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Nov 01, 2019 (LBO) – Moody’s Investors Service has affirmed the long-term/short-term local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank (HNB) and Sampath Bank at B2/NP. At the same time, Moody’s has affirmed the long-term foreign currency issuer ratings and long-term/short-term foreign currency deposit ratings of these three banks at B2 […]
Govt will send MCC agreement to Parliament once it is signed: US Embassy
Nov 01, 2019 (LBO) – Sri Lanka’s Parliament will have ample opportunity to review the MCC grant assistance agreement once the agreement is signed, US Embassy said in a statement on Friday. The Embassy added that during that review period, the Government of Sri Lanka will develop plans to implement the grant assistance agreement and […]
Bar Association of Sri Lanka urges Govt not to proceed with MCC deal
Oct 31, 2019 (LBO) – The Bar Association of Sri Lanka urges the Government not to proceed with the proposed MCC agreement whatever compelling short-term economic reasons there may be. The Bar Association holds the view that the MCC agreement should not be signed without providing an opportunity for the people to understand the true […]
MCC will be submitted to Parliament once it is signed: Finance Ministry
Oct 31, 2019 (LBO) – The Millennium Challenge Corporation’s compact agreement and the program implementation agreement will be submitted to and enacted by Parliament of Sri Lanka once it is signed, the Finance Ministry said. Releasing a statement, the ministry said that the agreement will also be published in the Government Gazette before its entry […]
Seylan Bank records profit after tax of Rs. 2.6Bn in 3Q 2019
Oct 31, 2019 (LBO) – Seylan Bank closed the nine months ending 30th September 2019 with a post-tax profit of Rs. 2,554 Mn, a marginal increase of 1% over the corresponding period last year. Growth in advances coupled with the rise in interest rates enabled interest income to grow by 16.77% and interest expenses increased […]
MCC should not be hurriedly signed before a decisive election: MR
Oct 31, 2019 (LBO) – Sri Lanka’s Opposition Leader Mahinda Rajapaksa says that no agreement should be hurriedly signed with a foreign government just days before a decisive presidential election. The Cabinet this week decided to enter into a pact with the Millennium Challenge Corporation of the United States. Releasing a statement Rajapaksa says that […]
Sri Lanka to operate luxury train coaches to Badulla, North, East & South routes
Oct 31, 2019 (LBO) – Sri Lanka is to operate luxury train coaches to Badulla, Northern, Eastern, and Southern routes considering the demand for such luxury services for tourism. Accordingly, the Cabinet of Ministers has approved a proposal to call competitive bids for the selection of contractors for this operation for five years. Cabinet approval […]
ICRA Lanka reaffirms the [SL]A+ long term ratings of Access Engineering PLC
Rating action ICRA Lanka Limited, Subsidiary of ICRA Limited, Group Company of Moody’s Investors Service has reaffirmed the Issuer rating of [SL]A+ (pronounced S L A plus1) with Stable outlook for Access Engineering PLC (“AEL”/ “the Company”). ICRA Lanka has also reaffirmed the Issue Rating of [SL]A+(pronounced S L A plus) with Stable outlook for […]
Opinion: Are apartment developers moving to suburbs?
LankaPropertyWeb’s (LPW) With Colombo city turning into a business hub more than a residential area, recent studies of LankaPropertyWeb (LPW) show that apartment developers are now exploring the suburbs to cater to the growing interest for vertical living amongst the locals. The numerous developments taking place in the main city resulting in diminishing space amongst […]
Teejay’s 6-month net profit up 75-pct to Rs.1.24Bn
Oct 31, 2019 (LBO) – Textile manufacturer Teejay Lanka PLC has announced top and bottom line growth in the first half of 2019-20, with investments in expansion and internal measures continuing to generate anticipated improvements to net profit margins and other key performance indicators. Noteworthy revenue and profit improvements in the second quarter of the […]