Category: Companies
COVID-19 economic impact could reach $USD 8.8TR globally: New ADB report
May 15, 2020 (LBO) – The global economy could suffer between $5.8 trillion and $8.8 trillion in losses—equivalent to 6.4% to 9.7% of global gross domestic product (GDP)—as a result of the novel coronavirus disease (COVID-19) pandemic, says a new report released by the Asian Development Bank (ADB) today. The report, Updated Assessment of the Potential […]
Teejay ends 2019-20 with net profit up 28-pct
May 15, 2020 (LBO) – Textile manufacturer Teejay Lanka PLC has ended 2019-20 on an encouragingly strong note, despite its projected fourth quarter profit growth being eroded by production shutdowns at all plants in conformity with the lockdowns in Sri Lanka and India necessitated by the COVID-19 pandemic. Sri Lanka’s only multinational textile producer has […]
Singer Finance Rs.1Bn debenture issue oversubscribed
May 15, 2020 (LBO) – Singer Finance (Lanka) PLC received a strong vote of confidence from investors with its recent Listed, Rated, unsecured, senior, redeemable three year and five year, one billion rupee debenture issue being oversubscribed. The subscription closed on Wednesday the 13th of May 2020. This Debenture issue is rated BBB (lka) by […]
President calls on banking sector to think out of the box to achieve economic revival
May 14, 2020 (LBO) – President Gotabaya Rajapaksa has requested the banking sector to deviate from conventional thinking and practice to support the country‟s striving to rebuild the economy badly hit by the COVID-19 pandemic. “The government was able to keep the corona virus under control. The biggest challenge we face right now is to […]
Joint committee of SEC & CSE appointed to broadbase capital market awareness
May 14, 2020 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) considers it important to identify measures that are required to broadbase the capital market as well as to educate and create awareness amongst the public. The proposals submitted by the Colombo Stock Exchange (CSE) subsequent to discussions with the SEC also […]
Commercial Bank operating profit down by 4.6-pct, PAT up due to concessions
May 14, 2020 (LBO) – Operating profit before taxes on financial services of Sri Lanka’s Commercial Bank for the first quarter declined by 4.6%, interim accounts showed. The bank posted a profit before income tax of Rs 5.229 billion for the three months, an increase of 9.51% as the taxes on financial services has been […]
Central Bank cuts minimum requirement of Liquidity Coverage Ratio to 90-pct
May 13, 2020 (LBO) – Sri Lanka’s Central Bank has decided to reduce the minimum requirement of Liquidity Coverage Ratio and Net Stable Funding Ratio to 90 percent with enhanced supervision and frequent reporting. The Central Bank has also decided to permit licensed banks to consider certain assets as liquid assets in the computation of […]
Central Bank places restrictions on discretionary payments of banks
May 13, 2020 (LBO) – Sri Lanka’s Central Bank has issued directions to licensed banks restricting their discretionary payments with the aim of maintaining appropriate levels of liquidity in licensed banks while managing cash flows prudently. The Monetary Board has considered the possible adverse impact on liquidity and other key performance indicators of licensed commercial […]
Sampath Bank operating profit down by 10.8-pct, PAT up due to concessions
May 13, 2020 (LBO) – Operating profit of Sri Lanka’s Sampath Bank for the first quarter, which is the real return generated by utilizing the assets and liabilities, declined by 10.8%, interim accounts showed. The challenges brought by COVID – 19 and the recession brought on by the terrorist attack in April 2019 has lead […]
SriLankan Airlines offers passage for travelers supporting lockdown ease
May 12, 2020 (LBO) – Taking into consideration the reopening of economic activity in the world followed by easing of some travel restrictions between countries, SriLankan Airlines is now offering services to passengers who are eligible to travel under the respective country travel advisories to London, Tokyo (Narita) Melbourne and Hongkong and beyond. Accordingly, passengers who […]
Dialog & Huawei donate telepresence infrastructure and connectivity to Health Min
Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, and Huawei Technologies Lanka Co., (Pvt) Ltd, donated Telepresence and connectivity solutions to 30 hospitals covering district general hospitals, teaching hospitals and the designated COVID-19 treatment centres that operate under the aegis of Ministry of Health and Indigenous Medical Services (MOH). The fully-fledged Telepresence platform is set […]
Sri Lanka delisted by European Commission from list of high risk 3rd countries
May 12, 2020 (LBO) – The European Commission has de-listed Sri Lanka from its list of High Risk Third Countries with Anti- Money Laundering and Countering the Financing of Terrorism Strategic Deficiencies published on May 07, 2020. Since the listing by the FATF, the Financial Intelligence Unit (FIU) together with other stakeholders had taken a […]