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Sri Lankan banks face rising NPLs, capital pressure: Fitch Ratings
Jun 28, 2019 (LBO) – Sri Lankan banks face further increases in non-performing loans (NPLs) this year as the macro-economic environment remains difficult, Fitch Ratings said in a new report. Weaker asset quality and earnings will add to pressure on capital, and many small and medium-sized banks still need to raise equity capital to meet […]
Accountants can assist in implementing effective tax system: Inland Revenue COMNR GEN
Jun 27, 2019 (LBO) – The new Commissioner General of Inland Revenue, Nadun Guruge recently highlighted the important role Chartered Accountants can play in ensuring an effective and efficient tax system in the country. Speaking at the felicitation ceremony organized by CA Sri Lanka, Guruge who assumed duties as the 33rd Commissioner-General also noted that […]
Opinion: Where is regulatory energy focused?
By Dinesh Perera The Central Bank has been taking out all its regulatory energy[i] on the Non-Bank Financial Institutions. The current 25 percent cap on ownership targets only the NBFI sector. The earlier guise to this regulatory movement was the need to be compliant with BASEL 3. However, the not so subtle true purpose of […]
New BOI agreement to produce packaging items for export signed
The Board of Investment of Sri Lanka signed recently supplementary agreement with J and D Venture (Pvt) Limited. The agreement was signed on behalf of the BOI by Mr. Mangala Yapa, Chairman of the Board and on behalf of company by Mr.Seong Eun Lee and Mrs. Seok Ok Jang, Directors. Mr. Jeong Ho Lee and […]
ComBank announces ‘Nil Margin’ LCs for vehicle permit holders
The Commercial Bank of Ceylon has launched a scheme for government officers with vehicle permits, offering reduced interest rates on vehicle loans and leases and the opportunity to open Letters of Credit (LCs) without keeping a margin (nil margin). The Bank said permit holders can choose between a loan or lease at the lowest interest […]
CEAT Kelani’s Truck Bus Radials enter market
Heavy duty, high-performance radial tyres custom-engineered for trucks, buses and prime movers plying Sri Lanka’s roads and manufactured for domestic conditions, have been commercially launched by CEAT Kelani Holdings in a ground-breaking initiative by the company that produces nearly half of the country’s tyre requirements. Part of a phased execution of Rs 3 billion investment […]
Sir Richard Branson urges Sri Lanka not to enforce death penalty
June 26, 2019 (LBO) – Billionaire and global business icon Richard Branson has publicly weighed in on Sri Lanka’s intention to enforce the death penalty. Joining a chorus of concern coming in from all over the world, Branson has expressed his concern in writing to the government of Sri Lanka and publicly tweeted for the […]
People’s Bank will not be privatized: Finance Minister
Jun 26, 2019 (LBO) – Sri Lanka’s Finance Minister says that the recent news report in the media quoting an opposition Parliamentarian to the effect that the People’s Bank is to be privatized is completely false and misleading. Certain political parties and the Trade Union affiliated to those parties had alleged the government is to […]
FastTrack Summer Internship Programme relaunched with Brandix, Fonterra & JKH to inspire young talent
Brandix Apparel Limited, Fonterra Brands Lanka (Pvt.) Ltd. and John Keells Holdings PLC held the orientation for fifteen diverse, talented interns today (25th June 2019) at Hatch, Colombo, formally commencing the Fast Track Summer Internship Programme 2019. First introduced in 2011, the ‘FastTrack’ Summer Internship Programme returned in April 2019 to provide fifteen selected undergraduates […]
Sri Lanka securities regulator files charges on market manipulation
Jun 26, 2019 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) has filed an action in the Magistrate’s Court against two investors on charges of having committed the offence of market manipulation with regard to the shares of E-Channelling PLC. The action was filed on the basis of evidence elicited during the course of […]
Sri Lanka relaxes dress code for female public servants
Jun 26, 2019 (LBO) – Sri Lanka’s Cabinet of Ministers has granted approval to amend a circular on the dress code for public servants allowing female public servants to wear any decent dress without covering their faces. According to the cabinet proposal, the dress code for female public servants, however, should not impede the directives […]
Sri Lanka updates HRC on measures taken to advance human rights, peace and security
Jun 26, 2019 (LBO) – The Sri Lanka delegation to the Human Rights Council briefed the Council on progress made in addressing human rights concerns, national security imperatives, as well as reconciliation priorities. Sri Lanka’s intervention under agenda item 2 of the council, followed the oral update provided by the UN High Commissioner for Human […]