Bank, the IPO was aimed at raising Rs. 1 billion, through 45 million ordinary voting shares at a […]
Alliance Finance raises Rs1Bn in subordinate debt to strengthen tier II capital
Alliance Finance Co PLC (AFC) has successfully raised LKR 1 billion in Tier II capital, with the aim of strengthening the regulatory capital of the Company to financially empower and facilitate the development of the Micro, Small and Medium enterprise sector in Sri Lanka. The Tier II Subordinated Debt has a tenure of 5 years […]