Category: Economy and Markets
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 […]
Sri Lanka seeks USD1.1bn special SWAP facility from India
May 24, 2020 (LBO) – President Gotabaya Rajapaksa yesterday asked Indian Prime Minister Narendra Modi to help Sri Lanka by providing a special SWAP facility of 1.1 billion US dollars to deal with country’s foreign exchange issues. “If the Government of India could provide USD 1.1 billion special SWAP facility to top up USD 400 […]
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 […]
‘s headline inflation decreased further in April
May 22, 2020 (LBO) – Headline inflation as measured by the year-on-year change in the National Consumer Price Index has decreased to 5.9 percent in April 2020 from 7.0 percent in March 2020, the Statistics Department data showed. This was driven by the monthly decline of prices of the items in the Food category and […]
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 […]
Ad agency’s utilise modern business model geared for ‘Work From Home’ to share cost-benefit with clients
News Publisher and Quire Sri Lanka, Business models geared towards managing agile working staff better equipped to manage COVID-19 lockdown For most Sri Lankans, since March 2020 the economic impact of the COVID-19 pandemic has led to a large-scale effort to promote “work-from-home” (WFH) along with the categorization of “essential workers”. Leaving several industries, including […]
Commercial Bank reduces lending rates of loans, leases, pawning & OD facilities
May 21, 2020 (LBO) – The Commercial Bank of Ceylon has announced a reduction of lending rates across the board in response to the present needs of individual and corporate borrowers and in line with the downward trend of interest rates in Sri Lanka. Effective immediately, the rate cut encompasses all categories of new loans […]
Ceylon Chamber proposes multi-sectoral approach for economic revival
May 20, 2020 (LBO) – The Ceylon Chamber of Commerce has submitted its multi-sectoral proposals to the Task Force for Economic Revival and Poverty Alleviation. This was building on the submission made to the President on a Shared Vision for Post-COVID-19 Economic Recovery. The sectors included in the document covered immediate, medium, and long-term proposals […]
Sri Lanka explores SWAP facilities with regional Central Banks
May 19, 2020 (LBO) – Sri Lanka is in the process of exploring SWAP facilities with regional central banks, while arrangements are also being made for syndicate financing with identified foreign sources, the Central Bank said. While reiterating its commitment to meeting all its financial obligations, the Central Bank said in a statement that the […]
Opinion: Sri Lanka’s IT-BPM industry resilient in the face of COVID-19
SLASSCOM “Drifting the curve” is the SLASSCOM industry strategy for building momentum to come out of the “corner” (current situation) stronger. When race car drivers approach a bend on the track, unlike ordinary drivers who slow down, they accelerate. This is known as “drifting the curve.” It’s all about how much momentum you have when […]