Category: Economy and Markets
Deepthie Wickramasuriya joins the Board of Vidullanka PLC
Vidullanka PLC announced the appointment of Ms.Deepthie Wickramasuriya to the Board of Vidullanka PLC as a Non-Executive Independent Director with effect from 01st January 2019. This announcement follows the resignation of Mr. Zulficar Ghouse from the board a day before. In addition to joining the Board of Vidullanka PLC, Ms. Deepthie serves the Board of […]
Cabinet approves Appropriation Bill; budget deficit 4.8-pct of GDP
Jan 08, 2019 (LBO) – Sri Lanka’s Finance Ministry said the approval of the cabinet was granted to the Appropriation Bill 2019, submitted by the Finance Minister, Mangala Samaraweera. Accordingly, this year’s state expenditure will be 4,470 billion rupees and the budget deficit will be 4.8 percent of the GDP. The State revenue which was […]
BOI signs agreement for USD1.8mn warehousing & logistic project in Malwana
Jan 08, 2019 (LBO) – Sri Lanka’s Board of Investment has signed an agreement with Skylift Container Depot and Logistics to set up a facility that would be engaged in warehousing and logistics services with a container depot. This project with a total value of 1.83 million US dollars will be located at Walgama, Malwana […]
Recent rupee depreciation aligned with capital outflows not current account
Jan 08, 2019 (LBO) – Sri Lanka’s Central Bank Governor says that the rupee depreciation is no longer aligned with fundamentals in terms of current account flows and it is now being driven by capital outflows from the government securities market.Governor Indrajit Coomaraswamy recently revealed that foreigners who held about two billion US dollars worth […]
‘s Biz Chamber to host 2019 Outlook Seminar
Jan 07, 2019 (LBO) – The Ceylon Chamber of Commerce will organize its annual outlook seminar for 2019 under the theme of ‘Building Resilience Amidst Uncertainty’. The seminar serves as an important opportunity to understand both the outlook for the economy and key sectors in 2019. Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri […]
Sri Lanka Budget 2019: Targets public revenue to increase 17-pct, Debt to GDP down to 70-pct
Jan 07, 2019 (LBO) – Sri Lanka’s Finance Ministry says Budget 2019 will increase public revenue to 17 percent of Gross Domestic Product (GDP) while capital expenditure will be limited to 3.5 percent of GDP. It will also target maintaining the debt-to-GDP ratio to just 70 percent with recurrent expenditure cut down to 15 percent […]
Hayleys Advantis partners with Trustworthy.Ae Group to manage Abu Dhabi container facility
Jan 07, 2019 (LBO) – Hayleys Advantis , the transportation and logistics arm of Hayleys PLC, announced that it has entered into a deal with Dubai-based Trustworthy.ae Group. “Advantis is to operate and manage a state of the art Inland Container Depot (ICD) and third-party Container Freight Station (CFS) being developed by Trustworthy.ae Group in the […]
Financial sector regulators sign MoU for consolidated risk-based supervision
Jan 04, 2019 (LBO) – The Central Bank of Sri Lanka (CBSL) entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Regulatory Commission of Sri Lanka (IRCSL) on 31 December 2018 at CBSL, to conduct effective consolidated risk-based supervision and for CBSL to be the […]
Perpetual Treasuries suspension of business activities extended by 6 months
Jan 04, 2019 (LBO) – Monetary Board of the Central Bank has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business activities of a Primary Dealer for a period of six months with effect from tomorrow.The Central Bank said the extension was carried out in terms of the Regulations made […]
‘s Basel III sub debt BBB+(lka)(EXP)
Jan 04, 2019 (LBO) – Fitch Ratings has assigned Seylan Bank’s proposed Basel III compliant subordinated debentures an expected National Long-Term Rating of ‘BBB+(lka)(EXP)’. The notes, which will total 5 billion rupees and mature in five years, include a non-viability clause and will qualify as regulatory Tier II capital for the bank. Seylan plans to […]
LRT project to kick start in 2019 : Cabinet nod for Japanese aid of USD1850Mn
Jan 04, 2019 (LBO) – Sri Lanka’s Finance Ministry says that cabinet approval has been received to go ahead with US 1850 million dollar loan agreement with the Japan International Cooperation Agency (JICA) to commence initial work on the islands much anticipated LRT project. The ministry said that the loan, will be disbursed in six stages and […]
LankaPropertyWeb.com Acquires Lamudi.lk
Jan 04, 2019 (LBO) – Sri Lanka’s leading property portal LankaPropertyWeb has announced the acquisition of the country’s no.2 property portal lamudi.lk. The acquisition includes the lamudi.lk domain and all its listings, plus the local operations of Lamudi Sri Lanka. With this acquisition, LankaPropertyWeb aims to expand its reach and property portfolio to provide an improved […]