Category: Banking and Finance
Sri Lanka vehicle registrations rebound to 39,173 units in March: JB Securities
May 02, 2017 (LBO) – Total vehicle registrations in Sri Lanka recorded 39,173 units in March, significantly up from 30,036 the previous month, with a rebound in two-wheeler registrations, JB Securities said in a research note. On most categories, there was a rebound due to higher number of working days and pre-holiday season push from […]
Sri Lanka’s HNB to strengthen balance sheet with rights issue
Apr 28, 2017 (LBO) – Sri Lanka’s Hatton National Bank is to issue up to 70,082,228 new ordinary shares by way of a rights issue, the company said in a stock exchange filing. Subject to exchange and shareholder approval, the bank is to issue 55,995,792 ordinary voting shares at 220 rupees each in the ratio […]
Next IMF tranche by June, reserves comfortable by year end: Ravi
Apr 27, 2017 (LBO) – Sri Lanka’s Finance Minister said he was optimistic about talks on reaching a staff level agreement with the International Monetary Fund for the next phase, and that the next tranche would be released by June. “I think the tranche that was due April will come by June, there were some technical difficulties like […]
Higher growth for Sri Lanka will depend on addressing structural issues: CB
Apr 27, 2017 (LBO) – Sri Lanka’s economic performance in 2016 reconfirmed the necessity of addressing deep rooted structural issues, in order to enable the country to progress towards a higher growth trajectory, the Central Bank said. “Along with strengthening macroeconomic fundamentals through improved fiscal performance and the conduct of monetary policy in a forward […]
Petroleum union negotiations successful, strike called off
Apr 25, 2017 (LBO) – The Ceylon Petroleum Corporation (CPC) unions called off their strike late on Monday following successful discussions with Sri Lanka’s Prime Minister and Petroleum Minister Chandima Weerakkody. Employees of the Ceylon Petroleum Cooperation launched a strike from midnight Sunday opposing an agreement to be signed with India regarding developing the Trincomalee […]
WB and IMF to send team for solid waste management
Apr 24, 2017 (LBO) – World Bank and the International Monetary Fund have agreed to send a special team to the island to inspect solid waste management, the finance ministry said in a statement. The comments were made to Finance Minister Ravi Karunanayake during the G24 Finance Ministers’ meeting where the current economic performance of […]
S&” rating on Sri Lanka
Mar 08, 2017 (LBO) – Standard and Poor global ratings affirmed its ‘B+’ long-term and ‘B’ short-term sovereign credit ratings on Sri Lanka while keeping a ‘negative’ outlook unchanged, a statement said. “High external debt, and low reserves continue to make Sri Lanka vulnerable to external shocks. Other rating constraints on Sri Lanka include the […]
Pan Asia Bank completes Rs 2Bn rights issue
Mar 08, 2017 (LBO)- Sri Lanka’s Pan Asia Banking Corporation said they were successful in completing a rights issue to raise up to 2.06 billion rupees. In December 2016 the bank announced the issue of 147. 5 million shares at one new share for every two shares held at an issue price of 14 rupees. […]
Sri Lanka Commercial Bank to raise Tier 1 capital with rights issue
Mar 07, 2017 (LBO) – Sri Lanka’s Commercial Bank has decided to raise 10 billion rupees through a rights issue of voting and non voting shares, the company said in a stock exchange filing. Subject to stock exchange and shareholder approval, the bank is to issue 84,515,987 ordinary voting shares at 113. 60 rupees each […]
‘s DFCC Bank receives ISO 27001:2013 certification
DFCC Bank was recently awarded the ISO 27001:2013 certification in recognition of implementing the best practices in legal, physical and technical control for information security management. The certificate was awarded to Palitha Gamage, Chief Risk Officer – DFCC Bank by Shan Nanayakkara, General Manager – Bureau Veritas Sri Lanka, at the awarding ceremony held at […]
Sri Lanka to import 40,000MT of edible oil, Reduce levy on coconut oil
Feb 16, 2017 (LBO) – Sri Lanka’s Cabinet has approved to amend the special commodity levy on coconut oil and related products to allow importation of 40,000 metric tonnes edible oil required for 04 months. Coconut Research Institute has forecasted that the coconut harvest may decrease from 13.9 percent in January – August 2017 compared to […]
Sri Lanka senior citizens’ deposits up to Rs1.5Mn to get higher interest
Feb 15, 2017 (LBO) – Sri Lanka’s Finance Ministry said that it will increase the upper limit up to 1.5 million rupees for 15 percent special interest paid on fixed deposits maintained by senior citizens. Director General of Department of Development Finance said the treasury will pay 18,000 million rupees to cover the difference during the […]