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‘s criticisms of $ 2.4bn bond offering undermine CBSL
March 22, 2019 (LBO) – Former Governor of the Central Bank of Sri Lanka (CBSL) during the Mahinda Rajapaksa administration, Ajith Nivard Cabraal, has come out with criticisms of the pricing and interest rates on debt that came out of the recent sovereign bond offering. His contention that somehow the interest rates were abnormally high […]
Sri Lankan Banks manage capital impact of SLFRS 9
Mar 22, 2019 (LBO) – Sri Lankan banks have been able to manage the capital impact of first-time adoption of SLFRS 9 accounting standards, in line with our expectations, due to capital infusions ahead of full implementation of Basel III, satisfactory profitability buffers and the four-year phasing-in period, Fitch Ratings says. Sri Lanka adopted SLFRS 9 […]
“Open, free, secure and resilient cyberspace vital for development and democracy” British HC to SL
Mar 22, 2019 (LBO) – At the launch of the “Cyber Resilience for Development” project, British High Commissioner to Sri Lanka James Dauris noted the importance of an open, free, secure and resilient cyberspace in safeguarding democracy and furthering development. He explained that this vision aligns with the UK’s own National Cyber Security Strategy. The British, […]
Dispute avoidance in construction contracts a must in developing countries
Mar 22, 2019 (LBO) – Standing dispute adjudication boards in construction projects should seriously practice their role in dispute avoidance in contracts,Malith Mendis, country representative of the Dispute Resolution Board Foundation said. They should encourage open communication between the parties at meetings and should request that senior off-site personnel from both the employer and the contractor […]
BOI takes to twitter to quell firestorm related to $ 3.85bn refinery project
March 21, 2019 (LBO) – A media firestorm has erupted over a US$3.85bn refinery project that was trumpeted by Sri Lankan government politicians as the largest FDI in the history of Sri Lanka. The Indian ‘Hindu’ newspaper reported on the deal yesterday: Following Reuters news story which reported a denial by the Oman Oil Company […]
Opinion: As Racial and Religious Intolerance Raises Its Ugly Head
By Sanjeewa Fernando As the United Nations gear up to celebrate the International Day for Elimination of Racial Discrimination, or Anti-racism day, as it is commonly and conveniently referred to, on 21st of March, that is today, the entire civilized world finds itself reeling from the gruesome mass murder that took place at two mosques […]
‘s NBFIs pressured by weak economic growth and vehicle sales
Mar 21, 2019 (LBO) – Fitch Ratings expects Sri Lankan non-banking financial institutions (NBFI) to continue to face pressure on asset quality and profitability in the medium term. The ratings agency says a slowdown in Sri Lanka’s economic activities and lacklustre growth in the sector’s core vehicle-financing segment continue to weigh on NBFI’s financial profiles. […]
Sri Lanka GDP grows 3.2-pct in 2018
Mar 21, 2019 (LBO) – The Department of Census and Statistics (DCS) releasing the estimated Gross Domestic Product (GDP) data said the islands economic growth rate for the year of 20 18 has been estimated as 3.2 percent. The GDP for Sri Lanka for the year of 20 18 (January to December) at constant (2010) price […]
Diplomats wax eloquent at DailyFT Fireside Chat
March 20, 2019 (LBO) – The business community in Colombo on Tuesday evening was geared up for 2019’s fireside chat organised by the DailyFT and the International Chamber of Commerce (ICC). 2019’s event in a packed Hilton Ballroom came after 2018’s successful event which featured Sri Lanka’s biggest businessmen. Last year’s event made headlines and […]
Ranil roasts Dhammika at DailyFT Fireside Chat
March 20, 2019 (LBO) – Building on the controversy and success of the Fireside Chat 2018 event organised by the Daily FT and the International Chamber of Commerce (ICC), Fireside Chat 2019 was launched with much fanfare and anticipation. The 2018 event generated much controversy with backlash against Sri Lanka’s most prominent businessmen who some […]
PUCSL proposes standards and regulatory system for water fittings
Mar 19, 2019 (LBO) – Public Utilities Commission of Sri Lanka (PUCSL) with corporation of other institutions has drafted the standards and regulatory measures for water fittings in Sri Lanka. The standards are expected to create an enabling environment, to facilitate the participation of other regulatory agencies and relevant stakeholders to ensure that only quality […]
Kabul calls for first direct air corridor, investment pact to revive Sri Lanka trade
Mar 19, 2019 (LBO) – Afghanistan has called to open a direct air corridor with Sri Lanka by 25th March in a effort to push an Investment Protection and Promotion (IPP) pact with Colombo to revive lagging bilateral economic ties. “The Government of Afghanistan launched the Air Corridor two years ago to take domestic goods to […]