Category: Economy and Markets
Given the current debt dynamics, fiscal slippage can lead to a serious economic crisis: CB
Apr 26, 2018 (LBO) – Given the current debt dynamics, fiscal slippage can lead to a serious economic crisis, the Central Bank said releasing its Annual Report 2017.Central Bank in its report said amidst the measures taken towards revenue based fiscal consolidation, fiscal sector performance in 2017 deviated from the envisaged targets.“Avoiding deviations from fiscal […]
Sri Lanka political unrest tests reform momentum: Fitch
Apr 26, 2018 (LBO) – Recent political developments in Sri Lanka have created some uncertainty over reform momentum and fiscal consolidation, and prolonged upheaval could undermine investor confidence ahead of large external debt maturities in 2019-22, says Fitch Ratings. That said, the unrest has had limited economic impact so far, and Sri Lanka’s ‘B+’ sovereign […]
Nawaloka & Durdans join Asiri in DOC990 Joint Venture with Dialog
Apr 26, 2018 (LBO) – DOC990 operated by Digital Health (Pvt) Ltd together with Asiri Hospital Holdings on Wednesday announced the expansion of the joint venture partnership with equity investments from Nawaloka Hospitals and Ceylon Hospitals (Durdans). Full statement is reproduced below. DOC990 operated by Digital Health (Pvt) Ltd, a joint venture between Digital Holdings […]
Union Bank records 37-pct growth in PAT in 1Q18
Union Bank recorded an impressive Profit Before Tax and VAT of Rs.246 million, reporting a 47 percent growth YoY, thus setting the pace for its next growth phase powered by a new three-year growth strategy which includes its subsidiaries. Core Banking Growth and Profitability A significant growth in core banking operations contributed to the robust […]
Presidential Commission on SriLankan to commence recording of evidence
Apr 26, 2018 (LBO) – President Maithripala Sirisena said that the Presidential Commission appointed to look into the alleged frauds and malpractices in SriLankan Airlines will commence recording of evidence within the next two weeks.He said at a discussion held with the trade union representatives of SriLankan Airlines at the Presidential secretariat yesterday (April 25). […]
35-pct of 2017 budget promises near completion, 24-pct broken: Research
Apr 25, 2018 (LBO) – Progress for the 2017 budget proposals tracked by Verité Research shows that almost a quarter of the budget promises have been broken with only 22 percent of the promises have made substantial progress. Eight percent of 2017 budget promises have been fulfilled; about a third of the promises were completed […]
Central Bank rejects Bandula’s claim on lack of funds to pay off T-bonds
Apr 25, 2018 (LBO) – Central Bank on Wednesday rejected the claim made by Parliamentarian Bandula Gunawardane on lack of funds the bank has to pay-off bonds. Gunawardane recently told media the government needs to pay back the funds of the Treasury bonds and bills before the date of termination but they were short of […]
Sri Lanka rupee falls to record low
Apr 25, 2018 (LBO) – Sri Lankan rupee has fallen to a fresh all-time low of 157.40 per dollar on Wednesday for a third straight session, pressured by persistent importer dollar demand, Reuters said quoting dealers.Two dealers have confirmed that the rupee was traded at 157.40 on the dollar – beyond the previous record-low of 157.30 […]
Galle Face Properties commence construction of Renuka Tower
Apr 25, 2018 (LBO) – Sri Lanka’s Renuka Holdings Group said its subsidiary, Galle Face Properties Limited had started construction work on the 32-storey ‘Renuka Tower’. “The project will be funded with a mix of debt and equity,” the company said in a stock exchange filing. “A potion of the equity will be funded through a prospective […]
‘s massive OBOR hub for Asia bullish on Sri Lanka FTA
Apr 25, 2018 (LBO) – The South East Asian Gateway Province to mainland China’s ambitious One Belt-One Road (OBOR) initiative voiced its impatience to witness the historic Sri Lanka – China FTA’s take-off – so that bigger bilateral trade would become a reality soon. “Currently total bilateral trade between Yunnan and Sri Lanka is only US […]
NTB launch Open API Banking
Apr 25, 2018 (LBO) – Sri Lanka’s Nations Trust Bank has launched a API Banking Platform enabling clients to integrate the bank’s services directly into their own systems and workflows. An API or Application Programming Interface is simply a set of clearly defined rules of communication that allow client’s systems to efficiently communicate with the Bank’s […]
LAUGFS excel at CMI management excellence awards
Reinforcing the leadership force that drives LAUGFS, Lfinity – Chief Operating Officer (COO), Muditha Thebuwana and LAUGFS Gas – Deputy General Manager, Kaushala Amarasekara emerged winners at the Chartered Management Institute Management Excellence Awards (CMI-MEA) 2017 held recently. While Muditha was bestowed the “Most Innovative Manager” award in the Service Sector – Small and Medium, […]