Category: Economy and Markets
Aitken Spence wins Best Corporate Citizen Sustainability Award 2018
Aitken Spence PLC won the coveted ‘Best Corporate Citizen Sustainability Award 2018’ an annual event organized by the Ceylon Chamber of Commerce, to recognize sustainable champions of the local corporate sphere. Hatton National Bank PLC and Nestlé Lanka PLC became the first and second runner-up of the competition, respectively. The awards ceremony was held last […]
‘s Hela Clothing secures private capital infusion of Rs.1.2Bn
Nov 27, 2018 (LBO) – Hela Clothing Group, an apparel manufacturer has secured a capital infusion of 1.2 billion rupees through a mix of shareholder and new private equity investment funds.The funds are from a private consortium whose lead investor has a wide portfolio including private equity investments in the fashion and retail space, the Company […]
Entrepreneurs in Jaffna? Take a look in Ammachi!
By Jekhan Aruliah Soon after I moved to Jaffna in 2015 I heard rumours of this fantastic food court run by war widows. Friends driving North from Colombo said they found it somewhere on the A9 near Killinochchi in Sri Lanka’s Northern Province. It was a year before I actually got round to visiting the […]
Mahinda reiterates need of general election and calls for public support
Nov 26, 2018 (LBO) – Mahinda Rajapaksa says there is no need to hold a presidential election at this stage but only a general election. In a special statement he proposed to all political parties to agree among themselves to hold a general election to enable the people to exercise their sovereign right to elect a government of their […]
Sri Lanka rupee hits new low of Rs.180: Stocks down 0.34-pct
Nov 23, 2018 (LBO) – The Sri Lanka rupee dropped to a low of 180.66 against the US dollar following a political crisis, which began a month earlier in the island. The rupee was quoted at around 178.70/179.30 rupees on Friday, down from Wednesday’s closing of 178.40/70. The political crisis which began when president Maithripala Sirisena […]
Sri Lanka to host conference of Asia-Pacific Depositories & Clearing organizations
Nov 23, 2018 (LBO) – Central Depository Systems, a fully owned subsidiary of the Colombo Stock Exchange, will host the 22nd Annual General Meeting of the Asia-Pacific Central Securities Depository Group (ACG) in Sri Lanka. This premier gathering of Central Securities Depositories in Asia-Pacific has been held annually for 21 consecutive years since 1997. The […]
Sri Lanka NCPI down 0.1-ct in Oct 2018
Nov 23, 2018 (LBO) – The National Consumer Price Index (NCPI) , for the month of October 2018, has declined to 0.1 percent from 0.9 percent in September 2018, Director General of Census and Statistics department said. Contributions to the inflation in October 2018 from food group and non-food group are -3.04 percent and 3.10 percent respectively, whilst contributions […]
Sri Lanka BoI ink four investment deals
Nov 23, 2018 (LBO) – The Board of Investment of Sri Lanka recently signed four agreements for projects in apparel, logistics, plant tissue and packaging, a statement from the investment promotion agency said. The first agreement was with First Steps Babywear Lanka (Private) Ltd which will be setting up a manufacturing plant with to produce garments […]
CSE to conduct a full day of trading from the Disaster Recovery site tomorrow
The Colombo Stock Exchange (CSE) is to conduct a planned full day of trading from the Disaster Recovery Site using ATS Version 7 Disaster Recovery Solution on Friday 23rd November 2018. The exercise will be an industry-wide activity with the participation of all stakeholders to ensure the preparedness of all participants to meet the recovery […]
Sri Lanka assures lenders that debt payments will be met on due dates
Nov 21, 2018 (LBO) – Sri Lanka’s government said it wishes to assure all lenders that all dues will be met on the due dates as has been the time-honored tradition of the country where the country has maintained an unblemished track record of debt payments.Releasing a statement, the Finance Ministry said that they have […]
‘s Central Bank says Moody’s latest rating decision is unfounded
Nov 21, 2018 (LBO) – Sri Lanka’s Central Bank on Wednesday said that it is of the view that the decision by Moody’s to downgrade Sri Lanka’s foreign currency issuer and senior unsecured ratings from B1 (Negative) to B2 (Stable) does not properly reflect the country’s macroeconomic fundamentals, and therefore unwarranted. The Central Bank said […]
‘s downgrades ratings of BOC, HNB, Sampath Bank; changes outlooks to stable
Nov 21, 2018 (LBO) – Moody’s Investors Service has downgraded the long-term local currency deposit and foreign currency issuer ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC (Sampath) to B2 from B1. At the same time, Moody’s has downgraded the long-term foreign currency deposit ratings of the same three […]