Category: Economy and Markets
Government puts Enterprise Sri Lanka loan scheme on-hold for review
Nov 26, 2019 (LBO) – Sri Lanka’s newly formed government has decided to put Enterprise Sri Lanka along with other concessionary loan schemes launched by the previous government on hold until a systematic study is carried out. The government’s position is that existing credit schemes should be identified and implemented in priority areas of the […]
Fitch affirms Ceylon Electricity Board at AA+; outlook stable
Nov 26, 2019 (LBO) – Fitch Ratings has affirmed Sri Lanka-based Ceylon Electricity Board’s (CEB) National Long-Term Rating at ‘AA+(lka)’ with a stable outlook. The rating on CEB, which is 100% state-owned, is equalised with that of the Sri Lankan sovereign (B/Stable), reflecting strong linkages with the parent, in line with Fitch’s Parent and Subsidiary […]
Beware of online scams, protect bank passwords & PINs: Central Bank
Nov 21, 2019 (LBO) – Sri Lanka’s Central Bank warns public that it has received information regarding several types of financial frauds and scams being operated through social media, and Internet-based applications. Full Statement Beware of online scams – Protect your bank passwords and PINs The Central Bank of Sri Lanka has received information regarding […]
Central Bank expresses its strong objection to statement released by Fitch Ratings
Nov 21, 2019 (LBO) – Sri Lanka’s Central Bank says that it strongly objects to the statement released by Fitch Ratings today as it depicts the complete opposite of the realised positive market response, followed by the assumption of duties by the President. Releasing a statement, the Central Bank said the domestic foreign exchange market, […]
Sri Lanka election result increases policy uncertainty: Fitch Ratings
Nov 21, 2019 (LBO) – Sri Lanka’s presidential election significantly increases policy uncertainty and could prompt loosening that exacerbates fiscal weaknesses and a rollback of reforms, Fitch Ratings says. However, whether these risks materialise remains to be seen as a clear policy direction may only start to emerge after parliamentary elections. Gotabaya Rajapaksa of the […]
Ceylinco Life unfazed by conditions, posts impressive 9-month results
PBT up 54.8% to Rs 5.8 billion on net income of Rs 22.8 billion Net premium income grows 5.5% to Rs 13.3 billion Life Fund increases by 4.8% to Rs 92.3 billion Ceylinco Life has posted robust income and profit growth for the nine months ending 30th September 2019, continuing the Company’s sector-leading performance into […]
EASA extends SriLankan Engineering’s maintenance certification
Nov 19, 2019 (LBO) – The European Aviation Safety Agency (EASA) has extended an important certification of SriLankan Engineering, the aircraft Maintenance-Repair-Overhaul (MRO) arm of SriLankan Airlines, following a comprehensive audit. The reaffirmation of the EASA Part-145 certification strengthens SriLankan Engineering’s positioning as a key provider of aircraft maintenance and engineering services for airlines throughout […]
Sri Lanka stocks up after GR election victory
Nov 18, 2019 (LBO) – Sri Lanka’s All Share Index rose 94 points or 1.56 percent to 6,117 points in the first half of the day of trading following the election victory of Gotabaya Rajapaksa as the new President. Stock indexes were up across the board with index heavy John Keells Holdings showing a gain […]
Norges Bank exits from Access Engineering’s top 20 shareholders list
Nov 15, 2019 (LBO) – Norway’s sovereign wealth fund managed by the Norwegian Central Bank, Norges Bank has exited from Access Engineering’s top 20 shareholders list during the September quarter, the company’s interim data showed. Norges Bank held 13,973,487 shares as of 30 June 2019 and was its 14th shareholder in the top 20 shareholders […]
ComBank Group posts net profit growth of 21.2-pct for Q3
Nov 15, 2019 (LBO) – Significant improvements in the third quarter, which positively impacted its year-to-date performance, have enabled the Commercial Bank Group to post creditable results for the nine months ended September 30, 2019. Comprising of Commercial Bank of Ceylon PLC, its subsidiaries and associates, the Group reported operating profit before taxes on financial […]
Sri Lanka Prosperity Index increased in 2018 with improvements in all sub-indices
Nov 15, 2019 (LBO) – Sri Lanka Prosperity Index (SLPI) that measures the level of prosperity of the country increased to 0.783 in 2018 from 0.548 recorded in 2017, the Central Bank data showed. SLPI is a composite indicator compiled by the Statistics Department of the Central Bank and comprises three sub-indices measured using 43 […]
Hayleys Group delivers improved performance in 2Q 2019/20
Nov 14, 2019 (LBO) – Sri Lanka’s diversified conglomerate, the Hayleys Group, posted improvements in turnover, operating performance and overall profitability during the 2nd quarter of 2019/20 supported by the strong performance of its export businesses. Meanwhile, the Group also recorded an improvement in turnover and operating profit for the 1H of 2019/20, although overall […]