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Opinion: Act carefully or drown: 3 lessons from New Orleans for Sri Lanka
By Asmita Tiwari, Suranga Kahandawa, Masatsugu Takamatsu & Keiko Sakoda Our hearts sank as we looked at the Hurricane Katrina-affected house, now the Flooded House Museum in the City of New Orleans, United States. Our team from the World Bank was accompanying Sri Lankan officers visiting New Orleans in October 2019, to learn from the […]
Sri Lankan authorities dispute revision of outlook to Negative by Fitch Ratings
Dec 19, 2019 (LBO) – Sri Lankan authorities stress that the recent rating action by Fitch Ratings to revise the country’s Outlook to ‘Negative’ has been hastily done without considering facts on the ground and such action is untimely and constitutes a rush to judgement. Releasing a statement the Finance Ministry said that it is […]
Colombo Coffee Company receives Rs100Mn investment from Akbar Brothers
Colombo Coffee Company (CCC), Sri Lanka’s largest coffee solutions provider and café operator, reached an agreement with Akbar Brothers for a LKR 100Mn growth equity investment. This will further cement CCC’s position as the market leader in providing coffee solutions for the HORECA segment through leading brands such as Lavazza, Toscana, La Cimbali and Gaggia. […]
Sri Lanka records 2.7-pct growth in third quarter of 2019
Dec 19, 2019 (LBO) – Sri Lanka’s national accounts estimates of the third quarter still reflect the impact of ‘Easter Sunday Attack’ especially in some services sector related economic activities, the statistics office said. When compared to the third quarter of 2018, the ‘Accommodation, food and beverage service activities’ even in this quarter have contracted […]
President inspects Narahenpita Economic Centre
President Gotabaya Rajapaksa went on an inspection tour in the special economic centre in Narahenpita yesterday evening (18). President paid attention to the impact that tax concessions have had on essential consumer goods. Contacting the officials of the Ministry of Finance from the site, President instructed them to be vigilant if the benefits of tax […]
Cabinet appoints 4-member committee to study MCC compact
Dec 19, 2019 (LBO) – Sri Lanka’s cabinet has decided to appoint an expert committee to study and look into the issues of the MCC compact and report back to the cabinet. Accordingly, Dr. Lalithasiri Gunaruwan, Architect Nalaka Jayaweera, Former Secretary to the Transport Ministry D S Jayaweera and President’s Counsel Nihal Jayawardhana has been […]
Sep quarter earnings declined by 9.6-pct for 264 companies: FC Research
Dec 19, 2019 (LBO) – Sri Lanka’s First Capital Research says that quarterly earnings have been dipped for listed companies amidst weaker consumer spending albeit recovers relative to previous quarters. September quarter earnings dipped by 9.6 percent YoY to 45.8 billion rupees primarily due to sluggish performance in Insurance (-48%YoY), Consumer Services (-495%YoY), Capital Goods […]
Arpico Finance receives ISO 27001:2013 certification for IT
With a growing customer base and ambitious plans to reach greater heights, Arpico Finance Company PLC (AFCP), the second oldest financial institution in the country with a presence of over six decades, owned by Associate Motor Finance Company PLC (AMF), was recently awarded the ISO 27001:2013 certification for its continuous efforts to improve its digital […]
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Dec 19, 2019 (LBO) – Fitch Ratings has revised the Outlook on Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and has affirmed the IDR at ‘B’. KEY RATING DRIVERS Revision of the Outlook to Negative from Stable reflects rising risks to debt sustainability from a significant shift in fiscal policy […]
‘s Multi Purpose Development Task Force to be launched on January 15
Dec 18, 2019 (LBO) – Sri Lanka’s government is to launch the programme of generating 100,000 employment opportunities for poor families, on January 15, 2020. During the first phase, 100,000 jobs will be provided covering the entire island and more than 10,000 graduates to be recruited for the positions of management and monitoring at the […]