Category: Featured
Commercial Bank leads Sri Lanka’s SME financing in 2016
June 15, 2017 (LBO) – Sri Lanka’s SME sector has been injected with 719 billion rupees by both state and private sector banks in 2016, with Commercial Bank of Ceylon leading with 273 billion rupees in such lending. Department of Development Finance said in a report that in 2015, 604 billion rupees was granted by […]
‘s power grid may be replicated elsewhere
June 15, 2017 (LBO) – Cybersecurity researchers say the 2016 attack on Ukraine’s power grid that deprived part of its capital Kiev of power was caused by a cyberattack — specifically, of the grid-sabotaging malware variety. A week before last Christmas, hackers struck an electric transmission station north of the city of Kiev, blacking out […]
Sri Lanka seeks more air connectivity with Gulf region
June 07, 2017 (LBO) – Sri Lanka wants to improve its air connectivity with Gulf countries in order to mitigate the effects of the break off of air connectivity between Qatar and Saudi Arabia, the UAE, Bahrain, Egypt and Yemen. As a result of growing crisis in the Gulf region, the state-owned flag carrier of […]
Sri Lankan banks likely to come under capital pressure from Basel III: Fitch
Jun 07, 2017 (LBO) – Sri Lankan banks are likely to come under increased capital pressure from Basel III-related requirements, Fitch Ratings said in a statement. “We expect most banks will have to raise capital to meet the higher requirements, particularly if they are pursuing rapid growth,” it said. “The sector’s capital needs could be […]
‘s Bank
June 07, 2017 (LBO) – Sri Lanka’s cabinet has approved a proposal to infuse 5 billion rupees to state-owned People’s Bank in order to comply with new capital adequacy requirements. Basel III, a new set of reforms expected to strengthen regulation, supervision and risk of the banking sector, is expected to be rolled out by […]
Sri Lanka trade gap widens 34-pct in March
June 07, 2017 (LBO) – Sri Lanka’s trade gap has widened 34.1 percent to 827.5 million US dollars in March from a year earlier, official data from the Central Bank showed. The cumulative trade deficit in the first quarter of 2017 has increased 35 percent to 2,505 million dollars from the same period last year. […]
Sri Lanka tourist arrivals down in May 2017 impacted by weather
Jun 07, 2017 (LBO) – Sri Lanka’s tourist arrivals were down 2. 5 percent to 121,891 in May, from an year earlier, with dips seen from the Middle East, South Asia and some East Asian markets, the latest data shows. According to the Sri Lanka Tourism Development Authority (SLTDA) arrivals in the first five months’ […]
Saudi Fund for Development to provide credit for Sri Lankan importers
Jun 07, 2017 (LBO) – The Saudi Fund for Development is looking to provide credit facilities for Sri Lankan firms to import raw materials from Saudi Arabia. Lankan Importers importing fertilizer, plastic raw materials, cables and electrical wires from Saudi Arabia will be eligible to obtain credit, which would be given under the ‘Foreign Buyer […]
Sri Lanka to develop railway with USD 318mn credit line from India
June 06, 2017 (LBO) – Sri Lanka’s Finance Ministry has signed an agreement with the Indian government to receive a US 318 million dollar line of credit (LOC) for the development of the railway sector in the island. The agreement comes following Indian Prime Minister Narendra Modi’s first visit to Sri Lanka in March 2015 where […]
SriLankan Airlines says flights not affected to Doha, Qatar
June 06, 2017 (LBO) – SriLankan Airlines on Tuesday stated that their flights to Qatar are not affected by diplomatic tensions in the region, though the airline is closely monitoring the situation. Media Development Manager of SriLankan Airlines, Deepal Perera, told LBO that the airline will operate all scheduled flights to Doha, Qatar. “SriLankan Airlines […]
Central Bank denies banks stopped from accepting Qatari Riyals
June 06, 2017 (LBO) – Sri Lanka’s Central Bank on Tuesday categorically denied that the Central Bank has informed banks not to accept Qatari Riyals. Releasing a press release, the Central Bank stated that various media institutions had published reports stating that the Central Bank has informed banks not to accept Qatari Riyals. There were […]
Hilton to open 140-room resort in Weerawila, Sri Lanka
June 06, 2017 – Hilton signed a management agreement with KDU Adventures (Pvt) Ltd, a subsidiary of KDU Group, to manage the 140-room DoubleTree by Hilton Weerawila, scheduled to open in the first quarter of 2018. The latest signing brings the current Hilton pipeline hotels in Sri Lanka to seven properties. “With a fast-growing, global […]