Category: Economy and Markets
Sri Lanka’s economic outlook, investment opportunities positive: Eran
Feb 28, 2018 (LBO) – Sri Lanka government has formulated a three-year Economic Delivery Programme to increase per capita income to US 5000 dollars, create one million new jobs, and increase FDI to US 5 billion dollars per year said the Minister of State for Finance Eran Wickramaratne. He made these comments addressing a gathering of […]
Sri Lanka needs firm policy to mitigate future refinancing risks: Fin Min
Feb 27, 2018 (LBO) – Sri Lanka faces refinancing risks in the coming years and need a concerted and coordinated policy response to mitigate such risks, Finance Minister Managala Samaraweera said. “It is clear that Sri Lanka, like many developing nations, faces such refinancing risks in the coming years. This warrants a concerted and coordinated […]
Fitch Affirms Richard Pieris &”; Outlook Stable
(PRESS RELEASE) Fitch Ratings-Colombo-26 February 2018: Fitch Ratings has affirmed Sri Lanka-based conglomerate Richard Pieris & Company PLC’s (RICH) National Long-Term rating at ‘A(lka)’ with a Stable Outlook. Fitch has also affirmed the National rating on RICH’s outstanding senior unsecured debentures at ‘A(lka)’. The affirmation of RICH’s ratings reflects our view that the improvement in […]
Janashakthi Delivers Sustained Double Digit Growth through FY 2017
(PRESS RELEASE) – Registering steady double digit growth in premiums through FY 2017, Janashakthi Insurance PLC (Janashakthi) posted a consolidated Gross Written Premium (GWP) of Rs. 15.115 billion for the twelve months ended 31st December 2017, a commendable year on year (YoY) growth of 11%. The Non-Life or General Insurance business grew by 14% to end […]
Allianz completes acquisition of Janashakthi General Insurance
Feb 26, 2018 (LBO) – Allianz announced the company has completed its acquisition of Janashakthi General Insurance Limited, after receiving all the necessary regulatory approvals, Monday. This transaction brings together two highly complementary businesses for enhanced scale, competitiveness and service capabilities, while positioning Allianz as one of Sri Lanka’s largest general insurers and significantly accelerating […]
Benefits of global oil price reduction should be passed on to people: Fin Min
Dec 24, 2018 (LBO) – As a result of the price formula introduced by the Government, the price of petrol and diesel has been reduced by Rs.30 and Rs.20 per litre respectively when compared with the last price increase on October 10, 2018. Therefore the Government stresses that the bus fares and the charges in […]
Sri Lanka’s external sector improve, BOP record surplus : CB
Feb 23, 2018 (LBO) – Sri Lanka’s external sector performance continued to improve in the month of December 2017, mainly with higher inflows to the Financial Account of the Balance of Payments (BOP), the Central Bank said in its latest report. . Although earnings from exports increased at a higher rate, the increase in import expenditure resulted […]
Nestlé delivers Rs37.6bn sales in 2017 amidst challenging market conditions
Continues to invest in Sri Lanka with new products and capacity expansion Revenue of Rs. 37.6 billion for the full year 2017 (up 3.1%) Revenue of Rs. 10 billion in Q4 (up 15.6%) Net profit of Rs. 3.6 billion for the full year and Rs. 1.2 billion for the quarter Severe […]
Ceylinco Life’s net profit surges 95-pct to Rs.6Bn
(PRESS RELEASE) – Ceylinco Life has posted net profit of Rs 6 billion for the year ending 31st December 2017 while reaffirming its market leadership in Sri Lanka’s life insurance industry for the 14th successive year, with premium income of Rs 15.7 billion. The company posted profit before tax of Rs 6.3 billion reflecting a remarkable70 […]
‘s 3rd phase
Feb 21, 2018 (LBO) – The Government has given the go ahead to award the contract for construction of 3rd phase of Central Expressway to M/S Taisei Corporation of Japan. “Tokyo Mitsubishi Bank of Japan has agreed to provide funds of Japanese Yen 100 billion and it was decided to award the contract to M/S Taisei […]
Frontier Research outlines salient features of new Forex Act
Feb 21, 2018 (LBO) – Sri Lanka’s new Foreign Exchange Act came into effect last year after the Parliament passed it with amendments. The new law removed criminalisation of violations of the exchange control act and associated prison sentences. New Act covers matters including classes of capital transactions, opening and maintenance of accounts, permitted investments […]
Sri Lanka President promises new Economic programme
Feb 21, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena said a new economic programme of the government will be finalized by the National Economic Council (NEC) by next week. Chairing a meeting at the Presidential secretariat the President held detailed discussions on the rapid changes required in the country, Tuesday. He said that short term […]