Author: lbostgadmin
New York Times reporter hits Sri Lankan critics with another zinger
July 3, 2018 (LBO) – Days after her controversial expose on Chinese influence in Sri Lanka, New York Times journalist Maria Abi-Habib is out with a hard hitting article detailing intimidation of Sri Lankan journalists by politicians in Sri Lanka. Her first article has reverberated throughout the Sri Lankan media and political spheres. After the […]
Colombo stocks sink to new lows with S&P SL 20 index down 10% for 2018
July 3, 2018 (LBO) – Colombo stocks continued their decline hitting new lows for 2018. Key indices were both lower with the All Share Price Index (ASPI) down .77% and the S&P SL 20 down 1.34% on the session. Turnover was a weak Rs566mn (US$3.6mn). The trend of foreign selling continued as net foreign sales […]
Foreign Corespondents Association of Sri Lanka responds to New York Times firestorm
July 3, 2018 (LBO) – The Foreign Correspondents Association of Sri Lanka (FCA) has released a statement on their Facebook page in response to the firestorm created by the recent New York Times article on Chinese influence in Sri Lanka.The statement is reproduced below: FCA Statement on intimidation of journalists who contributed to the recent New […]
No backward calculation to obtain GDP with pre-decided deflators: Stats Office
July 03, 2018 (LBO) – Sri Lanka’s statistics office rejecting the recent claims on the GDP estimates said it is almost impossible to carry out backward calculations to obtain GDP with pre-decided GDP deflators. Releasing a statement, Department of Census and Statistics (DCS) said it is also not an internationally accepted practice of estimating national […]
Opinion: SOAR’ing through the Cloud in Sri Lanka
By Chandita Samaranayake, Head of Application at Oracle – Sri Lanka, Indochina, and the Maldives The cloud, since its inception, has expanded and evolved into one of the biggest paradigm shifts in the computer age. It is changing how businesses run and people work, it is creating new categories and disrupting existing categories, and it is […]
‘s Basel III sub debt final AA-(lka)
July 03, 2018 (LBO) – Fitch Ratings has assigned Commercial Bank proposed Basel III-compliant subordinated unsecured debentures a final National Long-Term Rating of ‘AA-(lka)’. The final rating is the same as the expected rating assigned on 14 February 2018 and follows the receipt of documents conforming to information already received. The debentures, totaling 10 billion rupees, have […]
Korean concessional loan of USD 14Mn to support garbage collecting in local authorities
Jul 02, 2018 (LBO) – The Government of Republic of Korea has agreed to provide two concessional loans for US 14 million dollars (Approximately Rs.2,240 million) to supply of 190 nos. of garbage collecting compactors to Local Authorities of Sri Lanka. This initiative is in line with the Government’s target of strengthening local authorities with […]
Selling accelerates as Colombo stocks hit new lows for 2018
July 2, 2018 (LBO) – The markets started the month of July on the same course they have been for the year. The days selloff was slow and steady through the session with both major indices dropping over 1%. The all share price index (ASPI) finished down 1.07%, and the S&P SL 20 was off […]
Lanka Sathosa e-commerce website to start direct online sales in six months
Despite an FMCG market decline for two quarters in a row across the country, Sri Lanka’s largest state-owned retail chain has successfully boosted its own turnover with stronger numbers to Rs 31 Bn-highest so far. “I am pleased to say that Lanka Sathosa achieved Rs 31 Bn turnover last year, the highest so far in […]
S Renganathan appointed Managing Director & CEO of Commercial Bank
July 02, 2018 (LBO) – Commercial Bank has appointed Sivakrishnarajah Renganathan as the new Managing Director and Chief Executive Officer of the bank since Jegan Durairatnam is retiring from the post at the end of this month. A career banker who has served Commercial Bank throughout the entirety of his 37-year working career, Renganathan has […]
Gamifying ahead through the enterprise solutions landscape : Virtusa
Globally, we are witnessing a steady rise in the pace of digital transformation with enterprises leading the charge. Gartner, Inc. projects worldwide IT spending to total $3.7 trillion in 2018 and notes that enterprise software continues to exhibit robust growth, thanks to the rise in the number of businesses actively investing in digital technologies to […]
Sri Lanka reiterates that Hambantota cannot be used for military purposes
July 02, 2018 (LBO) – Sri Lanka has informed China that Hambantota cannot be used for military purposes, Prime Minister’s office said in a statement clarifying a recent news item. Clarifying the PM’s speech made at the Dr. Saman Kelegama memorial conference, the Prime Minister’s office, however, said that the PM negotiated with Prime Minister […]