Category: Economy and Markets
Sri Lanka eco summit to discuss SOE reform implementation weaknesses
Aug 26, 2019 (LBO) – Sri Lanka’s State-Owned Enterprises (SOEs) has been the topic of debate for many years now. Discussions around it have covered improving profitability, service and governance while examining the root causes for the continued losses incurred by SOEs. Some of the solutions for reforms are well known, but its implementation has […]
‘s most powerful AI processor
Aug 26, 2019 (LBO) – Huawei officially launched the world’s most powerful AI processor, the Ascend 910 as well as an all-scenario AI computing framework, MindSpore. “We have been making steady progress since we announced our AI strategy in October last year,” said Eric Xu, Huawei’s Rotating chairman. “Everything is moving forward according to plan, […]
Sri Lanka vehicle registrations rebound in July 2019
Aug 26, 2019 (LBO) – Sri Lanka’s vehicle registrations saw a rebound across the board in July from the lows of June since, limping back to normalcy post Easter Sunday bombings. Total motor cars recorded 2,584 units in July significantly up from 1,580 units in June but significantly down from 7,162 units 12 months ago. […]
Foreign institutional bond selling spikes amid CBSL rate cuts
August 24, 2019 (LBO) – The 2018-2019 foreign exodus from Sri Lanka’s government bond markets has picked up speed in recent weeks with total net outflows for the 2018-2019 period now totalling over Rs200bn (US$1.1bn). In the last week alone foreign institutions withdrew a net US$72mn from Sri Lanka’s treasury bond markets amid a second […]
Central Bank to announce timeline for banks to reduce market lending rates
Aug 23, 2019 (LBO) – Sri Lanka’s Central Bank with the expectation of reducing all market lending rates in line with the reduction already observed in deposit interest rates, will announce specific timelines and measures shortly in consultation with relevant stakeholders. The Central Bank said that it will monitor the developments in market lending rates […]
Rupee depreciation pressure experienced during past few days to be short-lived: Central Bank
Aug 23, 2019 (LBO) – Sri Lanka’s Central Bank expects the rupee depreciation pressure experienced during the past few days, to be short-lived. The Sri Lankan rupee appreciated against the US dollar by 2.4 percent so far during the year, although some depreciation pressure was experienced recently. The Central Bank said the depreciation pressure, mainly […]
Central Bank decides to reduce SDFR & SLFR by 50bps; SRR unchanged
Aug 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 basis points to 7.00 percent and 8.00 percent, respectively. Statutory Reserve Ratio (SRR) unchanged. The Board said it arrived at this decision following a careful […]
‘s Basel III sub-debt final A+(lka)
Aug 22, 2019 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures a final National Long-Term Rating of ‘A+(lka)’. The rating agency said the final rating is the same as the expected rating assigned on 5 March 2019 and follows the receipt of documents conforming to […]
Ceylinco Life reports 6-month net income of Rs.14.7Bn
Aug 21, 2019 (LBO) – Sri Lanka’s Ceylinco Life reported a six month net income of 14.7 billion rupees with a premium income up 5.7 percent to 8.8 billion rupees. The company’s investment income grew 16 percent to 5.9 billion rupees while benefits and claims paid grew by 11.7 percent to 5 billion rupees. Ceylinco […]
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Aug 21, 2019 (LBO) – Consumer-durables retailer Singer (Sri Lanka) PLC’s National Long-Term Rating has been revised to negative from stable, a statement said. Issuing a statement Fitch Ratings said the negative outlook reflects the challenges Singer may face in reducing its leverage, defined as net adjusted debt/EBITDAR, to below 5.5x – the level at […]
Sri Lanka headline inflation marginally increased in July
Aug 22, 2019 (LBO) – Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI) increased marginally to 2.2 percent in July from 2.1 percent in June. According to Central Bank data, this was due to the monthly price increases of items in both Food and Non-food categories. […]
Sri Lanka unveils modern hi-tech TVET facility with South Korean backing
Aug 21, 2019 (LBO) – Backed by the global industrial giant South Korea, Sri Lanka launched its most modern national hi-tech training facility to-date on Wednesday. As it unveiled its Technical and Vocational Education and Training (TVET) facility in a Colombo suburb, Sri Lanka also said that its skills development work has shown results so […]