Category: Economy and Markets
Colombo stocks sink to new lows with S&P SL 20 index down 10% for 2018
July 3, 2018 (LBO) – Colombo stocks continued their decline hitting new lows for 2018. Key indices were both lower with the All Share Price Index (ASPI) down .77% and the S&P SL 20 down 1.34% on the session. Turnover was a weak Rs566mn (US$3.6mn). The trend of foreign selling continued as net foreign sales […]
No backward calculation to obtain GDP with pre-decided deflators: Stats Office
July 03, 2018 (LBO) – Sri Lanka’s statistics office rejecting the recent claims on the GDP estimates said it is almost impossible to carry out backward calculations to obtain GDP with pre-decided GDP deflators. Releasing a statement, Department of Census and Statistics (DCS) said it is also not an internationally accepted practice of estimating national […]
‘s Basel III sub debt final AA-(lka)
July 03, 2018 (LBO) – Fitch Ratings has assigned Commercial Bank proposed Basel III-compliant subordinated unsecured debentures a final National Long-Term Rating of ‘AA-(lka)’. The final rating is the same as the expected rating assigned on 14 February 2018 and follows the receipt of documents conforming to information already received. The debentures, totaling 10 billion rupees, have […]
Selling accelerates as Colombo stocks hit new lows for 2018
July 2, 2018 (LBO) – The markets started the month of July on the same course they have been for the year. The days selloff was slow and steady through the session with both major indices dropping over 1%. The all share price index (ASPI) finished down 1.07%, and the S&P SL 20 was off […]
S Renganathan appointed Managing Director & CEO of Commercial Bank
July 02, 2018 (LBO) – Commercial Bank has appointed Sivakrishnarajah Renganathan as the new Managing Director and Chief Executive Officer of the bank since Jegan Durairatnam is retiring from the post at the end of this month. A career banker who has served Commercial Bank throughout the entirety of his 37-year working career, Renganathan has […]
Gamifying ahead through the enterprise solutions landscape : Virtusa
Globally, we are witnessing a steady rise in the pace of digital transformation with enterprises leading the charge. Gartner, Inc. projects worldwide IT spending to total $3.7 trillion in 2018 and notes that enterprise software continues to exhibit robust growth, thanks to the rise in the number of businesses actively investing in digital technologies to […]
Sri Lanka private sector to facilitate skills supply in tourism sector with launch of TSC
Jul 02, 2018 (LBO) – The Private Sector Tourism Skills Committee (TSC) launched Tourism Workforce Competitiveness Road-map in collaboration with the private tourism industry to take on the challenge of demonstrating to Sri Lanka’s young women and men that a career in the fast-growing tourism and hospitality industry can be safe, stimulating, well-compensated and full […]
Treasury puts record straight on central government’s outstanding debt
July 01, 2018 (LBO) – Sri Lanka’s General Treasury says former Central Bank Governor Ajith Nivard Cabraal has tried to present a different and distorted viewpoint on the Central Government’s financial statement in an article published recently under the caption “The Government’s Growth Scam”. The full statement issued by Finance Ministry is reproduced below. General Treasury […]
Colombo stocks drip lower through the week, foreign selling continues
June 29, 2018 (LBO) – The Colombo Stock Exchange (CSE) continued its slow bleed as stocks closed the week down from the previous period. Both major indices were down on the week. The All Share Price Index (ASPI) was down .5%, and the S&P SL 20 was off 1.1%. The trend of marginal foreign selling continued […]
Colombo Stock Exchange to launch new board for SME sector security listings
June 29, 2018 (LBO) – Sri Lanka’s Securities and Exchange Commission with the Colombo Stock Exchange will be launching a Small and Medium Enterprise Board for the SME sector next week. The SME Board which is to be launched for the first time in Sri Lanka will provide an opportunity for the SME sector to […]
CB Governor defends Deputy Governor from unfounded allegations
June 28, 2018 (LBO) – Central Bank Governor Indrajit Coomaraswamy on Thursday issued a special statement defending his fellow Central Banker Nandalal Weerasinghe. The statement is a reply to former Finance Minister Ravi Karunananyake who has repeated his allegations in the recent days against Senior Deputy Governor of the Central Bank, Dr. Nandalal Weerasinghe. “As […]
Tackling challenges through reforms crucial for sustained, equitable growth in Sri Lanka
Jun 28, 2018 (LBO) – The World Bank says that although recent policy measures have contributed to macroeconomic stability in Sri Lanka there are still significant risks stemming from both domestic and external fronts with the balance of risks tilted towards downside. “Sri Lanka faces a number of challenges to sustain future economic growth, create […]