Category: Economy and Markets
Capital Trust becomes the sole owner of ride-hailing-app, Taxiya
May 30, 2019 (LBO) – Taxiya, a ride-hailing service powered by an advanced digital mobile App, is now wholly owned and managed by Capital TRUST Holdings, having recently acquired the entirety of the brand Taxiyak (now Taxiya) and Capital TRUST Mobility Solutions. The Board of Directors of Capital Trust Mobility Solutions, comprising Tushan Wickramasinghe, chairman, Lakshman […]
Cabinet nod for implementation of promotion programs to minimize effects attacks on tourism
May 30, 2019 (LBO) – Sri Lanka’s cabinet of ministers has approved several relief packages for the tourism industry in the island. Approval was given to a proposal presented by Johm Amaratunga, minister of Tourism Development, Wild Life and Christian Religious Affairs for the implementation of a combined promotion program with overseas tour operators who […]
Sri Lanka introduces an electronic Government Procurement System
Remarks made by Mangala Samaraweera, Minister of Finance at the launching event of the Electronic Government Procurement (e-GP) System on 29th May 2019 Let me first of all thank my Ministry officials, particularly Director-General Algama and his team of the Public Finance Department, for yet again achieving an important benchmark in realizing more transparency and […]
World Bank to allocate USD 250mn policy based guarantee to Sri Lanka for external borrowings
May 29, 2019 (LBO) – The World Bank has offered 250 million US dollars worth policy based guarantee to Sri Lanka for the external borrowings, the Central Bank Governor Indrajit Coomaraswamy said. According to the Governor, under this facility Sri Lanka can leverage the guarantee four times over to borrow money from the international market […]
Sri Lanka rupee appreciated 3.8-pct against the US dollar up to 28 May 2019
May 29, 2019 (LBO) – Sri Lankan rupee appreciated against the US dollar by 3.8 percent by end March 2019 compared to end 2018. “Along with the significant reduction in the trade deficit and significant inflows to the financial account, the Sri Lankan rupee appreciated against the US dollar by 3.8 percent by end March […]
Sri Lanka exports up 5.6-pct: Imports down
May 29, 2019 (LBO) – Export earnings increased by 5.6 percent (year-on-year) while import expenditure declined by 19.3 percent during the first quarter of 2019, the Central bank said. The deficit in the trade account contracted to 1,661 million US dollars from 2,982 million dollars recorded in the first quarter of 2018. In March 2019, […]
Sri Lanka to host 2021 Annual meeting of ADB: Finance Ministry
The 54th Annual Meeting of the Board of Governors of the Asian Development Bank is to be held in Colombo, in May 2021. The Annual Meeting of the ADB Board of Governors is an opportunity for member governments to interact with ADB staff, nongovernment organizations (NGOs), and representatives of observer countries, international organizations, and the […]
Lotus Renewables buys Hatton Plantations (HPL) in Rs1bn deal
May 28, 2019 (LBO) – Lotus Renewable Energy Group (LREG) has bought control of Colombo Stock Exchange (CSE) listed Hatton Plantations (HPL) in a Rs1bn stock market deal. LREG has purchased controlling interest in HPL for just over LKR 1bn at Rs8.3/share. They will be making a mandatory offer for the remaining outstanding shares at […]
Sri Lanka JKH revenue up 12-pct: EBITDA down 11-pct
May 28, 2019 (LBO) – Sri Lanka’s John Keells Group’s revenue increased by 12 percent to 135.46 billion rupees while recurring earnings before interest expense, tax, depreciation and amortisation (EBITDA) decreased by 11 percent to 25.67 billion rupees, for the financial year 2018/19. Company’s Chairman, Krishan Balendra said in his review, “The decline in recurring […]
Safety of all passengers onboard is our highest priority: SriLankan Airlines
Statement from SriLankan Airlines Colombo May 27, 2019: SriLankan Airlines wishes to clarify and place on record certain facts with regard to a Social Media post that is currently being circulated on all mainstream social media; made by a SriLankan Airlines’ passenger on UL 605 from Melbourne to Colombo operated on the 23rd of May […]
BOI & Hutchison Lanka signs deal to set up warehouse facility to strengthen telco infrastructure
May 27, 2019 (LBO) – Sri Lanka’s Board of Investment on Monday said they signed a supplementary Agreement with Hutchison Telecommunications Lanka to permit the enterprise to set up a warehouse facility to be used for storage at Diyabula Estate, Wattala. The Agreement was signed on behalf of the BOI by Mangala Yapa, Chairman of […]
First Capital Research allocates 95-pct probability for a policy rate cut
May 27, 2019 (LBO) – First Capital Research has allocated a 95 percent probability for a policy rate cut in May 2019 as they are of the view that policy intervention is inevitable to revive the overly sluggish economy and credit growth. “Despite the Road Map towards a single policy rate, we believe a rate […]