Author: lbostgadmin
Sri Lanka Govt allows internal flight operation for foreign airlines
Oct 02, 2019 (LBO) – The Sri Lanka govenments cabinet of ministers has given the nod for foreign airlines to operate domestic flights, a statement said. Sri Lanka’s civil aviation authority will issue one year operating licenses to foreign airlines that are interested in flying within Sri Lanka, the state information office said in a […]
MTD Walkers (KAPI) loses another billion, equity wiped out
October 2, 2019 (LBO) – Embattled construction firm MTD Walkers (KAPI) has reported a loss for the June quarter of approximately Rs1bn, and its equity base has been almost completely wiped out. Trading in the CSE listed KAPI has been halted for some time as the company has been in violation of regulatory guidelines and […]
Kumar Sangakkara takes office as first non-British President at Lords
October 1, 2019 (LBO) – Press Release: www.lords.org ONE OF THE ALL-TIME LEGENDS OF CRICKET, KUMAR SANGAKKARA, TODAY TAKES UP HIS ROLE AS PRESIDENT OF MARYLEBONE CRICKET CLUB. The former Sri Lankan international is the first non-British President of MCC and will hold the post for one year. His nomination was announced by the outgoing President, Anthony […]
Opinion: Policy-oriented banking for industrial development
By Kasun Thilina Kariyawasam “The great source of both the misery and disorders of human life, seems to arise from over-rating the difference between one permanent situation and another. Avarice over-rates the difference between poverty and riches: ambition, that between a private and a public station: vain-glory, that between obscurity and extensive reputation. The person […]
Yahapalanaya has not built anything of lasting value from USD26bn loans: MR
Oct 01, 2019 (LBO) – Sri Lanka’s Opposition Leader Mahinda Rajapaksa says that the yahapalana government has not built anything of lasting value or anything that would generate an income from the staggering 26 billion US dollars that they took in the form of foreign currency commercial loans since January 2015. Releasing a statement, the […]
Sec Aryasinha on Sri Lanka’s obstacles on peacekeeping contribution to UN
Oct 01, 2019 (LBO) – Sri Lanka’s Foreign Secretary Ravinatha Aryasinha at the 74th UN General Assembly Session, met with Jean-Pierre Lacroix, under secretary general of the United Nations Department of Peace Operations (USSG/UNDPO) in New York to discuss obstacles placed on Sri Lanka’s peacekeeping contribution to the UN. Upon the Foreign Secretary seeking clarification on […]
Imposition of lending rate caps, a credit positive: Central Bank replies to Moody’s
Oct 01, 2019 (LBO) – Sri Lanka’s Central Bank says that the imposition of caps on lending rates of licensed banks would, in fact, be credit positive, contrary to the view held by Moody’s Investors Service. Releasing a statement, the Central Bank said it does not expect a material change in interest margins of the […]
IOSCO launches World Investor Week to promote investor education
Sep 30, 2019 (LBO) – The International Organization of Securities Commissions (IOSCO) today launched its third annual World Investor Week (WIW) following its success in previous years at attracting more than one thousand financial organizations to showcase their initiatives for promoting investor education and protection across the globe. From 30 September to 6 October 2019, […]
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 […]
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 […]
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 […]