Author: lbostgadmin
Opinion: Sri Lankan rupee under pressure – How not to crack
By Economic Intelligence Unit of the Ceylon Chamber of Commerce The Sri Lankan currency (LKR) has weakened against the US dollar in 2018 (9.4% as at 26 September 2018) with close to 4% of the depreciation being recorded in the last two weeks.Currencies like the Indian rupee, Indonesian rupiah and Philippines peso have also seen steep […]
Fitch affirms ratings on 9 Sri Lankan banks; outlooks stable
Oct 01, 2018 (LBO) – Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of nine Sri Lanka-based banks and has assigned a stable outlook for these banks. The rating action follows Fitch’s periodic review of the large bank peer group. – National Savings Bank (NSB) at ‘B+’; Outlook Stable – Bank of Ceylon (BOC) […]
Elon Musk settles SEC charges; requires him to step down as Tesla Chairman
Sept 30, 2018 (LBO) – The United States Securities and Exchange Commission announced today that Elon Musk, CEO and Chairman of Silicon Valley-based Tesla, has agreed to settle the securities fraud charge brought by the SEC against him last week. The SEC also today charged Tesla with failing to have required disclosure controls and procedures […]
Harsha defensive after social media backlash on request for austerity
September 29, 2018 (LBO) – State Minister of Economic Affairs Dr. Harsha De Silva has been embroiled in a firestorm of backlash over comments suggesting that Sri Lankans restrict foreign travel and vehicle purchases in order to curb the drawdown of foreign exchange. In a situation where the general perception is of incompetence with regard […]
Current policy stance desired, less probability for a rate hike: First Capital Research
Sept 29, 2018 (LBO) – First Capital Research believes that a policy rate change is not required at this moment considering the prevailing economic conditions of the country. First Capital Research also believes that the vulnerable external environment and lower GDP growth level provide less scope for the monetary board to increase rates.“The possibility of […]
Facebook resets log in tokens of 90 million users after attackers exploited system
Sept 29, 2018 (LBO) – Facebook has discovered a vulnerability that affected almost 50 million accounts after an external actor exploited their systems.Facebook said it’s clear that attackers exploited a vulnerability in Facebook’s code that impacted “View As” a feature that lets people see what their own profile looks like to someone else. “This allowed […]
MTD Walkers (KAPI) restructures debentures due September 30th, changes auditors
September 28, 2018 (LBO) – In Colombo Stock Exchange (CSE) filings filings released today, listed construction company MTD Walkers (KAPI), announced a restructuring of maturing debentures, change of auditor, and 2 directors deciding not to stand for re-election. Prominent directors Niranjan Deva Aditya and Albert Rasiah have decided not to stand for re-election at the […]
Construction work of Sri Lanka’s first LNG power plant to begin next month
Sept 28, 2018 (LBO) – Construction work of Sri Lanka’s first liquified natural gas (LNG) fuelled power plant will be commenced in Hambantota next month. As per the Memorandum of Understanding signed between Sri Lanka and China, this will be a joint venture between the Chinese government and the Ceylon Electricity Board. This LNG power […]
IMF staff mission concludes visit to Sri Lanka; stresses on reforms
Sept 28, 2018 (LBO) – Authorities should accelerate reforms to strengthen the Sri Lankan economy’s resilience to domestic and external shocks, given still significant vulnerabilities, concluding a recent visit, an IMF staff mission said. The IMF staff mission led by Manuela Goretti said the authorities should sustain reform efforts to support trade, investment, and inclusive […]
SEC charges Elon Musk with securities fraud for misleading tweets about Tesla
Sept 28, 2018 (LBO) – The United States Securities and Exchange Commission (SEC) today charged Elon Musk with securities fraud for a series of misleading tweets about a potential transaction to take Tesla private. The Chairman and CEO of Silicon Valley-based Tesla, on August 7 tweeted to his 22 million Twitter followers that he could […]
ADB provides USD300Mn for elevated highway
Sept 28, 2018 (LBO) – The Asian Development Bank’s (ADB) has approved a US 300 million dollar loan to help in the construction of about 5.3 kilometers (km) of elevated toll highway with related facilities between the New Kelani Bridge (NKB) and Galle Face in central Colombo in Sri Lanka. The new highway is expected […]
Sri Lanka launches first social impact funds to support social entrepreneurs
Sept 27, 2018 (LBO) – Two Memoranda of Understanding were signed today in New York, launching Sri Lanka’s first social impact funds aimed at supporting social entrepreneurs access innovative financing, to help achieve the 2030 Agenda for Sustainable Development.The signings were witnessed by Foreign Minister Tilak Marapana and Achim Steiner, UNDP Administrator, at a special […]