Category: Economy and Markets
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, […]
CSE requests clients of barred broker firms to transfer their stocks
Apr 24, 2018 (LBO) – Colombo Stock Exchange on Tuesday requested the clients of stockbroker firms whose trading activities have been prohibited due to non-compliance, to transfer their securities portfolios to any other firm if they want.The CSE further revealed that these barred broker firms will only be permitted to resume all trading activities no […]
Sri Lanka inflation slows to 2.8-pct in March, lowest since April 2016
Apr 23, 2018 (LBO) – Sri Lanka’s headline inflation measured by National Consumer Price Index (NCPI) has decreased to 2.8 percent in March, lowest since April 2016, from 3.2 percent in February 2018. The country reported 2.2 percent inflation on year-on-year basis in March 2016 and 4.3 percent inflation in April 2016.Statistics Department said the monthly […]
Sri Lanka foreign reserves fall to USD7.3bn in March
Apr 23, 2018 (LBO) – Sri Lanka’s official reserves have dropped to 7,309.11 million US dollars in March from 7,914.33 million dollars in February, official Central Bank data showed. Foreign currency reserves were 6,343.17 million dollars and reserves in gold were 894.73 million dollars in March. Reserve position in the IMF was 69.57 million dollars. […]
Capacity building to manage public debt and liability is need of the hour: Eran
Apr 23, 2018 (LBO) – Sri Lanka as a developing nation needs to focus on building capacity for public debt and liability management as matter of priority, State Minister of Finance said. “We recognize the importance of putting in place policies to reduce debt vulnerabilities and also look forward to hearing the perspectives of the WB and […]
IMF wants fuel pricing formula before June to complete 4th review
Apr 21, 2018 (LBO) – IMF’s Executive Board is expected to consider Sri Lanka’s request for completion of the fourth review in June, subject to cabinet approval for an automatic fuel pricing mechanism.Releasing a statement, the IMF staff mission said the fuel pricing mechanism should be consistent with the Extended Fund Facility supported program of […]
LAUGFS leaders excel at CMI management excellence awards 2017
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, […]
Richard Pieris Finance to merge with Chilaw Finance
Apr 20, 2018 (LBO) – Sri Lanka’s Richard Pieris Finance Ltd, will merge with Chilaw Finance PLC.The merger will see Richard Pieris Finance Ltd. asset base grow by 16 billion rupees with a projected growth of 1.7 billion rupees Profit Before Tax by 2020.It will also see a rapid expansion of its branch network and […]