Category: Economy and Markets
Uki offers an alternate route from the Northern Province into the tech industry
By Jekhan Aruliah Does Sri Lanka need more university graduates? Sri Lanka has tens of thousands of unemployed graduates. Every now and then the government brings thousands more of them into the Public Service, further bloating an already bloated service. In December 2019 a government minister promised jobs for all 64,000 (his figures) unemployed graduates! […]
Fitch affirms HNB Finance at A(lka); outlook stable
Feb 12, 2020 (LBO) – Fitch Ratings Lanka has affirmed HNB Finance Limited’s (HFL) National Long- Term Rating at ‘A(lka)’ with a stable outlook. The agency has also affirmed the National Long-Term Rating on HFL’s subordinated debentures at ‘BBB+(lka)’. KEY RATING DRIVERS HFL’s rating reflects Fitch’s expectation of support from parent, Hatton National Bank PLC […]
HNB Finance first IPO since January 2018
HNB Finance Limited, a licensed finance company has obtained approval from the Colombo Stock Exchange to list its voting and non-voting ordinary shares. The ordinary voting shares will be listed by way of an IPO via an Offer for Sale of 10mn shares at a price of Rs. 5.70 per share while the ordinary non-voting […]
Land an investment tool: Creates greater appeal for affluent
Land has been a commodity that has been looked upon as an investment for generations. The general understanding is to obtain land for housing or commercial purposes. However, land purely as a tool of investment has increasingly become an area of interest. The annual increment of land value every year is stipulated to be around […]
Sri Lanka economy on the mend in 2020 : Will look at new IMF deal
Feb 11, 2020 (LBO) – A revival in economic activity can be expected in 2020 with the support of better fiscal and monetary measures with Sri Lanka also looking at a fresh deal with the IMF, a senior official said. Speaking at the Ceylon Chamber of Commerce’s Economic Outlook launch for 2020 the Central Bank […]
Effective Leadership for the New Digital Age
Leaders in this new age need to inspire, engage and lead with optimism. Digital leadership is about empowering others to lead and creating self-organized teams that optimize their day-to-day operations. Leadership is no longer hierarchical – it needs participation, involvement and contribution from everyone.
Primary deficit will widen to 1.9-pct of GDP with new tax cuts & exemptions: IMF Mission
Feb 08, 2020 (LBO) – IMF staff concluding a visit to Sri Lanka said that the country’s primary deficit could widen further to 1.9 percent of GDP in 2020, due to newly implemented tax cuts and exemptions, clearance of domestic arrears, and backloaded capital spending from 2019. The mission reminds that fiscal prudence remains critical […]
Sri Lanka official reserves at USD7.5bn by end January
Feb 07, 2020 (LBO) – Sri Lanka’s gross official reserves were 7.5 billion US dollars (USD7,526mn) by the end of January, down from 7.6 billion US dollars in December, the latest Central Bank data showed. By the end of January, the foreign currency reserves were 6,516.2 million dollars while the reserve position in the IMF […]
Ceylon Dollar Bond Fund delivers 10.3-pct dollar return in 2019
Feb 06, 2020 (LBO) – The Ceylon Dollar Bond Fund that invests exclusively in the Sri Lankan government issued International Sovereign Bonds (ISB), and SLDBs reported a strong US$ performance of 10.3 percent in 2019 to investors. The January 2020 performance was 1.03 percent (annualised 12.18%) while the fund size reached 23 million US dollars […]
Mobitel & Thuru’s reforestation project shortlisted at GSMA Global Mobile Awards 2020
Mobitel and Thuru’s joint project – ‘Reforestation through Technology’ – has been shortlisted for the ‘Best Mobile Innovation for Climate Action award’ at GSMA Global Mobile Awards 2020, popularly known as the GLOMO Awards, scheduled to be held in Barcelona in February 2020, where winners will be announced. This recognition is yet another feather in the cap […]
Speaker tables annexes & exhibits of Central Bank’s forensic audit reports
Feb 05, 2020 (LBO) – Speaker Karu Jayasuriya on Wednesday tabled the annexes and exhibits of Central Bank’s forensic audit reports. Accordingly, CD copies of these will be made available to the Parliamentarians and three printed copies will be placed in the Parliament library. Related: Forensic audit finds Rs20bn loss to Sri Lanka from bond […]
Sri Lankan Airlines corruption scandal reveals need for deeper structural reform in SoEs : Advocata
Weak governance has led to large scale corruption in state enterprises. Sri Lankan airlines has made Rs. 169 billion in losses since nationalisation in 2009. It has recently been revealed that Airbus SE paid the wife of a Sri Lankan Airlines Executive US$ 2 million, out of a US$ 16 million bribe over a large […]