Category: Economy and Markets
John Keells Holdings Dec quarter net profit down by 50-pct
Jan 29, 2020 (LBO) – Profit attributable to equity holders of Sri Lanka’s diversified John Keells Holdings in the third quarter at 2.40 billion rupees is a decrease of 50 percent over the previous year, interim accounts showed. First nine months’ performance at 5.68 billion rupees is a decrease of 53 percent over the previous […]
Sri Lanka SME credit support scheme has limited effect on banks: Fitch Ratings
Jan 29, 2020 (LBO) – A scheme for Sri Lankan banks to provide special credit support to SMEs this year should not have a material effect on banks’ credit profiles, Fitch Ratings says. “We believe that the scheme will prolong the resolution of non-performing loans only until end-2020, and delay capital repayments this year, but […]
SL presents USD16Bn opportunity for pvt sector to invest in sustainable development: SC Bank
Jan 29, 2020 (LBO) – Opportunity2030: The Standard Chartered SDG Investment Map reveals an almost USD 10 trillion (USD 9.668 trillion) opportunity for private-sector investors across all emerging markets, with Sri Lanka representing USD16.2 billion of that total. The study identifies opportunities for the private sector to contribute to three infrastructure-focused goals between now and […]
Ravi Wijeratne slips away from taking over MTD Walkers
Jan 28, 2020 (LBO) – Sri Lankan businessman, Ravindranath Srilal Wijeratne, alias Ravi Wijeratne has slipped away from taking over MTD Walkers. According to MTD Walkers, the agreed transaction will not be pursued, as there has been no positive development on the transaction. As the completion date stipulated in the Share Sale and Purchase Agreement […]
Former COPE Chief wants President to implement law on forensic audit report
Jan 28, 2020 (LBO) – Former Chairman of the COPE Committee, JVP Parliamentarian Sunil Handunnetti has written to the President requesting that the law be implemented based on the forensic audit report of the Central Bank bond issue. Translated version of the letter: The President, Democratic Socialist Republic of Sri Lanka, Colombo 01. Your Excellency, […]
First Capital Research assigns 80-pct probability for no change in policy rates
Jan 28, 2020 (LBO) – First Capital Research assigns 80 percent probability for no change in policy rates amidst recently provided tax revisions and other benefits. Considering the recent major fiscal and monetary policy changes, First Capital Research believes that current accommodative monetary policy stance is appropriate, and that there is ample space for market […]
Sri Lanka vehicle registration in Dec 2019 subdued
Jan 28, 2020 (LBO) – Sri Lanka’s total car registrations recorded 2,057 units in December 2019 marginally up from 2,030 units in November but down from 2,669 units 12 months ago, a new report shows. Data compiled by JB Securities equities research shows in the overall segment Toyota is the market leader with a 64.2 […]
Opinion: How technology shapes apparel sector supply chains: Shifting to nearshoring and reshoring
Nipuni Perera Advances in technology have made nearshoring – the practice of shifting production operations to a nearby country closer to the end market – and reshoring – bringing back offshore production back to the home country – more viable for apparel manufacturers, compared to offshoring production to far-away, developing countries. For instance, ‘SewBots’ – […]
‘s National Rating at AA+; withdraws rating
Jan 27, 2020 (LBO) – Fitch Ratings has affirmed and withdrawn Sri Lanka-based National Savings Bank’s (NSB) National Long-Term Rating of ‘AA+(lka)’ with a Negative Outlook. Fitch has chosen to withdraw the rating for commercial reasons. KEY RATING DRIVERS NSB’s National Long-Term Rating reflects Fitch’s expectation of extraordinary state support stemming from its policy mandate […]
Forensic audit finds Rs20bn loss to Sri Lanka from bond sales from 2005 to 2016
Jan 24, 2020 (LBO) – Sri Lanka may have lost 20 billion rupees from direct placements as well as from auctions of bonds, between 2005 and March 2016, a forensic audit has estimated. BDO India has carried out two separate forensic audits for the period of 01 Jan 2002 to 28 Feb 2015 and from […]
First Capital Treasuries announces Rs750mn debenture issue
Jan 23, 2020 (LBO) – First Capital Treasuries, the Primary Dealer arm and a subsidiary of First Capital Holdings has announced that it intends to issue listed, rated, subordinated, unsecured, redeemable debentures with a principal value of LKR 750Mn maturing in five years. Following interest payment options will be payable semi-annually; Type A – 12.75% […]
Sri Lanka SMEs call for deadline extension
Jan 22, 2020 (LBO) – Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) said that the landmark loan moratorium for SMEs offered by the government in December 2019 is on track to revive SMEs but the stipulated reporting deadline is ‘too tight’. “We praise the government for its determined action last December to […]