Category: Companies
Trade deficit widens in April; import expenses on personal vehicles up, no tourism earnings
Jun 22, 2020 (LBO) – Sri Lanka’s trade deficit widened in April 2020 to US dollars 840 million, from US dollars 797 million in April 2019, as the decline in exports exceeded the decline in imports. Expenditure on merchandise imports declined notably, on a year on year basis, by 29.6 percent to US dollars 1, […]
‘s Bank introduces multiple loan schemes in line with government direction
Jun 22, 2020 (LBO) – The Chairman and Board of Directors together with the management of the People’s Bank in accordance with the direction of the Government, has introduced a number of new loan schemes along with special concessionary interest rates for sectors with most of the loan schemes offering single-digit interest rates. According to […]
100bps rate cut on the cards to push banks for lending: First Capital Research
Jun 19, 2020 (LBO) – First Capital Research allocates a policy rate cut expectation of 100bps bringing the SDFR and SLFR to 4.50% and 5.50%, respectively. Despite prevailing the low-interest-rate environment it will have a ripple effect on the overall economy, First Capital Research said in a new research note. “We believe that the Central […]
“Exporters optimistic about new market opportunities” new USAID survey
Jun 19, 2020 (LBO) – “Sri Lankan exporters are cautiously optimistic about business continuity amidst a global pandemic,” reveals the findings of a new business survey conducted by the Ceylon Chamber of Commerce (CCC) and the United States Agency for International Development (USAID). A significant number of the firms surveyed had identified new business opportunities […]
Developing Asia to grow just 0.1-pct in 2020:ADB
Jun 19, 2020 (LBO) – Developing Asia will barely grow in 2020 as containment measures to address the coronavirus disease (COVID-19) pandemic hamper economic activity and weaken external demand, according to a new set of forecasts from the Asian Development Bank (ADB). In a regular supplement to its annual flagship economic publication, the Asian Development Outlook (ADO) 2020 released in […]
Crescat Boulevard mall be revamped
Jun 17, 2020 (LBO) – Asian Hotels and Properties PLC (AHPP) announced that it would be moving forward with major investments towards the refurbishment of Crescat Boulevard. First opening its doors in 1997, Crescat Boulevard was a pioneering development at the time, and soon became an iconic location in Colombo. It was the very first […]
” launches Equity Fund & Money Market Fund
Jun 17, 2020 (LBO) – Softlogic Invest, the Asset Management arm of Softlogic Capital, recently launched two unit trusts or mutual funds – Softlogic Equity Fund and Softlogic Money Market Fund after obtaining the license from the Securities Exchange Commission of Sri Lanka (SEC). Capitalizing on the existing expertise coming in via the Softlogic financial […]
Central Bank increases funding for businesses affected by COVID-19
Jun 16, 2020 (LBO) – Central Bank has decided to provide funding to Licensed Commercial Banks (LCBs) at the concessionary rate of 1.00 percent against the pledge of a broad spectrum of collateral, on the condition that LCBs, in turn, will on-lend to domestic businesses at 4.00 percent. According to the Central Bank, this is […]
‘s Central Bank further reduces Statutory Reserve Ratio
Jun 16, 2020 (LBO) – The Monetary Board of the Central Bank has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) by 200 basis points to 2.00 percent, with effect from the reserve maintenance period that commenced on 16 June 2020. According to the […]
Emirates to begin outbound flights from Colombo on 20 June
Jun 16, 2020 (LBO) – Emirates has announced the launch of outward-bound passenger flights from Sri Lanka, starting Saturday 20 June 2020, to facilitate travel for foreign nationals as well as Sri Lankans who need to return to families, jobs or education overseas. The airline currently operates passenger flights to 30 destinations with connectivity for […]
Developers confident Sri Lanka real estate will regain momentum
Jun 16, 2020 (LBO) – Sri Lanka’s construction sector which ranks as the 5th highest in the nations GDP earnings, after services, manufacturing, agriculture and utilities reports continued interest from local and international buyers as the industry gears towards returning to construction in a COVID-19 affected world. The current pandemic has left several industries drastically […]
‘ stresses: Fitch Ratings
Jun 16, 2020 (LBO) – Sri Lankan banks’ operating environment and financial profiles ace escalating risks from the economic fallout of the coronavirus. Fitch Ratings now expects Sri Lanka’s real GDP to contract by 1.3% in 2020, worsening from our earlier forecast of a 1.0% contraction published 24 April 2020 due to the pandemic. Deterioration […]