Author: lbostgadmin
Srilankan Airlines says media misguided, losses dramatically reduced
June 15, 2017 (LBO) – Srilankan Airlines said on Thursday that media was misguided when reporting losses and the airline had dramatically reduced the annual loss since the formation of the Unity government. “Contrary to inaccurate reports in the press, the management of SriLankan Airlines would like to point out that since the Unity Government […]
Commercial Bank leads Sri Lanka’s SME financing in 2016
June 15, 2017 (LBO) – Sri Lanka’s SME sector has been injected with 719 billion rupees by both state and private sector banks in 2016, with Commercial Bank of Ceylon leading with 273 billion rupees in such lending. Department of Development Finance said in a report that in 2015, 604 billion rupees was granted by […]
‘s power grid may be replicated elsewhere
June 15, 2017 (LBO) – Cybersecurity researchers say the 2016 attack on Ukraine’s power grid that deprived part of its capital Kiev of power was caused by a cyberattack — specifically, of the grid-sabotaging malware variety. A week before last Christmas, hackers struck an electric transmission station north of the city of Kiev, blacking out […]
Sri Lanka seeks more air connectivity with Gulf region
June 07, 2017 (LBO) – Sri Lanka wants to improve its air connectivity with Gulf countries in order to mitigate the effects of the break off of air connectivity between Qatar and Saudi Arabia, the UAE, Bahrain, Egypt and Yemen. As a result of growing crisis in the Gulf region, the state-owned flag carrier of […]
Sri Lankan banks likely to come under capital pressure from Basel III: Fitch
Jun 07, 2017 (LBO) – Sri Lankan banks are likely to come under increased capital pressure from Basel III-related requirements, Fitch Ratings said in a statement. “We expect most banks will have to raise capital to meet the higher requirements, particularly if they are pursuing rapid growth,” it said. “The sector’s capital needs could be […]
‘s Bank
June 07, 2017 (LBO) – Sri Lanka’s cabinet has approved a proposal to infuse 5 billion rupees to state-owned People’s Bank in order to comply with new capital adequacy requirements. Basel III, a new set of reforms expected to strengthen regulation, supervision and risk of the banking sector, is expected to be rolled out by […]
Sri Lanka trade gap widens 34-pct in March
June 07, 2017 (LBO) – Sri Lanka’s trade gap has widened 34.1 percent to 827.5 million US dollars in March from a year earlier, official data from the Central Bank showed. The cumulative trade deficit in the first quarter of 2017 has increased 35 percent to 2,505 million dollars from the same period last year. […]
Sri Lanka tourist arrivals down in May 2017 impacted by weather
Jun 07, 2017 (LBO) – Sri Lanka’s tourist arrivals were down 2. 5 percent to 121,891 in May, from an year earlier, with dips seen from the Middle East, South Asia and some East Asian markets, the latest data shows. According to the Sri Lanka Tourism Development Authority (SLTDA) arrivals in the first five months’ […]
Sri Lanka Foreign Minister Ravi Karunanayake visits India
Foreign Minister Ravi Karunanayake on his first visit overseas as Minister of Foreign Affairs, called on Prime Minister Narendra Modi and held discussions with External Affairs Minister Sushma Swaraj yesterday, 6 June 2017. He will have discussions today with Foreign Secretary S. Jaishankar and others before returning to Colombo tonight. Ministry of Foreign Affairs Colombo
Opinion: Lessons for Sri Lanka from “New French Revolution”
By Chrishmal Warnasuriya ‘Party-Less’ President Heading The 5th Republique – New Allegiances Perhaps even de Gaulle would not have fathomed, in his vision of creating a strong leader with the present Constitution (the 5th Republic – 1958) by splitting the powers of State & Government between a President and Prime Minister (a dual executive system) as […]
Saudi Fund for Development to provide credit for Sri Lankan importers
Jun 07, 2017 (LBO) – The Saudi Fund for Development is looking to provide credit facilities for Sri Lankan firms to import raw materials from Saudi Arabia. Lankan Importers importing fertilizer, plastic raw materials, cables and electrical wires from Saudi Arabia will be eligible to obtain credit, which would be given under the ‘Foreign Buyer […]
CSE to include non‐voting shares in index market cap calculation
Press Release: The Colombo Stock Exchange (CSE) announces the inclusion of non‐voting shares which are listed and traded on the exchange in its Index Market Capitalization (IMC) calculation. Including nonvoting shares in the calculation of indices is seen as a common practice internationally, and is carried out by a number of leading exchanges and index […]