Category: Companies
SEC approves rules for digitalization of Colombo Stock Market
Jun 02, 2020 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) has approved amendments to the Stockbroker Rules, Central Depository Systems (CDS) Rules and Listing Rules submitted by the Colombo Stock Exchange (CSE), which will enable the stock market to transition from a paper-based to an electronic-based environment. Under the amended rules, […]
Sri Lanka export earning drop 42.3-pct in Mar 2020
Jun 02, 2020 (LBO) – The deficit in the trade account narrowed in March 2020 to US dollars 549 million, from US dollars 592 million in March 2019, as the decline in imports in value terms exceeded the decline in exports, the Central Bank said. However, on a cumulative basis, the trade deficit widened to […]
How can we adjust our capitalist system to face post COVID-19 challenges?
An article by Tharaka Balasuriya With the chaos resulting from Covid 19, many have questioned the effectiveness of the neoliberal economic model. A debate about the negative impacts of the open economic system has been on going in Sri Lanka ever since the introduction of free market reforms in 1977. Although successive governments have experimented […]
SLT Rainbowpages.lk further boost businesses in the post Covid-19 era
SLT Digital Info Services (Pvt) Ltd (SLTDS), the Digital Marketing and Directory Information Services arm of Sri Lanka Telecom PLC (SLT), is proud to announce that it’s SLT RAINBOW PAGES (RBP) national business directory information search facility has been improved tremendously, both in online and offline mediums. As a result of the technological advancement in […]
ComBank raises another Rs.10Bn to support COVID-19 affected SME exporters
Jun 01, 2020 (LBO) – The Commercial Bank of Ceylon has announced the commitment of approximately Rs 10 billion to a Bank-funded COVID-19 Support Loan Scheme to assist affected SME enterprises. This assistance would be in addition to the working capital loans scheme implemented under a credit line provided by the Central Bank of Sri […]
Reducing health costs and increasing Government revenue beyond COVID-19: Raising cigarette taxes
Harini Weerasekera and Chamini Thilanka The susceptibility of smokers to contract COVID-19 has been recognised by the World Health Organisation (WHO) and other medical authorities. In Sri Lanka, concerned parties have called for a temporary ban of cigarette sales as a measure to contain the spread of the virus – a commendable move. However, beyond […]
Fitch recalibrates Sri Lanka National Rating Scale
May 28, 2020 (LBO) – Fitch Ratings says that it has recalibrated its Sri Lanka National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the country’s sovereign rating to ‘B-‘ from ‘B’ on 24 April 2020. The Outlook on Sri Lanka’s Long-Term Issuer Default Rating is […]
Commercial Credit appoints D Soosaipillai as new Chairman
May 26, 2020 (LBO) – D Soosaipillai, a pioneer in the leasing and financial services industry both in Sri Lanka and overseas was recently appointed as the new Chairman of Commercial Credit. He succeeds Cecil Perera, a finance industry veteran and senior attorney-at-law who chaired the Board before him and retired after the regulatory 9 […]
Central Bank cancels finance business licence of The Finance Company
May 22, 2020 (LBO) – Sri Lanka’s Central Bank has decided to cancel the finance business licence issued to The Finance Company (TFC), in terms of the FBA with effect from today. Accordingly, TFC is not permitted to engage in Finance Business under the Finance Business Act No.42 of 2011 (FBA) with effect from such […]
John Keells Holdings net profit down by 34-pct
May 21, 2020 (LBO) – The profit after tax attributable to equity holders of the parent for the financial year ended 31 March 2020 has been decreased by 34 percent to Rs.9.41 billion, annual report of the diversified conglomerate John Keells Holdings showed. Profit, however, has been adjusted for two one-off impacts thus recurring adjustments […]
HNB Finance completes successful CSE listing
May 21, 2020 (LBO) – HNB Finance a financial services provider, announced that the company’s shares are now listed on the Colombo Stock Exchange under the Diri-Savi Board. The first to be listed in over two years, HNB FINANCE’s Initial Public Offering (IPO) via an Offer for Sale on the Colombo Stock Exchange, was oversubscribed […]
S&P lowers Sri Lanka’s credit rating to ‘B-’
May 21, 2020 (LBO) – Rating agency S&P has lowered Sri Lanka’s long-term sovereign credit rating to B- from B, with a stable outlook, citing the government’s worsening fiscal position. S&P expects the COVID-19 outbreak to push Sri Lanka’s economy into a recession in 2020, against earlier expectations of a rebound. This would weaken Sri […]