Author: lbostgadmin
Sri Lanka restricts outward remittances for 6 months to preserve foreign exchange position
With a view to assist and maintain the financial system stability by minimizing the pressure on the exchange rate and preserving the foreign currency reserve position of Sri Lanka, the Finance Minister with the recommendation of the Monetary Board of the Central Bank and the approval of the Cabinet has issued an Order under Section […]
Colombo Stock Exchange Signs MoU with CHEC Port City Colombo
The Colombo Stock Exchange (CSE) and CHEC Port City Colombo signed a Memorandum of Understanding (MoU) to enhance the capital markets in Sri Lanka by taking advantage of the Port City Colombo’s special emphasis of the Colombo International Financial Center, in order to establish a regionally recognized financial exchange within the country’s borders. The MoU […]
COVID vaccine for all aged over 30 in Western Province before July 31: President
President Gotabaya Rajapaksa has instructed the health sector official to vaccinate all the people aged over 30 in the Western Province before July 31st. So far, 60% of the people in this age category in Colombo, 47% in Gampaha and 34% in Kalutara Districts have been given the first dose of vaccine. President Rajapaksa emphasized […]
Opinion: SOE Reforms; the Impetus for Post Pandemic Economic Revival
By Imesha Dissanayake State-Owned Enterprises (SOEs) have many definitions to it, often entailing a definition of a legal entity engaged in a commercial activity that has majority control or ownership by the country’s Government through direct or indirect means. However, because of the complex and diverse landscape of SOEs around the world, there is no […]
First Capital Partners with Habitat for Humanity Sri Lanka to Build Homes & Transform Communities
First Capital Holdings PLC launches a three-year CSR programme by partnering with Habitat for Humanity Sri Lanka to build homes for families in need. Through this partnership, First Capital will pledge LKR 15 million to implement the ‘First Capital Housing Project’ in the Galle District; providing deserving low-income families with safe and stable homes. First […]
Large Sri Lankan Banks Most Exposed to Sovereign Risk: Fitch Ratings
Sri Lanka’s largest banks are the most susceptible to heightened sovereign risk due to their higher exposure to foreign-currency denominated government securities and, in some cases, weaker capital positions, says Fitch Ratings in a new report. Domestic banks have significant direct exposure to the sovereign, largely via government-security holdings, as well as to the wider […]
| Microsoft CEO Satya Nadella on the New ‘Start’ of the PC
Windows 11, due out later this year, is full of new features, including a new Start menu that’s been moved to the center and a Microsoft Store with Android apps. In an exclusive interview, WSJ’s Joanna Stern spoke with Microsoft CEO Satya Nadella about the software, the influence of the pandemic and his strategy of […]
Vish Govindasamy elected as Chairman of Ceylon Chamber of Commerce
The Ceylon Chamber of Commerce elected Mr. Vish Govindasamy as its Chairman during the Chamber’s 182nd Annual General Meeting on Tuesday (29). Mr. Govindasamy succeeds Dr. Hans Wijayasuriya who completed his 2-Year Term as Chairman at the culmination of the Annual General Meeting. Mr. Vish Govindasamy serves in the capacity of Managing Director of Sunshine Holdings PLC, […]
Chamber Academy to host webinar on Revision of Forex Regulations & its Implications
The Chamber Academy, the knowledge arm of the Ceylon Chamber of Commerce has joined hands with Hutchison Telecommunications Lanka (Pvt) Ltd and London Stock Exchange Group – Sri Lanka to host a timely webinar on the recent revisions of foreign exchange regulations. The virtual discussion will aim to brief the private sector on the new […]
WindForce Accredited by IESL to Train Graduate Engineers
WindForce Ltd., the pioneers of renewable energy in both Sri Lanka and other countries across the globe, has just been approved by the Institution of Engineers Sri Lanka (IESL) as a training organisation for graduate engineers for corporate membership in electrical engineering. As corporate training is an essential part of the local curriculum to qualify […]
South Asia Must Reform State-Owned Banks & Enterprises to Avert Next Financial Crisis: WB
South Asia’s heavy reliance on state-owned commercial banks, state-owned enterprises, public-private partnerships and other national and sub-national public entities conceals its vulnerability to accumulating unsustainable levels of debt, according to a new World Bank report, Hidden Debt: Solutions to Avert the Next Financial Crisis in South Asia, released today. South Asia is more exposed to the risk […]
Pressure on Sri Lankan Corporate Ratings from Finance Subsidiaries’ Growth: Fitch Ratings
Sri Lankan rated corporates with financial-service (FS) subsidiaries face a rise in Fitch-adjusted debt and potential rating pressure due to the subsidiaries’ medium-term asset growth in the current weak operating environment, Fitch Ratings says. Fitch’s corporate rating criteria deconsolidates the FS subsidiary from the parent in calculating the parent’s credit metrics. However, for FS operations […]