Category: Economy and Markets
Fitch downgrades Sunshine Holdings to A-(lka), outlook stable
Jan 05, 2018 (LBO) – Fitch Ratings has downgraded Sri Lanka-based Sunshine Holdings PLC’s National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’. The Outlook is Stable. The downgrade reflects Fitch’s expectations that Sunshine’s net leverage – defined as lease-adjusted debt net of cash/operating EBITDAR, including proportionate consolidation of Estate Management Services (Private) Limited (EMSPL), the holding […]
Jetwing Symphony opens trading at CSE today
Jan 05, 2018 (LBO) – Jetwing Symphony Ltd, will open trading at the Colombo Stock Exchange from today following its successful Initial Public Offering last month. This is the CSE’s first listing of the New Year 2018. The company’s 750 million rupees IPO with 50.22 million shares will be utilised to complete Jetwing Symphony’s projects in […]
Banking sector to provide 25-pct average return over 1-Year: FC Research
Jan 04, 2018 (LBO) – First Capital Research expects the banking sector to have a steady phase during 2018E-20E with stable credit growth, improving GDP growth supporting lower Non Performing loans and lower interest rate volatility leading to stable net interest margins. “We expect our banking sector universe to provide 25% average return over 1-Year […]
If we are going for a sovereign bond, better to go early: CB Governor
Jan 04, 2018 (LBO) – Central Bank Governor Indrajit Coomaraswamy says if Sri Lanka wants to issue a sovereign bond this year, it is better to issue it as early as possible for three reasons. “One is that there are maturities at the beginning of the year in terms of ISBs,” Coomaraswamy told reporters Wednesday. […]
Sri Lanka to raise USD5Bn from Sovereign and Development Bonds in 2018
Jan 04, 2018 (LBO) – Sri Lanka’s cabinet of ministers have given approval to raise up to US 2 billion dollars through foreign commercial borrowings and a further US 3 billion dollars from Sri Lanka Development Bonds (SLDB) to raise the funds for loan repayment and financing of development projects. The proposal was put forward by […]
I will not hesitate to bring offenders of bond scam before law: President (Full Speech)
Jan 03, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena says he will bring the offenders of the bond scam before the law and recover the 11,145 million rupees loss to the public. Statement by President Maithripala Sirisena on the Report of the Presidential Commission of Inquiry May the Triple Gem Bless You First of […]
Port City legislation to Parliament by March, Work on three towers to commence
Jan 03, 2018 (LBO) – Sri Lanka’s Port City legislation would be brought before Parliament by March while construction on the first permanent buildings are also due to commence shortly, senior officials said. These comments were made following a visit of the newly reclaimed land of the island by Prime Minister Ranil Wickremesinghe and Megapolis […]
CB restricts deposit withdrawals of ETI Finance, Swarnamahal Financial Services
Jan 02, 2018 (LBO) – Sri Lanka’s Central Bank has restricted the withdrawal of maturing deposits and renewal of such deposits of ETI Finance and Swarnamahal Financial Services for six months. Central Bank said in a statement that the Monetary Board at its meeting held yesterday decided to appoint a panel to manage the affairs […]
Sri Lanka’s JKH appoints Krishan Balendra as Deputy Chairman
Jan 02, 2018 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings has appointed Krishan Balendra as Deputy Chairman while appointing Gihan Cooray as Group Finance Director of the company with effect from 01 January 2018.They have also been appointed as non-executive non-independent directors of Ceylon Cold Stores. The company said in a stock exchange […]
CA Sri Lanka revises Code of Best Practice on Corporate Governance
Jan 02, 2018 (LBO) – Institute of Chartered Accountants of Sri Lanka recently launched the revised Code of Best Practice on Corporate Governance 2017 with an aim to give leadership to corporates in the country to adhere to the best practices of corporate governance. The code of 2017 builds on the previous codes to strengthen […]
France to provide Euro 13.9Mn loan to Sri Lanka for dairy projects
Jan 01, 2018 (LBO) – The French Republic agreed to extend its assistance to Sri Lanka, by providing a Euro 13.9 million (approximately 2,514 million rupees) concessional loan for the development of the local dairy industry. The proposed project will include complete modernization of the pre-selected six mini dairy cooperative societies and organizations by establishing […]
Sri Lanka extends deadline for exchange of mutilated currency notes
Jan 01, 2018 (LBO) – Sri Lanka’s Central Bank said it had decided to extend the time period for the exchange of currency notes at Licensed Commercial Banks (LCBs ) up to 31 March 2018. The bank made the decision after members of the public revealed their difficulties in exchanging wilfully defaced currency notes at LCBs and […]