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CA Sri Lanka forum highlights need for accountants to lead in eradicating corruption
Aug 02, 2019 (LBO) – The increasingly important role professional accountants including Chartered Accountants can play in eradicating corruption and the culture of impunity was highlighted at a forum jointly organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and South Asian Federation of Accountants (SAFA). Delivering the welcome address, President […]
Teejay reports Q1 net profit growth of 62-pct
Aug 02, 2019 (LBO) – Teejay Lanka PLC has made a strong start to 2019-20, reporting excellent top and bottom line growth at group and company level through efficient capacity utilisation, an improved product mix and effective curbing of non-strategic costs. Sri Lanka’s only multinational textile manufacturer reported group net profit of 453.7 million rupees […]
NDBIB advisor to Rs.2.8 Bn IPO in Maldives
Aug 02, 2019 (LBO) – NDB Investment Bank (NDBIB), acting as the sole financial advisor and manager is executing its 2nd initial public offering (“IPO”) in the Maldives with the launch of the IPO of Maldives Islamic Bank PLC (“MIB”), the first fully fledged Islamic Bank in the Maldives amounting to MVR 244.1million rupees. MIB […]
Federal Reserve cuts interest rates for first time since 2008
Aug 02, 2019 (LBO) – The United States Federal Reserve lowered its benchmark rate by a quarter-point yesterday, its first rate cut since December 2008. The policymaking Federal Open Market Committee drops the target range to 2 percent to 2.25 percent for its overnight lending rate, or 25 basis points from the previous level. The […]
First Capital recommends investors to reduce exposure in low yield bonds
Aug 01, 2019 (LBO) – Sri Lanka’s First Capital recommends investors to reduce overall portfolio exposure to 45 percent from 60 percent. The firm recommends cutting 2021 and 2022 maturities of the carrying portfolio amidst the significant reduction in yields. They also recommended an increase in 2023 and 2024 maturities in the trading portfolio amidst […]
ComBank launches ‘Yasasa’ savings account exclusively for pensioners
The Commercial Bank of Ceylon has launched a savings account exclusively for government pensioners and their widows or widowers, to facilitate access to a host of special benefits the Bank provides to this segment. The ‘Yasasa Pensioners’ Savings Account’entitles pensioners below the age of 69 to apply for an advance of up to 75% on […]
Central Bank asks customers to register for e-payment notification facilities
Aug 01, 2019 (LBO) – Sri Lanka’s Central Bank is requesting customers to register for real-time e-payment notification facilities in order to prevent unauthorised electronic transactions. Releasing a statement, the bank also asked customers to obtain EMV chip-based payments cards from their respective Licensed Financial Institutions without delay and exercise caution when sharing information that […]
Teejay makes strong start to 2019-20
Teejay Lanka PLC has made a strong start to 2019-20, reporting excellent top and bottom line growth at Group and Company level through efficient capacity utilisation, an improved product mix and effective curbing of non-strategic costs. Sri Lanka’s only multinational textile manufacturer reported Group net profit of Rs 453.7 million and net profit of Rs […]
Business mission from CCC visits New Delhi to forge new business links
With the initiative of the Sri Lanka High Commission, Ceylon Chamber of Commerce led a two day business promotion mission to New Delhi on 16th July 2019, to continue establishing business and trade links with industry leaders in the Northern States of India. The mission was also organized to promote the “Sri Lanka Investment and […]
Seylan Bank records Rs 1.5Bn profit after tax during 1H 2019
Seylan Bank recorded a steady performance with Profits before Taxes reaching Rs. 3,476 Million for the 6 months ended 30th June 2019 against the Rs. 2,996 Million reported in the corresponding period of 2018 despite challenging market conditions and recent unexpected events that impacted the Sri Lanka economy. However, the Bank’s Profit after tax increased […]