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South Korea increases funding for new Sri Lanka Ocean University
Sep 29, 2019 (LBO) – The initial outlay on Sri Lanka’s largest vocational skilling project announced on 28 August has now increased by 60 percent from its first value, the Ministry of Skills Development & Vocational Training said. “Due to some important revisions and re-assessments on the ground, the project value has been boosted by […]
Opinion: Sumanthiran should seriously consider a run for the Presidency
September 28, 2019 (LBO) – Sri Lanka’s Presidential election is set for November 16th, just 50 days away. At this juncture there are three significant candidates that are expected to poll a significant share of the vote. Gotabaya Rajapaksa (SLPP) will likely get 40+%, Sajith Premadasa (UNF) will likely get 40+%, and if the previous […]
‘s to become upper-middle-income economy
Sep 27, 2019 (LBO) – Sri Lanka needs to invest in people to unlock its productive potential, a senior official said. “People are the most valuable resource in any country and investing in people is smart economics,” said Idah Z. Pswarayi-Riddihough, World Bank County Director for Nepal, Sri Lanka and Maldives. “Technology and automation are radically changing the very nature of work […]
Morison receives shareholder approval to delist from CSE
Sep 27, 2019 (LBO) – The shareholders of Morison have approved the delisting of its voting and non-voting shares from the CSE by way of a special resolution, the company said. The company said over 75 percent of the shareholders voted at the Extraordinary General Meeting of the company held today. The Company will now […]
Noolaham Foundation preserves the past to enrich the future
By Jekhan Aruliah We can be so blinded by the white hot heat of innovation that we fail to see the red embers of renovation. We are so focussed on finding treasure and riches in the bright new future that we forget about the jewels to be found in the dimmer recesses of the past. […]
Sri Lanka’s lending rate cut is credit negative for banks: Moody’s
Sep 27, 2019 (LBO) – Sri Lanka’s recent lending rate cut will compress banks’ net interest margins (NIMs) and add to their existing profitability challenges, Moody’s Investors Service said. On 24 September, the Central Bank mandated commercial banks to cut lending rates on all Sri Lankan rupee-denominated loans by at least 200 basis points beginning […]
”; outlook stable
Sep 27, 2019 (LBO) – Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook. KEY RATING DRIVERS Sri Lanka’s ‘B’ rating balances high government debt and contingent liabilities, a challenging external financing profile and subdued economic growth against higher human development standards and per capita income […]
Economist Deshal de Mel rejoins Sampath Bank Board
September 27, 2019 (LBO) – Economist Deshal de Mel has been appointed as an Independent Non-Executive Director to the board of Sampath Bank. De Mel perviously served as a Director from 2012-2017, after which he resigned to take up a position as an Economic Advisor in the Ministry of Finance. After leaving his position at […]
Salaries of public servants to be increased from Jan 2020: Fin Min
Sep 27, 2019 (LBO) – The monthly salary of all public servants will be increased by a minimum amount of 3000.00 rupees and, a maximum of 24,000.00 rupees per month effective from January 2020, a statement said. The Finance Ministry says the hike is as per the recommendation of the special commission on reviewing salaries […]
Ceylinco Life named one of Sri Lanka’s 10 most admired companies
Sep 27, 2019 (LBO) – Ceylinco Life Insurance was named among the 10 most admired companies in Sri Lanka at the 2019 edition of the International Chamber of Commerce, Sri Lanka (ICCSL) collaboration with the Chartered Institute of Management Accountants (CIMA) awards. The only insurance company in this pantheon of corporate giants, Ceylinco Life was […]