The Central Bank yesterday delivered a surprise policy rate cut, bringing nearly two years long tightening cycle to a close and left open the door for further rate cuts in the next few months among other measures to ease remaining restrictions on imports to reverse the prolonged economic contraction.
Ranil Wickremesinghe Sri Lanka will introduce a new system called ‘Lab methodology’ to promote investments ensuring effective implementation of business proposals, President Ranil Wickremesinghe said in his televised address to the nation yesterday.
‘Samagi Sewaka Sangamaya’, a trade union attached to the ‘Samgi Jana Balawegaya’ (SJB) political party, has filed a Fundamental Rights petition seeking Supreme Court’s intervention in regularising the proposed privatisation of Sri Lanka Telecom (SLT).
President Ranil Wickremesinghe yesterday highlighted the importance of Japanese investments to push the revival of Sri Lanka while affirming commitment to stabilising and liberalising the economy and actively inviting new foreign ventures.
In an attempt to promote entrepreneurship among the youth of Sri Lanka, the International Labour Organisation (ILO) collaborated with the Central Bank of Sri Lanka this week to explore avenues that would help create a favourable ecosystem to build new businesses.
Sri Lanka’s merchandise exports plunged 16.5 percent year-on-year (YoY) to US $ 814.1 million in April, bringing the cumulative export earnings for the first four months of 2023 to US $ 3.81 billion, an decrease of 9.78 percent YoY, data from the Export Development Board (EDB) showed.
Sri Lanka needs to step up efforts in enticing a larger proportion of its population across all provinces towards embracing entrepreneurship so that the impacts of the ongoing economic crisis would lessen, the Central Bank asserted.
For the sixth time in its post-independent history, Sri Lanka has been able to record Rs.48 billion surplus in the primary balance of fiscal accounts during the first quarter of this year, State Minister of Finance Ranjith Siyambalapitiya revealed.
The leading blue-chip conglomerate, Aitken Spence PLC reported an impressive EBITDA (earnings inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortization) of Rs. 30.1 billion with a growth of 30.3 percent, showcasing the contribution from all sectors for the year ended 2022/2023.
Laugfs Holdings Limited, one of Sri Lanka’s largest diversified conglomerates with a portfolio of over 20 businesses spanning multiple industries, has recently appointed Agasthi Jayagoda as General Manager - Group Head of Strategy.
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