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Manjula de Silva appointed Sec Gen & CEO of Ceylon Chamber of Commerce
Jan 30, 2020 (LBO) – Manjula de Silva will assume duties as the Secretary-General and CEO of the Ceylon Chamber of Commerce, from February 1st, 2020, the chamber announced. He takes over from Dhara Wijayatilake who retires from that position after serving in that capacity since March 2016. De Silva has held several senior positions […]
Central Bank expects economic growth to exceed 4-pct this year
Jan 30, 2020 (LBO) – Sri Lanka’s economic growth will exceed 4 percent in 2020 as there has been a notable improvement in business confidence caused by political stability and targeted measures taken by authorities to boost demand, the Central Bank Governor said. “Revival in economic activity & confidence, fiscal measures, and credit relief package, […]
VIDEO: US Federal Reserve maintains interest rates in first meeting of 2020
Federal Reserve issues FOMC statement Information received since the Federal Open Market Committee met in December indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has […]
Current trends may lead to undesirable turnaround in market lending rates
Jan 30, 2020 (LBO) – Market lending rates have adjusted downwards, in response to monetary and regulatory measures taken by the Central Bank, but the pace of reduction has decelerated. The Central Bank said the reduction in lending rates thus far, except for the Average Weighted Prime Lending Rate (AWPR), has been less than envisaged. […]
‘s private sector credit growth picks up in December
Jan 30, 2020 (LBO) – Growth of credit extended to the private sector has picked up in December 2019, on a year-on-year basis, following a continued slowdown since December 2018. Driven by domestic credit expansion, broad money growth (year-on-year) also picked up in December 2019, the Central Bank data showed. However, the absolute expansion in […]
Central Bank of Sri Lanka reduces its policy interest rates by 50 basis points
Jan 30, 2020 (LBO) – Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 basis points to 6.50 percent and 7.50 percent, respectively. Statutory Reserve Ratio (SRR), however, will remain unchanged at 5.00 percent. The board said they arrived […]
Colombo Chamber submits proposal to effectively implement SME moratorium
Jan 29, 2020 (LBO) – Colombo Chamber of Commerce has decided to submit several proposals for the effective implementation of the moratorium for SMEs and achieve its desired objectives. Full statement PROPOSALS OF COLOMBO CHAMBER OF COMMERCE ON BEHALF OF SMEs OF SRI LANKA FOR THE EFFECTIVE IMPLEMENTATION OF CIRCULAR NO.01 OF 2020 DATED 13 […]
Maldivian hotels resume operations, Avg room rates above expectations: JKH
Jan 29, 2020 (LBO) – Sri Lanka’s diversified John Keells Holdings says that all four of their Maldivian hotels are now in operation with the completion of the partial refurbishment of Dhonveli and the reconstruction of Hakuraa Huraa in December 2019. Following the refurbishment of Ellaidhoo Maldives and the water suites at Dhonveli Maldives last […]
John Keells Holdings Dec quarter net profit down by 50-pct
Jan 29, 2020 (LBO) – Profit attributable to equity holders of Sri Lanka’s diversified John Keells Holdings in the third quarter at 2.40 billion rupees is a decrease of 50 percent over the previous year, interim accounts showed. First nine months’ performance at 5.68 billion rupees is a decrease of 53 percent over the previous […]
Lanka IOC (LIOC) reports profit of Rs490mn for the quarter
January 29, 2020 (LBO) – Colombo Stock Exchange listed Petroleum retailer Lanka IOC (LIOC) has reported a profit of Rs490mn for the quarter ended December 31, 2019. This is in contrast to a loss of close to a billion Sri Lankan Rupees in the prior year December quarter. Results were likely benefitted by lower oil […]