Category: Banking and Finance
Disregarded Failures of African Exploration
The exploration of Africa by the British is a level that has been told clip and again, ofttimes in irksome point. We suffer shelves wide-cut of biographies of noted explorers ilk David Livingstone and H Morton Stanley, on with myriad over-the-counter books on the matter. These tales of escapade constantly end in the hero’s victorious […]
‘s democracy
June 7, 2019 (LBO) – The truth is coming out. Dominating the news cycle in the last few days have been updates from hearings by the Parliamentary Select Committee (PSC) that is investigating Sri Lanka’s Easter Sunday terror attacks. So far four high profile figures have given riveting testimony under oath, and with access (however […]
CB extends suspension on Pan Asia’s primary dealer unit
Jun 07, 2019 (LBO) – The Central Bank of Sri Lanka, acting in terms of the regulations made under the registered stock and securities ordinance and the local treasury bills ordinance, has decided to extend the suspension of business and activities of Pan Asia Bank’s primary dealer unit. The suspension has been extended by a […]
Sri Lanka to obtain USD330Mn World Bank loan for climate mitigation
Jun 06, 2019 (LBO) – Sri Lanka’s cabinet of ministers has approved the implementation of phase 1 of a multi-phase program for mitigation of climate disadvantages. The proposal was presented by Mangala Samaraweera, Minister of Finance to hold loan negotiation discussions and enter into financial agreement with the International ank for Development and Reconstruction to implement […]
LOLC passes most Sri Lankan corporate giants with Rs11bn annual profit
June 4, 2019 (LBO) – Colombo Stock Exchange listed LOLC Holdings (LOLC) has reported an astounding profit of over Rs11bn (US$65mn) for the fiscal year ended March 31st, 2019. The company’s annual profit attributable to equity holders is surpassed only by five Sri Lankan listed companies: Ceylon Tobacco (CTC), John Keells Holdings (JKH), Commercial Bank […]
How tourism service providers can avail financial relief package
May 31, 2019 (LBO) – Ministry of Tourism and Ministry of Finance has decided to offer the following financial reliefs for tourism service providers. 01. A relief period for capital loans and interest till 31st March 2020. 02. Reduction of VAT component up to 5 percent for a period of one year from 21st May […]
Jegan Durairatnam to Chair DFCC board
May 30, 2019 (LBO) – Former Commercial Bank CEO Jegan Durairatnam has been appointed as the Chariman of the board of DFCC. The appointment is with effect from July 28th. The appointment comes on the heels of the retirement of Royle Jansz who will have served as a director of DFCC for regulatory limit of […]
Cabinet nod for implementation of promotion programs to minimize effects attacks on tourism
May 30, 2019 (LBO) – Sri Lanka’s cabinet of ministers has approved several relief packages for the tourism industry in the island. Approval was given to a proposal presented by Johm Amaratunga, minister of Tourism Development, Wild Life and Christian Religious Affairs for the implementation of a combined promotion program with overseas tour operators who […]
Sri Lanka rupee appreciated 3.8-pct against the US dollar up to 28 May 2019
May 29, 2019 (LBO) – Sri Lankan rupee appreciated against the US dollar by 3.8 percent by end March 2019 compared to end 2018. “Along with the significant reduction in the trade deficit and significant inflows to the financial account, the Sri Lankan rupee appreciated against the US dollar by 3.8 percent by end March […]
Interview:How to grow SriLankan entrepreneurship in the USA
May 29, 2019 (LBO) – Insaaf Mohideen, is a Sri Lanka born American entrepreneur and investor who has seen his career spanned across the fields of technology, entrepreneurship and eventually investment banking in Silicon Valley over the past two decades. Mohideen has been actively involved in relief and aid efforts across the world including a […]
DFCC iConnect to facilitate employee EPF payments
The greatest testimonial to DFCC Bank’s credentials as the industry leader in pioneering FinTech solutions in the banking and financial solutions industry is in the fact that Central Bank of Sri Lanka recently signed an agreement with DFCC Bank to facilitate EPF payments online through DFCC’s iConnect Payments and Cash Management Portal. DFCC iConnect delivers […]
Fitch upgrades Union & Cargills Banks; affirms 5 small & mid-sized Sri Lanka banks
May 24, 2019 (LBO) – Fitch Ratings Lanka has upgraded the National Long-Term Ratings of Union Bank of Colombo to ‘BBB-(lka)’ from ‘BB+(lka)’ and of Cargills Bank to ‘A-(lka)’ from ‘BB(lka)’ with stable outlooks. The agency has also affirmed the National Long-Term Ratings of Amana Bank, Nations Trust Bank, Pan Asia Banking Corporation, SANASA Development […]