HSBC Sri Lanka is believed to have withdrawn from custodian banking services with the exception of high-end retail and corporate clients, as part the bank’s a global restructuring drive, Mirror Business learns.
Sri Lanka’s Central Bank reduced policy rates by 50 basis points to stimulate growth. Accordingly the repurchase rate will be placed at 7 percent and the reverse repurchase rate at 9 percent
Brandix Lanka Limited has announced the appointment of Priyan Fernando, currently a non-executive Director, as Chairman effective May 3, 2013
Sri Lanka's leading mobile services provider, Dialog Axiata PLC has posted a net profit of Rs.1.59 billion for the first quarter of FY13 against a net loss of Rs.531 million in the same quarter of the previous year, helped by reduced financial costs and tax refunds, the interim financial accounts released to the Colombo Stock Exchange showed
Sri Lanka Ports Authority (SLPA) Chairman Dr Priyath B. Wickrama has been elected the third Vice President of the International Association of Ports and Harbours (IAPH) for the period 2013-2015.
The price of the world’s most-used cooking oil, palm oil, is expected to remain volatile, given the high stock levels in Malaysia and Indonesia, a top official of a leading Malaysian oil palm cultivating company stated.
Dabur Lanka (Pvt) Ltd, a whollyowned subsidiary of India's leading consumer goods maker Dabur India Ltd, recently inaugurated its packaged fruit-based beverage manufacturing facility in Mirigama, Sri Lanka.
Seylan Bank PLC has posted a net profit of Rs.509.5 million, up by 26 percent Year-on-Year, for the first quarter of the financial year 2013, the interim financial accounts released to the Colombo Stock Exchange showed.
Dialog Axiata PLC (Dialog), Sri Lanka’s largest mobile services operator has entered into an agreement with the Bay of Bengal Gateway (BBG) consortium to land a high capacity submarine cable at a Cable Landing Station (CLS) to be located in Colombo, a statement by the company said.
People’s Leasing & Finance PLC (PLC) has scaled up from 21st to 17th among the “Top 20 Most Valuable Brands”.
The Institute of Policy Studies (IPS) has obtained global Carbon Neutral certification for the hosting of the 6th South Asia Economic Summit in Colombo.
Takehiko Nakao assumed office as the ninth President of the Asian Development Bank (ADB) yesterday.
John Keells Holdings (JKH) became one of the top three largest holdings in the CF Ruffer Pacific Fund during the month of March.
The largest commercial bank in the country, state-run Bank of Ceylon (BOC) has recently come under scrutiny by multiple international rating agencies and the Central Bank over its faltering capital adequacy, Mirror Business learns.
Revenue of Lighthouse Hotel PLC (LHL) fell 5 percent year-on-year (YoY) to Rs. 203.1 million during the quarter ended March 31, 2013 resulting in a 57.1 million net profit as against Rs. 80.3 million during the corresponding period of the previous year, interim financials released to the stock exchange showed.
MPLN Peiris, Project Director of Sri Lanka Railway M P De Silva, Team Leader of CECB and S L Gupta, General Manager of Ircon International Limited, undertook the trial run on April 23. Other officers from Sri Lanka Railway, CECB and Ircon also participated in the trial run.
Sri Lanka’s Chevron Unit said profits for the March quarter (1Q13) rose to Rs.769.8 million against Rs.661.1 million in the same quarter of the previous year, despite a drop in revenue.
The Jetwing Hotels group is currently in negotiations for a Rs.1.2 billion private placement, according to Jetwing Chairman Hiran Cooray.
Despite the quality of the banking sector assets marginally improving in relative terms, the total volumes of nonperforming loans (NPLs) increased by as much as Rs.18 billion in 2012, according to the Central Bank Annual Report.
The proposal by the Tea Exporters Association (TEA) to set up a tea hub in the country has not been taken seriously by law makers, a top official of the association stated.
Sri Lanka’s Micro Cars Limited has entered into a US $ 20 million agreement with the Board of Investment (BoI) to set up a vehicle manufacturing and assembling plant in the Mirijjawila Export Processing Zone (EPZ) in Hambantota.
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