Category: Banking and Finance
UN Special Rapporteur on the rights of freedom of association and peaceful assembly on country visit
Jul 19, 2019 (LBO) – The Special Rapporteur on the rights of freedom of association and peaceful assembly, Clément Nyaletsossi Voule commencing his official country visit to Sri Lanka from 18 -26 July 2019, called on Foreign Minister Tilak Marapana at his Ministry, yesterday. Foreign Minister Marapana observed that the freedom of association and peaceful […]
ComBank launches Sri Lanka’s first QR based payment app under LANKAQR
The Commercial Bank of Ceylon has launched ComBank Q+ – the first Quick Response (QR) based payment app to be launched under LANKAQR – creating history yet again by introducing technology that matters in the lives of the Bank’s customers. LANKAQR is the national QR standard for local currency payments introduced by the Central Bank […]
Ekuinas sells APIIT Lanka for RM41mil
KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) has disposed of its entire equity interest, together with its minority partners in APIIT Lanka Pvt Ltd (APIIT Lanka), based on an enterprise value of approximately RM41mil to BG Investments Pte Ltd. “We are pleased to report that the divestment generated a gross internal rate return (IRR) of 17.5% […]
‘s “Enterprise SL” exhibition goes to A’pura in July
Jul 15, 2019 (LBO) – The Finance Ministry’S “Enterprise Sri Lanka” exhibition will be held in Anuradhapura from July 24-27. This exhibition will be a platform for intended entrepreneurs to obtain the knowhow and share knowledge on the enterprise development. Arrangements have been made through the State and private banks and other relevant agencies to […]
”; outlook stable
July 12, 2019 (LBO) – Fitch Ratings Lanka has downgraded Bimputh Finance PLC’s National Long-Term Rating to ‘BB-(lka)’ from ‘BB(lka). The Outlook is Stable. The downgrade stems from a sharp deterioration in Bimputh’s capital position, which they believe is no longer commensurate with its high-risk appetite. This is due to the significant decline in asset […]
Ground handling, aviation fuel, and embarkation levy reduced for 6 months to boost tourism
Jul 09, 2019 (LBO) – Sri Lanka Tourism Development Authority together with the Prime Minister’s office, the Minister of Tourism, Wildlife and Christian Religious Affairs, John Amaratunga and the Civil Aviation Authority of Sri Lanka tabled a cabinet paper and received the approval for the reduction of ground handling charges, aviation fuel, and the embarkation […]
Two appointments to Sri Lanka Treasury
Jul 08, 2019 (LBO) – Sri Lanka’s Finance Ministry has announced the appointment of two new officials to the Treasury. K.D. R Olga of the Sri Lanka Accountancy Service has been appointed as the Director General of the Treasury Operations Department. And R.M. A. Rathnayaka has assumed duties as Director General of the State Accounts […]
Improving macro stability, lower yields may strengthen equity returns: First Capital
July 05, 2019 (LBO) – Despite the Easter Sunday attacks Sri Lanka’s economic outlook has shown signs of resilience and ability to recover quickly as economic activities were seen returning to normalcy while removal of travel advisories was faster than anticipated, First Capital said in their latest equity strategy. The research firm believes that the […]
CSE and SEC reach out to investor community in Jaffna
Jul 03, 2019 (LBO) – The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) recently organized a regional investor forum in Jaffna with the aim of creating awareness on stock market investments. The forum drew an encouraging response and attracted over 180 participants, including a number of present and […]
Fitch affirms 5 Sri Lankan finance companies; revises outlook on MIF to negative
July 01, 2019 (LBO) – Fitch Ratings has revised the Outlook on Mercantile Investments and Finance PLC (MIF) to Negative from Stable and has affirmed the ratings. At the same time, Fitch has affirmed the ratings of the following Sri Lankan finance companies:– Central Finance Company PLC (CF)– LB Finance PLC (LB)– Senkadagala Finance PLC […]
Sri Lankan banks face rising NPLs, capital pressure: Fitch Ratings
Jun 28, 2019 (LBO) – Sri Lankan banks face further increases in non-performing loans (NPLs) this year as the macro-economic environment remains difficult, Fitch Ratings said in a new report. Weaker asset quality and earnings will add to pressure on capital, and many small and medium-sized banks still need to raise equity capital to meet […]
ComBank announces ‘Nil Margin’ LCs for vehicle permit holders
The Commercial Bank of Ceylon has launched a scheme for government officers with vehicle permits, offering reduced interest rates on vehicle loans and leases and the opportunity to open Letters of Credit (LCs) without keeping a margin (nil margin). The Bank said permit holders can choose between a loan or lease at the lowest interest […]