Category: Companies
Opinion: How technology shapes apparel sector supply chains: Shifting to nearshoring and reshoring
Nipuni Perera Advances in technology have made nearshoring – the practice of shifting production operations to a nearby country closer to the end market – and reshoring – bringing back offshore production back to the home country – more viable for apparel manufacturers, compared to offshoring production to far-away, developing countries. For instance, ‘SewBots’ – […]
‘s National Rating at AA+; withdraws rating
Jan 27, 2020 (LBO) – Fitch Ratings has affirmed and withdrawn Sri Lanka-based National Savings Bank’s (NSB) National Long-Term Rating of ‘AA+(lka)’ with a Negative Outlook. Fitch has chosen to withdraw the rating for commercial reasons. KEY RATING DRIVERS NSB’s National Long-Term Rating reflects Fitch’s expectation of extraordinary state support stemming from its policy mandate […]
First Capital Treasuries announces Rs750mn debenture issue
Jan 23, 2020 (LBO) – First Capital Treasuries, the Primary Dealer arm and a subsidiary of First Capital Holdings has announced that it intends to issue listed, rated, subordinated, unsecured, redeemable debentures with a principal value of LKR 750Mn maturing in five years. Following interest payment options will be payable semi-annually; Type A – 12.75% […]
Sri Lanka SMEs call for deadline extension
Jan 22, 2020 (LBO) – Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) said that the landmark loan moratorium for SMEs offered by the government in December 2019 is on track to revive SMEs but the stipulated reporting deadline is ‘too tight’. “We praise the government for its determined action last December to […]
Fitch revises outlook on 5 banks to negative; downgrades PLC; affirms HNB
Jan 22, 2020 (LBO) – Fitch Ratings has revised the Outlook to Negative from Stable on the Long-Term Issuer Default Ratings (IDR) and National Long-Term Ratings of the following Sri Lanka-based banks and has affirmed their ratings: Bank of Ceylon (BOC), National Savings Bank (NSB) and DFCC Bank PLC (DFCC) Fitch has also revised the […]
Tax changes included in proposed Inland Revenue Amendment Bill
Jan 22, 2020 (LBO) – Sri Lanka’s Finance Ministry announced the list of tax changes introduced in the proposed Inland Revenue Amendment Bill which is to be presented to Parliament for approval. Related: Cabinet nod to amend Inland Revenue Act The complete list of proposed tax amendments: (i). Interest Income (a) Interest paid up to […]
Viraj Dayaratne appointed as Chairman of SEC
Jan 22, 2020 (LBO) – Additional Solicitor General Viraj Dayaratne PC has been appointed as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC). The appointment was done by the Prime Minister and Minister of Finance Mahinda Rajapaksa. Other new members of the SEC appointed are Ernst & Young former Country Managing […]
Cabinet nod to amend Inland Revenue Act; to be presented to Parliament
Jan 21, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers have approved the proposal to amend the Inland Revenue Act to reflect new tax proposals introduced by the government. The proposal has been made by Prime Minister Mahinda Rajapaksa in his capacity as the Finance Minister to fulfill a promise made by the government to […]
Startup XpressJobs receives Rs100mn investment from Emerging Media
Jan 20, 2020 (LBO) – Emerging Media, a location-based digital advertising company has invested 100 million rupees in XpressJobs in exchange for a 25 percent stake of the company. The company said in a statement that Emerging Media’s tie with XpressJobs aims to further expand the company’s operational capabilities and also greatly increase visibility for […]
Debt moratorium for SMEs, credit negative for banks, unlikely to support economic recovery
Jan 20, 2020 (LBO) – Sri Lanka’s debt moratorium for SMEs is credit negative for Sri Lankan banks and the sovereign because it risks increasing SMEs’ risk appetite and relaxing their attitude toward debt repayments, Moody’s Investors Service said. In an analysis, the service said that this move, in turn, will undermine banks’ asset quality […]
Milford Ceylon buys 19-pct of Softlogic Life
Jan 17, 2020 (LBO) – Milford Ceylon Pvt Ltd., a Mauritius-based fund yesterday bought a 19 percent stake in Softlogic Life Insurance PLC for Rs.2.6 billion. Shares amounting to 71.25 million shares was acquired at 37.00 rupees each, the company said in a stock exchange filing, Thursday. The seller was DEG or State Street Munich […]
Mobitel & ‘CareerMe’ takes on career guidance for students, teachers and parents
Reiterating its pledge in leading Sri Lanka towards an info com and knowledge rich society, Mobitel, Sri Lanka’s National Mobile Service provider, has partnered with CareerMe, a fully-fledged career guidance app and web platform developed by a local company in partnership with an Australian body, to aid students, teachers, parents and other industry professionals alike […]