Category: Banking and Finance
Sri Lanka’s banking Industry should adopt new tech before it gets isolated: Aravinda Perera
July 27, 2015 (LBO) – Sri Lanka’s banking industry should make use of digital technology to improve customer service and to be on par with the competitive global payment industry, one of its banking leaders said. In today’s world it is not only a bank playing in the payment industry but also telcos, supermarkets and […]
Sri Lanka’s President to appoint special investigation commission on Golden Key
July 24, 2015 (LBO) – Sri Lanka is to appoint a special investigation commission to probe irregularities occurred in the Golden Key Company, President Maithripala Sirisena said.“I decided to appoint a special investigation commission headed by a retired judge on Golden Key Company after having discussions with Prime Minister and Finance Minister,” Sirisena told a […]
MAS in chemical leasing arrangement for waste water treatment
July 24, 2015 (LBO) – MAS Active Linea Intimo announced it has entered into a chemical leasing arrangement for waste water treatment, a world’s first for the industry, according to the garments manufacturer. Chemical leasing is a business model in which a chemical is leased from a company providing its service. MAS Active Linea Intimo […]
Sri Lanka stocks close up 0.8-pct
July 22, 2015 (LBO) – Sri Lanka’s stocks closed up 0.76 percent on Wednesday with index heavy stocks showing gains, brokers said. The Colombo benchmark All Share Price Index closed 54.04 points higher at 7,199.63 up 0.76 percent. The S&P SL20 closed 42.86 points higher at 4,037.83 up 1.07 percent. Turnover was 1.62 billion rupees, […]
Sri Lanka’s Planters’ Association says 1000 rupees wage offer cost Rs18bn annually
July 17, 2015 (LBO) – Sri Lanka’s Planters’ Association of Ceylon said it will cost 18 billion per year for the industry to pay the 1000 rupees wage hike offer for workers, a statement said.The Regional Plantation Companies (RPCs) recently proposed a productivity linked wage proposal and raise the daily pay to 1000 rupees in […]
Golden Key depositors to be paid July 24th: Ravi K
July 16, 2015 (LBO) – Sri Lanka’s Finance Minister, Ravi Karunanayake said that all the Golden Key depositors will be paid on 24th of July 2015.“We are paying the Golden Key depositors on 24th,” the Minister told reporters in Colombo, Thursday.“The exact amount to be paid has not yet been decided yet,” The Golden Key […]
Commercial Bank Bangladesh rated AAA: CRISL
July 16, 2015 (LBO) – Sri Lanka’s Commercial Bank, Bangladesh accorded AAA long-term credit rating by Credit Rating Information and Services (CRISL), a statement said. The full statement follows The AAA (Triple A) long-term credit rating accorded to the Bangladesh operations of Commercial Bank PLC has been reaffirmed by Credit Rating Information and Services Ltd […]
Sri Lanka’s People’s Merchant Finance removes CEO
July 14, 2015 (LBO) – Sri Lanka People’s Merchant Finance, a subsidiary of People’s Bank of Sri Lanka said it removed the Chief Executive Officer and director of the company following a directive of Monetary Board. The company said, that in term of section 25(1) (h) of the Finance Business Act, the Monetary Board has […]
Fitch Affirms Nine Sri Lankan Banks; Downgrades Sampath Bank
July 08, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed the ratings on nine local banks while downgrading the national long term rating of Sampath Bank which reflects the weakening of its capitalization relative to peers, which offset benefits from the growth of its franchise. The full text of the press release issued by Fitch […]
People’s Bank to make mandatory offer for People’s Merchant Finance shareholders
July 06, 2015 (LBO) – Sri Lanka People’s Bank and People’s Leasing and Finance is to make a mandatory offer to the remaining shareholders of People’s Merchant Finance following a joint share acquisition, People’s Bank said.People’s Bank and People’s Leasing and Finance on 03 July 2015 has acquired a total of 6,461,543 ordinary shares at […]
Greek Debt Crisis – Bloody Monday in Asian Markets
June 29,2015 (LBO) – Greek’s decision to close banks has caused erosion in investor confidence across Asia as evident by Billions wiped out in Monday morning trade in key Asia Pacific Markets. Despite the China’s weekend rate cut, Shanghai lost 0.4 percent. Nikkei and Hang Seng lost 2 percent and 1.7 percent respectively. All markets […]
State banks profits up 11-pct from January to May 2015
June 24, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake says there is a 11 percent increase in the overall profits of the three state banks over the first five months of this year. “Overall profits at National Savings Bank, Bank of Ceylon and People’s Bank have increased by 11 percent,” Karunanayake said. “We […]