Category: Economy and Markets
Opinion: Fresh frontiers of pharmaceutical innovation
By Sri Lanka Chamber of Pharmaceutical Industry For centuries, human beings have waged a relentless battle against a litany of diseases that have ravaged countless generations. From early influenza epidemics that decimated towns and villages to devastating pandemics such as the Black Death and AIDS, illness has stood as an eternal adversary to human wellbeing […]
Haycarb 2018/9 turnover Rs.20.9Bn: Raw material cost impacts negatively
May 16, 2019 (LBO) – Haycarb PLC reported revenue of 20.9 billion rupees, profit before tax of 1.35 billion rupees and profit after tax of 1.08 billion rupees for financial year 2018/19. The earnings per share of equity holders of the company increased to 32.16 rupees for the year. The Chairman of Haycarb PLC and […]
Sampath Bank’s Net Interest Income up by 23-pct in Q1 2019
Sampath Bank reported a net interest income of Rs. 10.2 Bn for Q1 2019 reflecting a noteworthy growth of 23.2% over the figure reported in Q1 2018, a significant achievement given the challenging economic conditions that prevailed throughout the period. The bank recorded a profit after tax of Rs. 2.2 Bn, a negative growth over […]
Central Bank extends regulatory action on The Finance Company for another three months
May 15, 2019 (LBO) – Sri Lanka’s Central Bank has decided to extend the regulatory action currently in place on The Finance Company for another three months, in order to consider the business restructuring proposal submitted by the company. Monetary Board of the Central Bank initiated a number of regulatory actions, as temporary measures, on […]
‘s only Dangerous Goods Storage Facility
May 14, 2019 (LBO) – Sri Lanka’s first, and South Asia’s most advanced, Dangerous Goods Storage Facility (DGSF) was commissioned on Friday, 10th May at the Colombo International Container Terminal (CICT) equipping the Port of Colombo with a sophisticated storage yard for cargo classified under the International Maritime Dangerous Goods (IMDG) Code. An investment of […]
IMF approves extension & USD164mn disbursement; grants waivers to Sri Lanka for performance criteria
May 14, 2019 (LBO) – The Executive Board of the International Monetary Fund has completed the fifth review of Sri Lanka’s economic performance under the program supported by an extended arrangement under the Extended Fund Facility (EFF). Completion of this review, upon the granting of waivers of nonobservance for the end‑December 2018 performance criteria on […]
Foreigners flee Sri Lankan bonds with Rs11bn outflows this week
May 10, 2019 (LBO) – Foreign institutional selling of Sri Lanka’s government bonds picked up pace in the past week with approximately Rs11bn (US$60mn) of net outflows. Total foreign investor holdings of Sri Lankan government bonds has now reached multiyear lows, with total foreign holdings at just over US0mn.The fallout from the Easter Sunday terror […]
Rs.1.36Bn takeover of People’s Merchant Finance by Sterling Capital
May 09, 2019 (LBO) – Sterling Capital Investments has completed a 1.36 billion rupee takeover of People’s Merchant Finance (PMF), a statement said.The take over happened through a private placement of shares and a rights issue giving Sterling Capital a stake of 67.9 percent in People’s Merchant Finance, a company filling at the Colombo Stock Exchange […]
Govt announces debt relief for tourism sector
May 08, 2019 (LBO) – Sri Lanka’s government and cabinet yesterday gave a heads up for a ‘relief package’ to strengthen the tourism industry affected by the Easter Sunday attacks. “The Central Bank is now in the process of issuing circulars in this regard to banks,” State Minister for Finance Eran Wickramaratne told reporters in […]
Sri Lanka allows duty free import of security equipment
May 08, 2019 (LBO) – State Minister of Finance Eran Wickramaratne announced the Government has decided to waive of duty on the import of of latest security equipment.“This is a decision taken to help not only travel and tourism but State institutions, private sector, schools and hospitals so that they can strengthen their security after the attacks,” he […]
SriLankan Airlines appoints a new CCO and CFO
May 07, 2019 (LBO) – SriLankan Airlines has appointed Joshua Bustos as its chief commercial officer and Shaminda Samaraweera as its chief financial officer with effect from April this year. Bustos is an internationally experienced senior level airline executive with over 20 years of experience. He has held several key positions in leading organizations including American […]
Sri Lanka tourist arrivals decline 7.5- pct in Apr 2019 : Q1 up 2.2-pct
May 07, 2019 (LBO) – Sri Lanka’s tourist arrivals declined 7.5 percent during April 2019, latest data from the Tourisum Ministry show. However, a growth of 2.2 percent was shown in the 1st quarter compared to 2018. The total number of international tourist arrivals to Sri Lanka during April 2019 was 166,975.In comparison to April […]