Business and Economics
US$361mn outflow from government securities in first 3 months, CSE cumulative outflow US$28mn

A net outflow of the foreign investment amounting to US $ 261 million was recorded from the rupee denominated government securities market in March 2020, resulting in a cumulative net outflow of US $ 361 million during the first three months of 2020, the Central Bank said.

Outflows of foreign investments from bond markets of most emerging and frontier economies were observed in the aftermath of the COVID-19 pandemic. However, Sri Lanka’s exposure to such outflows remains negligible, with only an insignificant share of outstanding government securities being held by non-residents.

Foreign investment in the CSE, of which only secondary market transactions were available for March 2020, recorded a net outflow of US $ 6 million. The CSE remained closed for trading from mid-March 2020 until mid -May 2020.

On a cumulative basis, the CSE recorded a net outflow of US $ 28 million in the first three months of 2020.

Airtel keeps users in flood affected regions connected with free call & data benefits

Responding to flooding and landslides caused by tropical cyclone Amphan, Airtel Lanka helped its customers stay connected by providing free talk-time and data. The benefit was extended to customers residing in over 23 affected towns in the Nuwara Eliya and Ratnapura districts.

Commenting on the initiative, Airtel’s Chief Marketing Officer, Chandrashekhar Singh Chauhan stated: “We are deeply concerned about the well-being of our customers who have been adversely affected by these extreme weather conditions. Especially considering the fact that they have to deal with the twin impacts of the storm as well as the ongoing COVID-19 pandemic, Airtel felt it was an urgent priority to support our users to stay safe and stay connected during these difficult times.”

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Ambeon Group Announces new Board of Directors

In a strategic move to build in synergies, agility and create a robust governance structure between the Holding Company Ambeon Capital PLC and its Investment Holding and Management company Ambeon Holdings PLC, the medium sized  conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments today announced the restructuring of the Board of Ambeon Holdings PLC. As such Mr Sanjeev Gardiner has been appointed as Chairman, Non-Independent/Non-Executive Director, Mr Ajith Devasurendra as Deputy Chairman, Non-Independent/Non-Executive Director and Mr Ranil Pathirana Non-Independent/Non-Executive Director with effect from 1st of June 2020.  Mr Gardiner, Mr Devasurendra and Mr Pathirana will continue their roles on the Board of Ambeon Capital PLC in addition to their new roles on the Board of Ambeon Holdings PLC. Renowned Industry veteran and  top corporate personality Mr Murali Prakash will continue to manage the Group as its Group Managing Director/Chief Executive Officer of both Ambeon Capital PLC and Ambeon Holdings PLC.

The Ambeon Group is a dynamic and diversified Group of Companies which continues to seek lucrative business opportunities and transforms entities to be the best within their respective industries. This change at Board level was consequent to the restructure within the group over the past couple of years wherein  Ambeon Capital PLC becoming a Holding entity, whilst Ambeon Holdings PLC becoming an Investment Holding and Management company.   This move further ensures better coordination in governance between  the two entities, which will no doubt ensure greater focus and enable the board members to participate on investment decisions better resulting in greater stakeholder value creation.

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