Category: Featured
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]
Amalgamation of Janashakthi General with Allianz Insurance completed
Oct 15, 2018 (LBO) – Allianz Insurance Lanka Limited (Allianz Lanka) said, the acquisition of Janashakthi General Insurance in February 2018, has now been successfully completed with the amalgamation of the two firms. The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister […]
‘s future
Oct 15, 2018 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe,highlighted the need to maintain freedom of navigation and freedom of digital connectivity for the region to grow and prosper and the need for a shared understanding in order to maintain peace and security. He was delivering the keynote address of the “The Indian Ocean: Defining […]
Sri Lanka introduces national standard for mobile QR code payments
Oct 12, 2018 (LBO) – Sri Lanka’s Central Bank has introduced a National Quick Response (QR) Code Standard for local currency payments with the aim of establishing a standard for payments carried out through mobile phones. The Central Bank said this new standard called LANKAQR came into effect from this week. All Licensed Banks, Licensed […]
Central Bank says Cabraal’s comments on rupee depreciation misleading
Oct 12, 2018 (LBO) – Central Bank says the allegations made by former Governor Nivard Cabraal in a recent newspaper article that the Central Bank has neglected its statutory duty and the recent depreciation of the rupee could have been better managed are misleading. “The exchange rate pressure that is currently observed is not limited […]
Price controls dominate political debate but may not help consumers: Report
Oct 10, 2018 (LBO) – A new report by The Advocata Institute, titled “Price Controls in Sri Lanka: Political Theatre” finds that consumer price controls lead to unintended outcomes including lower quality.Politicians have imposed price controls on a variety of items in the belief that capping prices will lower costs but our survey shows that […]
Sri Lanka FM interview ahead of IMF and WB annual meet on global trade, economy
Oct 10, 2018 (LBO) – Global finance and reserve bank chiefs will gather this week in Bali, Indonesia for the annual gathering of the International Monetary Fund and World Bank amid rising concern over trade war and risks of global economic crisis.Sri Lanka’s Minister of Finance and Communications, Mangala Samaraweera is chair of the Groups […]
CMC pays up in order for SLLRDC to resume garbage collection
Oct 10, 2018 (LBO) – The Megapolis and Western Development Ministry yesterday said Colombo Municipal Council (CMC) made an advance payment of 100 million rupees to the Sri Lanka Land Reclamation and Development Corporation (SLLRDC) in order for the latter to resume garbage collection in the CMC area.Megapolis and Western Development Minister Patali Champika Ranawaka further […]
We do not expect govt. to implement a price formula for electricity soon: Fitch
Oct 09, 2018 (LBO) – Fitch Ratings on Tuesday said that they do not expect the government to raise electricity tariffs or implement a cost-reflective pricing formula as the government faces elections in the next 24 months amid rising costs. Fitch Ratings revealed their expectation while affirming Ceylon Electricity Board’s National Long-Term Rating at ‘AAA(lka)’ […]
Sri Lanka earnings from tourism up: Workers’ remittances decline marginally in July 2018
Oct 09, 2018 (LBO) – Sri Lanka’s external sector recorded a moderate performance in July 2018. The trade deficit continued to widen in July 2018 (year-on-year) with higher import expenditure despite export earnings surpassing US dollars 1 billion during the month. Earnings from tourism recorded a modest growth while workers’ remittances declined marginally, on a […]
Sri Lanka to integrate SMEs into formal sector to facilitate their growth : Fin Min
Oct 09, 2018 (LBO) – Sri Lanka’s Minister of Finance said the government aims to integrate small and medium scale enterprises into an official sector and establish hard and soft infrastructure frameworks to facilitate their growth. “Every country in the world has identified the importance of SMEs in their economies as a practical instrument in achieving […]
Palm Oil industry rejects vilification of crop as “baseless and unscientific”
Oct 08, 2018 (LBO) – The vilification of oil palm in Sri Lanka on the grounds of the crop’s purported adverse impact on the environment is completely unjustifiable, given that the extent of land under oil palm is just 1.1 per cent of the extent under traditional crops – tea, rubber and coconut, an industry body […]