Category: Economy and Markets
Demand builds for islands first state run automotive service hub
Sep 16, 2019 (LBO) – Sri Lanka’s first ever state run wheel alignment centre (WAC) for four wheel light vehicle class was launched in September has seen demand for its services peak from state owned and private vehicle owners. “Eight vehicles, including high-roof ambulances, have been serviced within just seven hours’ of opening of STC […]
Fin Min orders investigation on liquor licenses issued without approval
Sep 16, 2019 (LBO) – Sri Lanka’s Finance Minister has orderd authorities to investigate and report to him on how liquor licenses were issued for taverns without obtaining the approval of the subject minister. Minister Mangala Samaraweera ordered Excise Commissioner General, H.G. Sumanasinghe to conduct an immediate investigation how liquor licenses have been issued by […]
EU delegation visits Katunayake export zone
Sep 16, 2019 (LBO) – A delegation consisting of five senior officials of the European Commission visited the Katunayake Export Processing Zone recently in connection to Sri Lanka’s GSP + status. The delegation consisting of Thorsten Bargfrede, Charged’ Affaires and head of political, trade and communication section, Walter Van Hattum, coordinator GSP trade preferences, trade […]
Forward tourist bookings have fully recovered – JKH Deputy Chair
September 12, 2019 (LBO) – Forward bookings in the tourism sector of Sri Lanka’s largest conglomerate, John Keells Holdings (JKH), have fully recovered on a year on year basis according to JKH Deputy Chairman Gihan Gooray. These comments were made to news anchor Sri Jegarajah during a broadcast on CNBC Singapore. The comments come as […]
”; Outlook stable
Fitch Ratings has affirmed Sri Lanka-based Hatton National Bank PLC’s (HNB) National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable. At the same time, Fitch has affirmed the bank’s Sri Lanka rupee-denominated senior unsecured debt at ‘AA-(lka)’. The ratings on HNB’s Basel II and Basel III compliant Sri Lanka rupee-denominated subordinated debt are affirmed at […]
The Finance (TFC) plunges deeper into the abyss with another Rs1bn loss
September 11, 2019 (LBO) – The Finance Company (TFC), once one of Sri Lanka’s largest non-bank financial institutions, reported a loss of Rs1bn for the quarter ended June 30, 2019. This brings total losses since inception of the company to a staggering Rs27bn (US$150mn). The company still has deposit liabilities of over Rs27bn on its […]
Sri Lanka reduces fuel prices
Sep 11, 2019 (LBO) – Sri Lanka’s government has decided to reduce the petrol and diesel prices with effect from mid-night, yesterday the Finance Ministry said issuing a statement. Accordingly, petrol (octane 92) per litre will be decreased by Rs. 1 and making it Rs. 137; petrol (octane 95) will be sold at Rs. 161, […]
Driving growth in uncertain times tops agenda at Oxford Business Group roundtable
Sep 10, 2019 (LBO) – The steps that Sri Lanka could take to harness digital innovations and mitigate the impact on its economy of domestic political disruption and global trade uncertainty were among the subjects explored recently at a roundtable organised by the global publishing, research and advisory firm Oxford Business Group (OBG). Titled ‘How […]
Japanese investor to start manufacturing flexible packaging for Sri Lanka Tea Industry
Sep 09, 2019 (LBO) – Sri Lanka’s Board of Investment signed an agreement with a Japanese company to establish a plant that will be manufacturing flexible packaging that will be utilized by the local Tea industry. The agreement was signed by Mangala Yapa, Chairman of the BOI and Yusaku Sugano, Managing Director of Sugano Colombo […]
CCC biz conclave draws foreign participants for agri, power , tourism, exports, infrastructure
Sep 09, 2019 (LBO) – The Sri Lanka Investment and Business Conclave 2019 has shown a rise in interest for agriculture, power and energy, infrastructure development, export manufacturing/services, knowledge services and tourism/leisure by delegates registered to date to attend. Foreign companies interested in investing in Sri Lanka are also keen on agriculture, tourism and leisure, export services […]
Sri Lanka calls for proposals to appoint arrangers for JPY 60bn Samurai bond
Sep 09, 2019 (LBO) – Sri Lanka’s Central Bank on behalf of the government has invited proposals from banks and investment houses for consideration to be appointed as Joint Lead Arrangers for the proposed Samurai bond issuance. The government intends to issue a bond up to about 60 billion Japanese yen in a benchmark size […]
No collateral needed to obtain enterprise loans up to 1.5 mn from state banks: Mangala
Sep 08, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera who is in Jaffna held a series of meetings under the enterprise Sri Lanka Exhibition. In the morning, he met the members of war widows and small and medium entrepreneurs associations at the Jaffna Kachcheri and held a separate meeting with the Ex-combatants. Secretary […]