Category: Economy and Markets
Sri Lanka reserves at USD 6.9Bn at end 2018: Trade deficit declined
Mar 14, 2019 (LBO) – The trade deficit declined significantly in December 2018 (year-on-year) with a notable deceleration in import expenditure, data shows. Exports grew by 1.4 percent while imports fell by 15.3 percent in December 2018 (year-on-year), the Central Bank of Sri Lanka said. Total exports of goods grew by 4.7 per cent in 2018 […]
Mandatory provisions regarding separation of Chairman/CEO roles, awaiting public consultation: SEC
Mar 14, 2019 (LBO) – The corporate governance provisions for the separation of the chairman and chief executive officer roles in listed companies, were to be introduced only after stakeholder consultation, Ranel Wijesinha chairman, Securities and Exchange Commission (SEC) said. A decision was taken at the end of the third quarter of 2018, to subject […]
MTD Walkers (KAPI) trading still halted, collapse likely to cause pain for bankers
March 13, 2019 (LBO) – Shares in Colombo Stock Exchange listed MTD Walkers (KAPI) have been halted from trading since February 14th. Investors are still awaiting information on when the stock will start trading again, if ever. The debt filled construction company has been mired in controversy for several months, as they have reported massive […]
UK’s Flexicare launches USD 10Mn health care manufacturing facility in SL
Mar 13, 2019 (LBO) – Flexicare Lanka (Pvt) Ltd., a fully owned subsidiary of Flexicare Group, UK launched the construction of a state-of-the art modern manufacturing facility in Bandaragama with an investment of over US 10 million dollars, recently. The project is approved by the Board of Investment of Sri Lanka.Flexicare Group UK Managing Director, Hash […]
Fuel prices increased; Petrol hiked to Rs.132
Mar 13, 2019 (LBO) – Sri Lanka Government increased the price of petrol (92 Octane) by 3 rupees to 132 rupees a litre and auto diesel by 1 rupee to 104 rupees from midnight yesterday, the finance ministry said. Petrol (Octane 95) will now be sold at Rs. 159, after an increase by Rs. 7 a […]
‘s Michelin eyes Sri Lanka for new operations
Mar 13, 2019 (LBO) – A delegation from Michelin, the French tire manufacturing giant met with the Board of Investment Chairman Hemasiri Fernando and Champika Malalgoda, Director General of the BOI. By acquiring Camso Lodestar the leader in the manufacture of solid rubber tires in the country and a BOI enterprise, Michelin are now established […]
LSEG appoints Dee Liyanwela as head of LSEG Technology Sri Lanka
Mar 12, 2019 (LBO) – The London Stock Exchange Group (LSEG) announced Dee Liyanwela has been appointed as the Head of LSEG Technology Sri Lanka, in addition to his role as Group Head of Shared Service Centres. LSEG Technology, formerly known as MillenniumIT, develops and operates high performance technology solutions, including trading, market surveillance and […]
HVA Foods (HVA) under threat of trading suspension next week
March 12, 2019 (LBO) – Colombo Stock Exchange (CSE) listed HVA Foods (HVA) has been informed by the CSE that their stock will suspended from trading on March 21st if they do not rectify the modified audit opinion in the latest audited financial statements dated March 31, 2018 by March 19th next week.HVA came public […]
CSE listed East West Properties (EAST) reports a crippling loss, equity almost wiped out
March 12, 2019 (LBO) – Colombo Stock Exchange listed East West Properties (EAST) has reported a crippling loss which has almost wiped out the entire equity of the firm. The group, which is the controlling shareholder of the Marriot hotel in Weligama, is suffering under a crippling debt load of over close to Rs6bn. It […]
SL fiscal consolidation plans challenging without policy effectiveness and faster growth
Mar 12, 2019 (LBO) – Achieving Sri Lanka’s deficit and debt targets will be challenging without a significant increase in fiscal policy effectiveness and faster Gross Domestic Product (GDP) growth, a rating agency said in a statement. ‘Sri Lanka’s ambitious fiscal consolidation targets – when the country has not had a fiscal deficit below 5.0 […]
JICA signs LKR 48Bn concessionary loan to establish Malabe-Fort LRT
Mar 11, 2019 (LBO) – A concessionary loan agreement for JPY 30,040 million (approx. 48 billion rupees) was signed between the Government of Sri Lanka and Japan International Cooperation Agency (JICA) for engineering services and construction of a Light Rail Transit (LRT) line between Malabe and Colombo Fort, recently. The loan will finance […]
Interview : Present and future trends in real-estate and condo market in Sri Lanka
Mar 11, 2019 (LBO) – The Blue Ocean Group of Companies has grown into a versatile conglomerate over the past few years. The group of companies engage in real estate, construction, engineering, trading, education, travels and holidays, entertainment, consultation and many other fields. LBOTv had a chat with Chairman of Sri Lanka’s Blue Ocean S.Thumilan…..