Category: General Services
Sri Lanka GDP grows by 3.2-pct in Q1 2018
Jun 19, 2018 (LBO) – Sri Lanka’s Gross Domestic Product (GDP) grew 3.2 percent in the first quarter of 2018 with positive growth recorded in the agriculture sub sector, official data from the Census and Statistics showed. The GDP at constant (2010) prices for the first quarter of 2018 recorded as 2, 223,856 million rupees, and GDP reported […]
McLarens & Peak Engineering to offer facilities management solutions through new JV company
Jun 18, 2018 (LBO) – McOcean Property Developers (Pvt) Ltd., (a member of the McLarens Group) in a joint venture with Peak Engineering & Consultancy (Pte) Ltd., of Singapore, launched McPeak Lanka (Private) Limited; a company that offers Integrated Facilities Management Solutions to the local market. McPeak Lanka intends to provide integrated facilities management solutions […]
Fitch-rated finance Cos unlikely to face immediate rating action despite new Regs
Jun 14, 2018 (LBO) – Fitch Ratings says finance companies rated by them are unlikely to face immediate rating action, as they believe all have adequate capital to meet the thresholds that will apply from 1 July 2018. Even after taking account of potential RWA changes, based on the current asset mix – and most […]
ICRA Lanka assigns [SL] A1 rating to commercial paper programme of LOLC
June 06, 2018 (LBO) – ICRA Lanka Limited, aubsidiary of ICRA Limited, group company of Moody’s Investors Service, has assigned [SL] A1 rating to the 1,000 million rupees commercial paper programme of Lanka ORIX Leasing. Full text of the rating action is reproduced below. Rating action: ICRA Lanka Limited, Subsidiary of ICRA Limited, group company of […]
Swedish asset manager Tundra increases position in John Keells
June 05, 2018 (LBO) – Swedish asset manager in frontier markets, Tundra Fonder has increased their position in Sri Lanka’s largest company, John Keells.According to the May 2018 update of the Tundra Sustainable Frontier Fund, their position in John Keells has been increased from 1 percent to 2.5 percent. “John Keells, fell sharply in conjunction […]
‘s insurance industry growth to continue despite extreme weather: Fitch
June 05, 2018 (LBO) – Fitch Ratings expects the exposure of Sri Lanka’s non-life insurers to extreme weather-related events to be manageable due to extensive use of reinsurance. However, reinsurers are seen to be reducing ceding commissions to reflect the increased risk of catastrophes, Fitch Ratings said. “Sri Lanka has seen a recurrence of extreme weather-related […]
Presidential Commission on SriLankan, Mihin commences witness hearings
June 04, 2018 (LBO) – Presidential Commission appointed to look into alleged malpractices at SriLankan Airlines, SriLankan Catering, and Mihin Lanka commenced witness hearings today. The Commission will record statements from the head of Company Registrar and another official today. The IMF completing its 4th review, last Friday said it is essential for the authorities to […]
Sri Lanka exports up 6.3-pct to USD1.1Bn
Jun 01, 2018 (LBO) – Sri Lanka’s overall exports were up by 6.3 percent to US 1.1 billion dollars with an increase in industrial exports, data from the Central Bank showed Thursday. Performance of merchandise exports in March 2018, merchandise export earnings at US 1,108 million dollars, recorded the historically highest monthly value. The year-on-year growth of […]
Sri Lanka inks deal with Chinese firm for flood mitigation in Colombo
May 31, 2018 (LBO) – Sri Lanka’s Ministry of Megapolis and Western Development signed an agreement with the China Petroleum Cooperation to construct two tunnels to channel floodwater out of Colombo, yesterday. The cost of the new project is estimated at US 322 million dollars, with part funding from the World Bank through a soft loan […]
Melstacorp enters into USD20mn joint venture to distribute cement
May 25, 2018 (LBO) – Melstacorp has entered into a joint venture agreement with Pyramid Gama (Private) Limited for importation, processing, packaging, and distribution of cement.The company said in a stock exchange filing that the agreement is effective from 18th May and operations are to be undertaken by a joint venture company in the name of Melsta […]
VAT to be reduced by 2.5-pct by 2020 : Fin Min
May 25, 2018 (LBO) – Sri Lanka will reduce Value Added Tax (VAT) by 2.5 percent in 2020 in order to relieve masses of the burden of indirect taxes, Minister MangalaSamraweera said. “It is the poor people who mostly pay taxes to the government by way of indirect taxes. We should relieve them of this […]
Cabinet nod for bonded warehouses
May 24, 2018 (LBO) – Sri Lanka’s cabinet of Ministers have approved the establishment of bonded warehouses for pharmaceuticals, dairy products, solid waste management and renewable energy with intent to expand investment. The proposal, outlined in Budget 2018 was put forward by Finance Minister Mangala Samaraweera. “Under the Budget proposal, it was proposed to give tax relief […]