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Supun Weerasinghe appointed as group CEO of Dialog Axiata
Jan 02, 2017 (LBO) – Sri Lanka’s telecommunications blue chip Dialog Axiata today informed the stock exchange that Supun Weerasinghe has been appointed as the Group CEO with effect from yesterday. Dialog Axiata said the board of directors of the company approved the appointment of Weerasinghe as an executive director of the Company. “Weerasinghe presently […]
António Guterres begins term as 9th Secretary General of United Nations
The incoming United Nations Secretary-General António Guterres officially begins his 5 year term today after being sworn in on the 12th of December. Guterres, a former Prime Minister of Portugal (1995 to 2002) and former UN High Commissioner for Refugees (2005-2015) took the oath of office on the 12th December following the Assembly’s tribute to […]
Sri Lanka’s largest fully integrated tire plant to be built with Rs11.25bn
(Press Release) – Rigid Tyre Corporation (Pvt.) Ltd. Equipped with the latest technology, this new plant is destined to roll in a new page in the industrial sector of Sri Lanka. It comes with the healthy integration of political acumen, local entrepreneurship and proven European technology in the form of a world reputation –Marangoni of […]
‘s LankaPay Common ATM Network
(PRESS RELEASE) – ICICI Bank, India’s largest private sector bank by consolidated total assets, recently joined ‘LankaPay Common ATM Network’, the national payment network that facilitates high quality electronic financial services at affordable prices in a secure, reliable and convenient manner to all in Sri Lanka. This marks a definitive step towards enriching customer experience. The […]
Economic development with thrust on education: Finance Minister
Jan 02, 2017 (LBO) – Sri Lanka’s Minister of Finance Ravi Karunanayake says there will be sustained economic development in the new year with a thrust on education spending. A new health insurance policy and more infrastructure spending are among the significant proposals being implemented in education, he said. Over 4.5 million children between the […]
China steps up scrutiny on individual forex purchases in the new year
SHANGHAI, Jan 1 (Reuters) – China’s foreign exchange regulator said that, starting Jan. 1, 2017, it will step up scrutiny on individual foreign currency purchases and strengthen punishment for illegal money outflows, but the $50,000 annual individual quota will remain unchanged. The announcement by the State Administration of Foreign Exchange (SAFE) late on Saturday comes […]
‘s Central Bank holds interest rates unchanged
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Newly listed Melstacorp wants to blend revenue streams
Dec 30, 2016 (LBO) – Sri Lanka’s newly listed Melstacorp is to blend the revenue streams the group receives through its different sources to ensure an appropriate blend, Managing Director Amitha Gooneratne said. He emphasized that the company wants to maintain its diversified interests and income generation going forward. “The greatest challenge of Melstacorp would […]
Sri Lanka Amana Bank seeks foreign investors for capital enhancement
Dec 30, 2016 (LBO) – Sri Lanka’s Amana Bank today said its director board is currently in discussions with prospective foreign investors to enhance their capital in line with Central Bank requirements. The budget 2017 proposed to increase the minimum core capital level from the current 10 billion to 20 billion rupees for all licensed […]
Sri Lankan rupee falls nearly 4 pct in 2016; spot reference rate at record low
Dec 30, 2016 (Reuters) – The Sri Lankan rupee fell 3.9 percent in 2016, with the spot currency reference rate hitting a record low on Friday, as higher imports and private sector credit as well as lower export earnings weighed on the currency throughout the year. Rupee forwards were active, with one-month forwards closing flat […]
Sri Lankan shares fall about 10 pct in 2016; directions on rupee, rates awaited
Dec 30, 2016 (Reuters) – Sri Lankan shares fell on Friday, posting a yearly decline of about 10 percent, in thin trade due to year-end holidays, while investors waited for directions from the central bank on the rupee and interest rates. The central bank is most likely to keep its key interest rates steady at […]
Market Watch: Eyes on policy decision, liquidity in surplus (Updated)
(Updated with 330 billion rupee CBSL holding of government securities) Dec 30, 2016 (LBO) – All eyes were on the Sri Lanka monetary policy decision to be announced later on Friday, with secondary market bond yields ticking slightly higher. Dealers said the central bank was likely to keep rates steady, though there was pressure to […]