Category: Banking and Finance
Fitch affirms ratings on five Sri Lankan banks
Oct 23, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed the National Long Term Ratings on five small and mid-sized Sri Lankan banks. The rating announcement is reproduced below. Nations Trust Bank PLC (NTB) has been affirmed at ‘A(lka)’, Pan Asia Banking Corporation PLC (PABC) at ‘BBB(lka)’, Sanasa Development Bank PLC (Sanasa) at ‘BB+(lka)’, […]
Sri Lanka stocks close up 0.2-pct driven by retail activity
Oct 22, 2015 (LBO) – Sri Lankan stocks closed up 0.19 percent on Thursday for a third consecutive day driven by retail activity with gains in index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed higher 13.18 points at 7,068.85 higher 0.19 percent. S&P SL20 closed 10.24 points higher at 3,819.07 up […]
Innovation is the key for developing Sri Lanka: W.A. Wijewardena
Oct 22, 2015 (LBO) – Sri Lanka should move in to production based on high innovative technology as the traditional methods of production do not help Sri Lanka to be competitive in the global market and achieve higher productivity, an ex-Central Banker said “We must go for new innovation,” W.A. Wijewardena, former Deputy Governor of […]
Finance Minister introduces optional plan for banks to pay Super Gains Tax
Oct 20, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake revealed in Parliament on Tuesday that an optional plan has been introduced for banks to pay super gains tax. “Instead of banks paying (the tax directly) we are giving the opportunity back to them,” Karunanayake said. “So instead of paying 1 billion we call […]
Sri Lanka to seize 8 foreign accounts in Dubai: Cabinet Spokesman
Oct 15, 2015 (LBO) –Sri Lanka has found eight bank accounts in a Dubai bank belonging to powerful politically affiliated people and plans are underway to seize all the accounts, Cabinet Spokesman Minister Rajitha Senaratne told reporters on Thursday.“We have uncovered eight accounts hidden in Dubai,” Minister Rajitha Senaratne told at a press briefing held […]
Treasury grants advance of Rs4.5bn to pay Golden key depositors
Oct 15, 2015 (LBO) – Sri Lanka’s cabinet has approved a proposal to release an advance of 3.94 billion rupees from the treasury to the Central Bank for the repayment of the second stage of Golden key depositors.The second stage covers deposits from 2 to 10 million rupees.The cabinet earlier approved a repayment schedule prepared […]
” rating: Fitch
Oct 14, 2015 (LBO) – Fitch Ratings Lanka has assigned Sri Lanka’s Bimputh Finance plc with a national long-term rating of ‘BB(lka)’ and a stable outlook. The full statement follows: Fitch Assigns ‘BB(lka)’ Rating to Bimputh Finance; Outlook Stable Fitch Ratings Lanka has assigned Sri Lanka-based Bimputh Finance PLC (Bimputh) a National Long-Term Rating of […]
Capital Alliance Finance to raise Rs116mn through rights issue
Oct 13, 2015 (LBO) – Sri Lanka’s finance firm, Capital Alliance Finance is to raise 116 million rupees by way of a rights issue, the company said in a stock exchange filing.Subject to the necessary approvals, the company is to issue 7.75 million shares at 15 rupees each in the ratio of one for every […]
”’ rating: Fitch
Oct 10, 2015 (LBO) – Sri Lanka’s Sampath Bank’s subordinated debentures has been assigned a National Long-Term Rating of ‘A(lka)(EXP)’, Fitch ratings said in a statement. The full report follows: Fitch Rates Sampath Bank’s Subordinated Debt ‘A(lka)(EXP)’ Fitch Ratings Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Stable) proposed Basel II-compliant subordinated debentures an expected National Long-Term Rating […]
RBI Governor in Colombo say US hike delayed amid slow growth
Oct 06, 2015 (LBO) – The Reserve Bank of India Governor Raghuram Rajan says those who were betting on a September U.S. rate hike now see it delayed until March, amidst weaker economic data. The RBI governor was speaking at the 65th Anniversary Oration of the Central Bank of Sri Lanka in Colombo on Monday. […]
Trans-Pacific Partnership agreement reached following tough negotiations
Oct 06, 2015 (LBO) – The United States and 11 Pacific Rim countries inked a trade deal that cuts trade barriers marking the end of five years tense negotiations, foreign media reports said. The agreement reached on Monday defines the rules of the road for trade in the Asia-Pacific region. TPP will encourage trade between […]
Sampath Bank to raise Rs7bn from listed debenture
Oct 05, 2015 (LBO) – Sri Lanka’s commercial bank sector player Sampath Bank is to raise 7.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. Sampath Bank has decided to issue 50 million debentures at 100 rupees each with an option, to issue up to a further 20 […]