Category: Economy and Markets
Fitch Ratings doubles stake in Sri Lanka unit
Apr 05, 2018 (LBO) – Fitch Ratings has doubled its stake in itch Ratings Lanka Ltd. ,to approximately 89 percent through its acquisition of the equity interest of several shareholders. the Company said in a statement. “We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of […]
Sri Lanka CB cuts policy rate ceiling by 25bps
Apr 04, 2018 (LB0) – Sri Lanka’s central bank has decided to reduce the Standing Lending Facility Rate (SLFR), which is the upper bound of the policy interest rate corridor of the Central Bank, by 25 basis points, a statement said. The Monetary Board was of the view that the favourable developments in the economy […]
Blue Ocean Group of Companies has grown into versatile conglomerate
Blue Ocean Group of Companies Blue Ocean Group of Companies has grown into a versatile conglomerate over the years. The evolution of the group is significant because the Group has achieved growth and profit harmoniously and not by taking part in the aggressive competition in the field. Blue Ocean Group of Companies engage in Real […]
Sri Lanka targets pharmaceuticals self-sufficiency with new zone
Apr 03, 2018 (LBO) – Efforts to increase domestic and foreign investment in Sri Lanka’s pharmaceuticals industry is set to boost output, Oxford Business Group (OBG) said in its recent Sri Lanka economic update. OBG said latest measures will also broaden the sector’s product range, bringing the country closer to the government’s goal of self-sufficiency […]
Benefits of AWS Cloud Computing
Amazon Web Services(AWS) offers a secure cloud service platform, with ample compute power, database storage and myriads of other services that are vital to aiding a business scale and grow. To keep it short here’s why you need to join AWS and a few of the benefits it holds in store for your business.By the […]
New IR act most progressive in SA, Will bring in extra Rs.60Bn in revenue
Apr 03, 2018 (LBO) – Sri Lanka’s Finance ministry says the government expects to earn a an additional revenue of 60 billion rupees each year through the new Inland Revenue Act (IRA). “This year, we expect the government to rake in 30 billion rupees,” S.R. Attygalle, deputy secretary of the Finance and Mass Media Ministry said. […]
JO MP Balasuriya critical of active liability management bill
April 02, 2018 (LBO) – In a recent speech in Parliament, JO MP Tharaka Balasuriya highlighted some problematic technicalities in the Active Liability Management Bill. The bill has encountered some controversy, with the Supreme Court finally having to weigh in through a verdict confirming that the bill is in fact constitutional. Balasuriya highlighted that this […]
Sri Lanka post ushers money orders into the digital age with Sampath Bank
Apr 02, 2018 (LBO) – Sri Lanka’s Department of Post with Sampath Bank unveiled e-Pay Mobile Cash, a service that leverages the wide spread network of post offices, sub-post offices and Sampath Bank ATMs around the island to enable real time money transfers in a secure and convenient manner.“With 4,610 post offices and sub-post offices […]
Invest more in people, or risk extinction: Oracle’s Dalal tells SLASSCOM Summit
Apr 02, 2018 (LBO) – No matter how successful companies are today, they may risk extinction if they fail to invest in their employees and won’t transform with changing times, Head of HCM Cloud Applications (Asia Pacific) at Oracle Corporation, Yazad Dalal recently warned companies and business leaders. He advised companies to invest in the […]
Central Bank to continue exchange of altered currency notes
Mar 30, 2018 (LBO) – Central Bank has decided to continue the service of exchange of willfully mutilated, altered and defaced currency notes from CBSL until further notice.The decision has been made considering the difficulties faced by the general public in exchanging willfully defaced currency notes after 31 March, 2018.After 31 March, general public can […]
Sri Lanka records 4-pct unemployment rate in 4Q 2017
The Department of Census and Statistics (DCS) Sri Lanka has released the results of the Sri Lanka labour force survey for the fourth quarter of 2017 (October, November, December).Labour Force Survey (LFS) is designed to measure the levels and trends of employment, unemployment and labour force in Sri Lanka. This survey has been conducted quarterly, […]
Coca-Cola CEO meets Prime Minister in Sri Lanka
Mar 29, 2018 (LBO) – President and CEO of Coca-Cola, James Quincey has met with Prime Minister Ranil Wickremesinghe during his maiden visit to Sri Lanka.Affirming the company’s commitment to Sri Lanka, the company and its bottling partner has committed to contribute 50 million dollars into the ecosystem of the country over the next 5 […]