Category: Economy and Markets
Sri Lanka rupee hits record low
Sept 05, 2018 (LBO) – The Sri Lanka rupee dropped to a new record low of 163.30 rupees against the US dollar Wednesday in mid after-noon trade. The rupee opened weaker at 161.95/162.10 rupees Wednesday while it closed at 161.95/162.00 rupees against the US dollar on Tuesday. Dealers said they has witnessed excess liquidity in money […]
CSE flags irregular trading in shares of MTD Walkers (KAPI)
September 4, 2018 (LBO) – On August 31st, the Colombo Stock Exchange (CSE) has queried listed construction firm MTD Walkers (KAPI) on unusual trading in its shares.In a response to the CSE which was disclosed on the CSE website, the company responds to the CSE by saying that: “We write to confirm that the Company […]
Palm oil industry association launched to advocate sustainable growth in Sri Lanka
Sept 04, 2018 (LBO) – Sri Lanka’s Oil Palm industry has formally inaugurated an industry association under the aegis of the Ceylon Chamber of Commerce to promote common interests and advocate ‘Sustainable Growth through Responsible Production.’ Representing cultivators of oil palm, and refiners, processors, manufacturers, marketers and sellers of palm oil and other products of […]
Sri Lanka BoI targets 35 projects with Rs.46.4Bn in investments in the North
Sept 03, 2018 (LBO) – The Northern Province has benefited from investment as a result of the efforts of the Board of Investment of Sri Lanka. Among the BOI investments there are currently 6 apparel manufacturers which represent an investment of 8,000 million rupees and employ 7,917 workers. Another 15 projects in different sectors are […]
Leveraging trade-investment nexus will enable Sri Lanka create high value jobs: Fin Min
Sept 03, 2018 (LBO) – Leveraging the trade-investment nexus will enable Sri Lanka to create high value jobs and attract technology to drive productivity growth and real wage growth for citizens, the Finance Minister says. “In addition to enabling market access, it is also essential to address the supply side bottlenecks for investors,” Mangala Samaraweera, […]
Lankem (LCEY) continues to bleed, loses over Rs400mn for the June quarter
August 31, 2018 (LBO) – Lankem Ceylon (LCEY) reported another rough quarter, continuing its multiyear losses. For the quarter ended June 2018, the company reported a loss of Rs417mn.The loss is troublesome for a company whose equity is down to Rs1.137bn, This large quarterly loss comes after losses for the year ended March 31, 2018 […]
Former Combank CEO Jegan Durairatnam joins DFCC as an Independent Non-Executive Director
August 31, 2018 (LBO) – Former CEO of Commercial Bank (COMB) Jegan Durairatnam has been appointed to the Board of Directors of DFCC. He joins the board as an independent non-executive Director. Duriaratnam spent 36 years at Commercial Bank rising to the level of CEO. Commercial Bank is the largest private sector bank in Sri […]
Godahewa says CSE has tanked since he resigned as SEC Chairman
August 30, 2018 (LBO) – Former SEC Chairman Nalaka Godahewa has tweeted that the Stock Market in Sri Lanka performed much better when he was the head of the SEC.The tweet was met with opposition from several users who accused the former SEC Chairman of presiding over an era of pumping and dumping in the […]
‘s Gihan Cooray to Chair Nations Trust Bank
August 30, 2018 (LBO) – John Keells Holdings (JKH) Group Finance Director Gihan Cooray is set to take over as Chairman of Nations Trust Bank from December 1, 2018. The unanimous board decision to appoint Cooray as Chairman came amidst the anticipated retirement of current Chairman Krishan Balendra, who is required resign after his 9 […]
‘s Expolanka Freight extends global footprint with new office in Malaysia
Aug 30, 2018 (LBO) – EFL (Expolanka Freight) a global freight-forwarding company headquartered in Sri Lanka is setting up its 18th overseas operations in the regional hub of Malaysia. The company is taking over an existing operation managed by its parent company SG Holdings Global and will officially open for business in Kuala Lampur on 1 September 2018. […]
Singapore listed Hotel Properties buys Tangalla Bay Hotels for Rs385mn
Aug 30, 2018 (LBO) – Singapore listed hotelier, Hotel Properties Limited (HPL) through an associate company has acquired 94.71 percent stake in Tangalla Bay Hotels in Sri Lanka for 385 million rupees. West Asia Investments Pte Ltd, a newly incorporated associated company of HPL Properties (West Asia) Pte Ltd, which is, in turn, a wholly […]