Category: Companies
Fitch rates Commercial Bank of Ceylon Basel III sub debt AA-(lka)(EXP)
Apr 02, 2019 (LBO) – Fitch Ratings has assigned Commercial Bank of Ceylon’s proposed Basel III-compliant subordinated unsecured debentures an expected National Long-Term Rating of AA-(lka)(EXP). The debentures will total up to 15 billion rupees, with maturities of five and 10 years, and carry fixed coupons. The debentures will qualify as Basel III-compliant regulatory Tier 2 […]
‘s Dialog Axiata at AAA(lka); outlook stable
Apr 02, 2019 (LBO) – Fitch Ratings has affirmed the National Long-Term Rating of Sri Lanka-based telecoms company Dialog Axiata at ‘AAA(lka)’ with a stable outlook. KEY RATING DRIVERS Mobile-Market Leader: Dialog’s standalone credit profile of ‘AAA(lka)’ is underpinned by its market leadership in the growing mobile and pay-TV market segments. We believe that Dialog […]
Vikas Arora assumes role of Sri Lanka’s Chief Country Officer of Deutsche Bank
Apr 02, 2019 (LBO) – Vikas Arora has assumed the role of Sri Lanka’s Chief Country Officer and General Manager of Deutsche Bank AG Colombo Branch effective 1 April 2019, in addition to his role as Head of Global Transaction Banking and Head of Global Subsidiary Coverage for Sri Lanka. The bank said in a […]
Huawei CEO and Founder expects revenue to touch USD125Bn in 2019
Apr 01, 2019 (LBO) – Ren Zhengfei, CEO and Founder of Huawei, recently said that 2019 could be a difficult year for Huawei, and however the company, is targeting US 125 billion dollars in revenue. Huawei has not released its total revenue for 2018 yet, but Eric Xu, one of the rotating chairmen at the technology […]
‘s Securities & Exchange Commission files action for insider dealing
Mar 31, 2019 (LBO) – Sri Lanka’s Securities & Exchange Commission has filed an action before the Fort Magistrate’s Court against Dr. Sena Yaddehige, for dealing in the shares of Kegalle Plantations. The commission says being the Chairman of the Company, just before a 45 rupees dividend was declared by Kegalle Plantations on 10th July 2015, which […]
Empowering women with financial independence by closing the investment gap
Mar 29, 2019 (LBO) – As Sri Lankan women join the workforce – particularly in the corporate sector – at a higher rate than ever before, a new opportunity to bridge the wealth gap is emerging as women now turn their eyes to the world of investment. These were some of the themes explored at […]
‘s Tokyo Cement Company(Lanka) board resolves amalgamation
Mar 27, 2019 (LBO) – Sri Lanka’s Tokyo Cement Company (Lanka) PLC board of directors of has resolved the amalgamation of TOKYO Super Cement Company Lanka (Private) Limited, a fully owned subsidiary company with Tokyo Cement Company (Lanka) PLC (TCCL). The name of the amalgamated Company will be Tokyo Cement Company (Lanka) PLC and the […]
OBG Sri Lanka report:Looks at steps being taken to encourage innovation and boost export earnings to USD20Bn in 2019
Mar 27, 2019 (LBO) – A new report from research and consultancy firm Oxford Business Group (OBG) shines a spotlight on Sri Lanka’s wide-ranging plan to achieve upper-middle-income status. The Report: Sri Lanka 2019 looks in detail at the steps being taken to encourage innovation across the manufacturing industry as part of the national strategy to […]
‘s Oceanpick first in South Asia to earn certification for offshore farming
Mar 27, 2019 (LBO) – Oceanpick (Pvt) Ltd., has been awarded the Best Aquaculture Practices (BAP) certification, making Sri Lanka a pioneer in South Asia -and only the 34th country in the world- with a BAP-certified facility. Oceanpick is South Asia’s first ever commercial-scale offshore oceanic farm for finfish, and is currently the only offshore […]
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, […]
‘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. […]