Category: Industry
ComBank wins 7 awards including ‘Governance’ and ‘Social Sustainability’ at Best Corporate Citizen awards
The Commercial Bank of Ceylon’s commitment to People, the Planet and Profit – the three pillars of sustainability – saw Sri Lanka’s benchmark private bank win seven awards including the award for second place overall at the 2019 Best Corporate Citizen Sustainability Awards presented by the Ceylon Chamber of Commerce. The Bank was declared the […]
Investor Dr. Mark Mobius in Colombo next week
Dec 03, 2019 (LBO) – Colombo’s upcoming major mixed development, Cinnamon Life announced the visit of the legendary emerging markets investment pioneer, Dr. Mark Mobius for an exclusive breakfast forum hosted by the premier lifestyle brand. The latest in a series of high-profile engagements by Cinnamon Life, the interactive forum is set to take place […]
‘ regulatory capital positions drop on IFRS 16 adoption: Fitch
Dec 03, 2019 (LBO) – Sri Lankan insurers’ risk-based capitalisation (RBC) ratios have fallen with the adoption of new accounting standards for lease contracts; SLFRS 16, the local equivalent of IFRS 16, Fitch Ratings says. This is because right-of-use (RoU) assets recognised under SLFRS 16 are currently inadmissible under Sri Lanka’s RBC regime and are […]
Sri Lanka Y-o-Y inflation down to 4.4-pct in Nov 2019
Dec 02, 2019 (LBO) – The yer‐on‐year inflation as measured by CCPI is 4.4 percent in November 2019 and inflation calculated for October 2019 was 5.4 percent, the Department of Census and Statistics said. Year on year inflation of food group has decreased from 6.8 percent in October 2019 to 4.6 percent in November 2019 […]
SLASSCOM honors Sri Lanka’s most innovative technology product and service companies
Dec 02, 2019 (LBO) – SLASSCOM recently hosted the annual innovation awards and gala 2019 for the second consecutive year at the Shangri-La Hotel, Colombo, recognizing and celebrating innovators across a range of award categories in the knowledge solutions industry. Nearly 100 submissions were received for the seven award categories namely; best product innovation, best […]
Authorized dealer was not the importer of mis-declared Audi A5 cars: CMTA
Dec 02, 2019 (LBO) – The Ceylon Motor Traders Association (CMTA) says that the sole authorized dealer for Audi in Sri Lanka was not the importer of the 13 units of mis-declared Audi A5 cars. Issuing a clarification into the previous statement released by the association on this matter, the CMTA said the importation was […]
Sri Lanka to introduce new scoring system to CRIB from January
Nov 29, 2019 (LBO) – Sri Lanka’s Central Bank said a new scoring system will be introduced to the Credit Information Bureau (CRIB) from January next year. “There are lots of concerns about CRIB reporting.So, we decided to give a new face to the CRIB report by introducing a scoring system,” Deputy Governor H. A. […]
President appoints six-member committee to aid appointments at state institutions
Nov 29, 2019 (LBO) – The Presidential Secretariat appointed a six-member committee comprised of professionals under the directions of President Gotabaya Rajapaksa to submit recommendations on appointment of competent personnel to the Boards of Public Enterprises, Statutory Bodies and State-owned Commercial Businesses. The high-level committee headed by Sumith Abeysinghe, former Secretary to the Cabinet and […]
‘s sub-debt issue to BBB+(EXP)
Nov 28, 2019 (LBO) – Fitch Ratings has revised the expected National Long-Term Rating on HNB Finance Limited’s (HFL, A(lka)/Stable) proposed Sri Lanka rupee-denominated subordinated unsecured debentures to ‘BBB+(EXP)(lka)’ from ‘A-(EXP)(lka)’ following the publication of Exposure Draft: Non-Bank Financial Institutions Rating Criteria and Exposure Draft: Bank Rating Criteria on 15 November 2019, under which the […]
Reports about any potential investment in TFC not true: Central Bank
Nov 27, 2019 (LBO) – Sri Lanka’s Central Bank on Wednesday clarified that the information published in newspapers regarding any potential investment in the troubled The Finance Company (TFC) is not correct. “Even though these news articles mentioned that TFC informed the CSE that it has been approached by three interested parties to consider investing […]
Sri Lanka gets first bamboo–to-timber board production line with UNIDO backing
Nov 27, 2019 (LBO) – UNIDO, with the public sector, has granted hi-tech machinery for the production of bamboo boards from within Sri Lanka for the first time. The first such hi-tech machinery series used for the production of bamboo boards to be set up in Sri Lanka greatly enhances creation of glue-laminated timber boards […]
Sri Lanka cable maker ACL buys 51-pct stake in local cable firm for Rs481mn
Nov 27, 2019 (LBO) – Sri Lanka’s cable and conductor manufacturer, ACL Cables has entered into a share sale and purchase agreement to acquire 51 percent of the issued shares of Cable Solutions (Private) Limited for 481 million rupees. The overall transaction contemplated includes the purchase of up to 75 percent of the issued shares […]