Category: Economy and Markets
How to overcome three common challenges in software outsourcing
Outsourcing is an excellent way to cut operating expenses, but it is not a perfect tool. Businesses have reported having problems with their offshore teams due to poor quality work, frustrating delays and long hours at the office. Challenges from outsourcing include lack of communication, higher than expected costs and quality not matching expectations. However, […]
Sri Lanka tourist arrivals up 6.2-pct in May, Crosses 1Mn mark for 2018
Jun 06, 2018 (LBO) – Sri Lanka’s tourist arrivals were up 6.2 percent to 129.466 in May 2018 from a year earlier with arrivals in the first five months up 14.7 percent to 1,017,819. Arrivals from India continued its growth momentum in May while Chinese arrivals saw a dip. Indian visitors were up 23 percent to […]
‘s Ritz-Carlton Tower ready by 2021
Jun 06, 2018 (LBO) – One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company announced that it’s 500 million dollar “THE ONE” investment’s first tower the Ritz-Carlton residences will be ready for occupation by 2021. The 80 storeyed 326 meter Ritz-Carlton Tower will house the Ritz-Carlton hotel and residences. The project […]
Swedish asset manager Tundra increases position in John Keells
June 05, 2018 (LBO) – Swedish asset manager in frontier markets, Tundra Fonder has increased their position in Sri Lanka’s largest company, John Keells.According to the May 2018 update of the Tundra Sustainable Frontier Fund, their position in John Keells has been increased from 1 percent to 2.5 percent. “John Keells, fell sharply in conjunction […]
‘s insurance industry growth to continue despite extreme weather: Fitch
June 05, 2018 (LBO) – Fitch Ratings expects the exposure of Sri Lanka’s non-life insurers to extreme weather-related events to be manageable due to extensive use of reinsurance. However, reinsurers are seen to be reducing ceding commissions to reflect the increased risk of catastrophes, Fitch Ratings said. “Sri Lanka has seen a recurrence of extreme weather-related […]
New MLA amendments to restrict financing fiscal deficit by Central Bank
June 05, 2018 (LBO) – Sri Lanka’s Central Bank said there will be new legislative amendments to Monetary Law Act (MLA) to restrict financing the fiscal deficit of the government by the Central Bank. Currently, the Central bank has been compelled to purchase Treasury bills in the primary market at times without regard to monetary […]
Presidential Commission on SriLankan, Mihin commences witness hearings
June 04, 2018 (LBO) – Presidential Commission appointed to look into alleged malpractices at SriLankan Airlines, SriLankan Catering, and Mihin Lanka commenced witness hearings today. The Commission will record statements from the head of Company Registrar and another official today. The IMF completing its 4th review, last Friday said it is essential for the authorities to […]
‘s 4th review; approves USD 252 mn disbursement
June 02, 2018 (LBO) – Executive Board of the IMF has completed the fourth review of Sri Lanka’s economic performance under the program supported by a three-year extended arrangement under the Extended Fund Facility (EFF) arrangement. Completion of this review enables the disbursement of the equivalent of SDR 177.774 million (about US$ 252 million), bringing […]
Fitch Ratings to maintain a negative banking sector outlook for 2018
June 01, 2018 (LBO) – Fitch Ratings said they are maintaining a negative banking sector outlook for this year as operating conditions are likely to remain challenging. Releasing their results dashboard for Sri Lankan Banks, Fitch Ratings said that moderate asset quality and earnings pressure to remain in 2018. “Sri Lankan banks’ 2017 results were […]
Sri Lanka exports up 6.3-pct to USD1.1Bn
Jun 01, 2018 (LBO) – Sri Lanka’s overall exports were up by 6.3 percent to US 1.1 billion dollars with an increase in industrial exports, data from the Central Bank showed Thursday. Performance of merchandise exports in March 2018, merchandise export earnings at US 1,108 million dollars, recorded the historically highest monthly value. The year-on-year growth of […]
Sri Lanka reserves at USD7.3Bn, Rupee depreciates 3.3-pct: CB
Jun 01, 2018 (LBO) – Sri Lanka’s Central Bank says the level of gross official reserves of the country was estimated at US 7.3 billion dollars, equivalent to 4.1 months of imports, at end March 2018. “The level of gross official reserves of the country remained at a healthy level recent past,” it said. Total […]
Elephant House commissions one of Asia’s most modern ice cream factories
Elephant House recently commissioned one of the most modern ice cream manufacturing facilities in Asia.Situated at the Seethawaka BOI zone, at Avissawella, this factory with the added capacity it brings will lead to a doubling of Elephant House’s existing ice cream production volume. Also, it facilitates Elephant House enhancing its portfolio of products.Backed by 150 […]