Category: Economy and Markets
Fitch affirms Lion Brewery at A+(lka); revises outlook to stable
July 26, 2018 (LBO) – Fitch Ratings has affirmed Sri Lanka-based Lion Brewery (Ceylon) PLC’s National Long-Term Rating at ‘A+(lka)’ and the outlook has been revised to Stable from Negative. Fitch has also affirmed the National Long-Term Rating on Lion’s outstanding senior unsecured debentures at ‘A+(lka)’. Full statement is reproduced below. Fitch Ratings has affirmed Sri Lanka-based […]
Glass ceiling obliterated, Shemara Wikramanayake to become CEO of global investment bank Macquarie
July 26, 2018 (LBO) – Shemara Wikramanayake is set to take over as CEO of global investment bank Macquarie in November of 2018. Ms. Wikramanayake was born born in the UK and spent time schooling in Sri Lanka.Her father was a Sri Lankan medical doctor. Macquarie is a globally diversified financial group employing more than […]
NDBIB Wins Euromoney crown for seventh consecutive year
NDB Investment Bank (NDBIB)cemented its position as the market leader and premier Investment Bank in the country by being awarded as ‘Sri Lanka’s Best Investment Bank 2018’ by Euromoney Magazine. NDBIB secured this prestigiousaward for the 7th consecutive year whilst demonstrating its market leadership and unrivalled credentials both in Sri Lanka and the region. This […]
Facebook stock down 24-pct on slow growth forecast
Jul 26, 2018 (LBO) – Facebook Inc’s stock was down by nearly 24 percent, Wednesday following concerns voiced over the last few months on social websites privacy issues, a foreign media reports said. . “There would be a rise in costs because in cost on efforts to address concerns about poor handling of users’ privacy and […]
Teejay Lanka profit after tax grows by 27-pct to Rs.279.3Mn
Capacity expansion in India and an increased order book from the US and EU have enabled Teejay Lanka PLC, Sri Lanka’s only multinational textile manufacturer, to make a strong start to 2018-19 with healthy sales and profit growth. Profit after tax grew by a respectable 27 per cent to Rs 279.3 million on revenue of […]
Central Bank decides to cancel licence of Standard Credit Finance Limited
July 25, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka has decided to cancel the Licence issued to Standard Credit Finance Limited with effect from today. Accordingly, Standard Credit Finance Limited is not permitted to engage in Finance Business under the Finance Business Act.Further, the Director of the Department of Supervision […]
Sri Lanka stocks hardly trade for 3 consecutive days
July 25, 2018 (LBO) – The Colombo Stock Exchange (CSE) closed the day down slightly on very low volume. The major indices, the ASPI and S&P SL 20, closed down .34% and .33% respectively. Turnover was very light at Rs161mn (US$1mn) on the day. This marked the third straight day of extraordinarily light trading with […]
Opinion : Financial reporting and the impact on capital market development
By Nandika Buddhipala Introduction The origination of financial reporting can be closely connected to the requirement to collect and record data which evolved into a stage where the capacity of the human brain was not sufficient to accommodate and memorize the evolving volume of data and transactions. Interestingly the existence of record keeping can be […]
Union Bank (UBC) continues to stagnate 4 years after historic TPG investment
July 25, 2018 (LBO) – Colombo Stock Exchange listed Union Bank of Colombo (UBC) reported lacklustre results for the quarter ended June 2018. These results have been a continuation of the slow performance the company has displayed over the last several years. Although showing decent growth in revenue, operating income, and profit after tax, the […]
USD 100Mn World Bank aid to modernize the education system in Sri Lanka
Jul 25, 2018 (LBO) – Sri Lanka signed a US 100 million dollas credit agreement with the World Bank to support Sri Lanka’s efforts to strengthen and modernize the general education system in the country, the Finance Ministry said. The General Education Modernization Project (GEM)will modernize and diversify the curriculum of general education in keeping with the transformation […]
USD25.6 million contribution from Wathupitiwela EPZ to export earnings
Jul 25, 2018 (LBO) – The BOI’s Wathupitiwela Export Processing Zone (WEPZ) has contributed US 25,599,216.25 dollars (US$ 25.6 Mn) in export revenue as at end of March 2018, a statement said. WEPZ is located in the Gampaha District, about 42 Km away from Colombo.It was established in 1998 on a land area of 123.17 […]
Cabinet nod for Govt. to write off microfinance debt
Jul 25, 2018 (LBO) – Sri Lanka’s government approved a Cabinet paper to write off non-consumption loans up to 100,000 rupees given to women by all registered finance companies. “This scheme of relief initially will be limited to women who have obtained microfinance loans for non-consumption purposes in 12 drought-affected districts, the Finance Ministry said in […]