Category: Banking and Finance
Reforms needed for better Sri Lanka female labor force participation: World Bank
Sep 10, 2015 (LBO) – Legal discrimination, which can affect female labor force participation, is prevalent in Sri Lanka, a new World Bank report says. “Women are prohibited from working in the mining sector and restricted from certain tasks/functions in factories,” the World Banks group’s Women, Business and the Law 2016 report, released Wednesday said. “Moreover, there […]
‘s Pan Asia Bank to issue 20mn debt
Sep 07, 2015 (LBO) – Sri Lanka’s Pan Asia banking corporation will issue a 20 million debt with an option to issue more, the Company said in a stock exchange filling.“We will issue 20,000,000 rated , unsecured, senior, redeemable debentures with an option to issue up to a further 10,000,000 debentures and with a further […]
Sanasa Bank to get IFC advice on small businesses and cooperatives
Sep 07, 2015 (LBO) – International Finance Corporation (IFC), a member of the World Bank Group, will provide advisory services to Sanasa Development Bank as it expands into micro and small businesses, cooperatives, and retail clients, a media release said. “Sanasa Development Bank’s growth strategy involves long-term sustainable growth in three important sectors, SME, retail, and […]
Sri Lanka HNB Senior and Subordinated Debt gets AA-, A+ ratings :Fitch
Sep 04, 2015 (LBO) – Fitch Ratings has assigned Hatton National Bank proposed senior unsecured and subordinated debentures a expected National Long-Term Ratings of ‘AA-(lka)(EXP)’ and ‘A+(lka)(EXP) respectively. Full Statement follows: Fitch Ratings has assigned Hatton National Bank PLC’s (HNB; AA-(lka)/Stable) proposed senior unsecured and subordinated debentures expected National Long-Term Ratings of ‘AA-(lka)(EXP)’ and ‘A+(lka)(EXP) […]
Asia Securities says S&P telecoms report on Sri Lanka unjustified
Sep 04,2015 (LBO) – Sri Lanka’s Asia Securities says it is bullish on the Sri Lanka telecommunication sector even though a recently released report by Standard & Poor’s ratings agency sees telecom regulatory risk in Sri Lanka as high. S&P highlighted that they see a high regulatory risk in Sri Lanka with regulatory disruptions such […]
Coca Cola Sri Lanka license suspended until it addresses contamination: CEA
Aug 31, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit will remain suspended until the company responds to an oil seepage into the Kelani river, an official of the Central Environmental Authority said. “Their operations are halted until they respond appropriately to the situation,” Sunil Udukula, the deputy director media […]
Sri Lanka banks eye market-driven consolidation : OBG
By Oxford Business Group The coming year looks set to bring further consolidation to Sri Lanka’s financial sector, with market forces expected to drive the trend, in lieu of the government-led policy of the previous administration. Last year saw the industry regulator, the Central Bank of Sri Lanka (CBSL), take steps to bolster the sector’s […]
Samsung launches Galaxy A8, smartphone sales grow 150 pct
Aug 26, 2015 (LBO) – Samsung launched its newest Galaxy A8 model in Sri Lanka on Tuesday amid significant growth in demand for smartphones, an offical said. The Galaxy A8 is the latest member of the Galaxy A range with 4G LTE compatibility, a 1.8/1.3 GHz Octa Core processor and its slimmest with a width […]
Fitch affirms Standard Chartered Bank, Sri Lanka Branch at AAA
Aug 25, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Standard Chartered Bank, Sri Lanka Branch’s National Long-Term Rating at ‘AAA(lka)’ with a stable outlook.The full text of the rating announcement is reproduced below. Fitch Ratings-Colombo-24 August 2015: Fitch Ratings Lanka has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-Term Rating at […]
Sri Lanka appoints three cabinet ministers
Aug 24, 2015 (LBO) – Three cabinet ministers took oaths before the President of Sri Lanka ahead of a full cabinet due to be sworn in on Tuesday.Mangala Samaraweera took oaths as the Minister of Foreign Affairs, Wijeyadasa Rajapakshe as Minister of Justice and D.M. Swaminathan as Minister of Rehabilitation.The ceremony to for the rest […]
Asia Capital Q1 loss lower at Rs92 million
Aug 21, 2015 (LBO) – Sri Lanka’s financial services firm Asia Capital PLC reported a loss of 92 million rupees for the first quarter to June, down from a loss of 120 million rupees in the same quarter last year, in interim results released to the Colombo Stock Exchange.Annual revenue rose to 1.6 billion rupees […]
Sri Lanka‘s tea exports fall for 11th consecutive month
Aug 21, 2015 (LBO) – Sri Lanka’s Tea exports, continued to decline in June 2015 for the eleventh consecutive month, due to lower demand from main tea buyers such as Russia and the Middle East, as well as the unit price with the lowest export price of US dollars 4.39 per kg of tea being […]