Category: Featured
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 […]
Korean Government approves USD200mn for Kandy tunnel
June 06, 2017 (LBO) – The Ministry of Strategy and Finance of Korea has approved 200 million US dollars for the Kandy tunnel construction project, Korean Embassy in Sri Lanka announced. The project comprises of four tunnels with a total length of 5.5km from Suduhumpola to Tennekumbura via Bogambara and Ampitiya which will be the […]
SLT first to successfully field test Pre-5G LTE Advanced Pro in South Asia
June 06, 2017 (LBO) – Sri Lanka Telecom, together with Huawei Technologies, has successfully carried out South Asia’s first comprehensive field trial of Pre-5G LTE Advanced Pro technology, laying the groundwork for the next generation of broadband technologies, the company said. “We anticipate momentous changes in our business with results that promise to be far-reaching […]
Sri Lanka Railways to collect land lease arrears of Rs1.4bn
June 05, 2017 (LBO) – Sri Lanka’s state-owned Railways Department said 1.46 billion rupees is yet to be collected as lease arrears for land owned by the department. The Railways Department manages nearly 13,000 acres of land, of which 1,934 acres have been leased out to 6,400 users, as this land is not necessary for […]