Category: Industry
Sampath Bank reports profit before tax of Rs 4.5Bn and profit after tax (PAT) of Rs 2.6Bn at 31st March
Sampath Bank succeeded in raising Rs 10 Bn in Tier 2 capital via a debenture issue in February 2023 and despite the depressing economic outlook in the Country, the issue was oversubscribed – a testament to the investor confidence placed in Sampath Bank and widespread acceptance of the stability and prudent governance of the Bank. […]
EU welcomes Sri Lanka’s intention to present a plan for lifting import restrictions by June
The European Union (EU) urges Sri Lanka to lift the import restrictions preventing many European products from entering its market. At the 25th Session of the Sri Lanka – EU Joint Commission, the EU welcomed Sri Lanka’s intention to present a plan for the lifting of the import restrictions by June 2023. At the session, […]
Fitch Affirms SriLankan Airlines Government- Guaranteed Bonds at C
Fitch Ratings has affirmed SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 at ‘C’.
Sri Lanka economy expected to contract by 3-pct in 2023, Grow 1.5-pct in 2024: IMF
Given the weak external environment and domestic policy tightening, aimed at restoring macroeconomic stability, Sri Lanka’s economy is expected to contract by 3 percent in 2023, before registering a modest growth of 1.5 percent in 2024, Krishna Srinivasan, Director of the Asia and Pacific Department of the International Monetary Fund (IMF) said. Speaking at a […]
Comm Bank gross income grows 54.2-pct in Q1: LKR appreciation impacts loan book, deposits and assets
The Commercial Bank of Ceylon Group’s deposit base has surpassed Rs 2 trillion, a milestone it achieved in the first quarter of 2023 despite the continuing impacts of mercurial exchange rates and market interest rates, and the effects of the economic downturn on multiple sectors of business. The Group, comprising of Sri Lanka’s biggest private […]
Hambantota International Port launches Duty Free Complex
The Hambantota International Port (HIP) launched its Duty Free Complex with the opening of 2 duty free shops within the port’s premises. The complex is designed to grow the duty-free business catering to the vessels calling HIP. The first two operators to set up at HIP’s duty free complex are Royale Electronics and United Life, […]
Two Cruise Ships at Hambantota International Port
Two cruise ships, MS Europa 2 and MS Azamara Quest visited Hambantota International Port (HIP) on Tuesday (9th). More than 900 passengers disembarked to visit popular tourist destinations in the South. Amongst the sights were the Yala National Park, Udawalawe National Park, Bundala National Park, Kataragama Devalaya and the Mulkirigala Temple. The visitors also had […]
Sri Lanka – Thailand FTA scheduled for early 2024
The fourth round of talks on the proposed Sri Lanka-Thailand Free Trade Agreement was held recently with both parties agreeing to complete the negotiations and prepare the relevant agreement for signature by the first quarter of 2024. The final round of discussions are scheduled to be held on 27 and 28 June, where a delegation […]
Sri Lanka to start converting three-wheelers from petrol to EVs enhancing e-Mobility
Sri Lanka, like many other global nations, is working towards adopting greener and cleaner approaches for a more sustainable and resilient future. With the prevailing socio-economic crisis in the island, a shift towards adopting sustainable mobility approaches has been identified as a necessity for a green recovery process. In line with this, the United Nations […]
PUCSL Chair calls for 20-pct price drop in electricity rates
The Chairman of Public Utilities Commission of Sri Lanka Janaka Ratnayake says that the electricity consumers should get a 20 percent tariff reduction based on a slowdown in electricity demand plus the exchange rate and reduced of fuel prices. “According to the tariff requested by CEB on 5th January this year, CEB had estimated an […]
Sri Lanka Central Bank assures banking sector stability in debt restructuring process
The Central Bank of Sri Lanka (CBSL) has assured the banks that the regulatory stance in the on-going Domestic Debt Optimization (DDO) discussions with the diverse stakeholders will be that, the banking sector stability cannot be put at risk, a statement said. Presently the banking sector is well capitalized with average Capital Adequacy Ratio over 15% and […]
Ajay Banga becomes 14th President of World Bank
The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023. Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees. Under his leadership, MasterCard […]