Category: Industry
Access Engineering buys warehouse -logistics firm for Rs.925Mn
Oct 03, 2019 (LBO) – Access Engineering PLC has bought 100 percent stake of WUS Logistics Ltd. The shares were bought at for 925 million rupees, the company said in a stock exchange filing. “W.U.S. Logistics owns a land of 41.5 acres in Kimbulapitiya to be used for warehousing purposes,” it added.
Sri Lanka tea prices down in first nine months of 2019
Oct 03, 2019 (LBO) – All elevations show a negative variance January-September 2019 compared with January-September 2018 and high growns show the largest deficit of Rs. 63.37 YOY, a report shows. National average for the month of September 2019 totalled Rs. 511.31 compared with Rs. 506.86 of August 2019 showing a marginal increase of Rs. 04.42 month […]
Sri Lanka Govt allows internal flight operation for foreign airlines
Oct 02, 2019 (LBO) – The Sri Lanka govenments cabinet of ministers has given the nod for foreign airlines to operate domestic flights, a statement said. Sri Lanka’s civil aviation authority will issue one year operating licenses to foreign airlines that are interested in flying within Sri Lanka, the state information office said in a […]
MTD Walkers (KAPI) loses another billion, equity wiped out
October 2, 2019 (LBO) – Embattled construction firm MTD Walkers (KAPI) has reported a loss for the June quarter of approximately Rs1bn, and its equity base has been almost completely wiped out. Trading in the CSE listed KAPI has been halted for some time as the company has been in violation of regulatory guidelines and […]
Imposition of lending rate caps, a credit positive: Central Bank replies to Moody’s
Oct 01, 2019 (LBO) – Sri Lanka’s Central Bank says that the imposition of caps on lending rates of licensed banks would, in fact, be credit positive, contrary to the view held by Moody’s Investors Service. Releasing a statement, the Central Bank said it does not expect a material change in interest margins of the […]
‘s to become upper-middle-income economy
Sep 27, 2019 (LBO) – Sri Lanka needs to invest in people to unlock its productive potential, a senior official said. “People are the most valuable resource in any country and investing in people is smart economics,” said Idah Z. Pswarayi-Riddihough, World Bank County Director for Nepal, Sri Lanka and Maldives. “Technology and automation are radically changing the very nature of work […]
Morison receives shareholder approval to delist from CSE
Sep 27, 2019 (LBO) – The shareholders of Morison have approved the delisting of its voting and non-voting shares from the CSE by way of a special resolution, the company said. The company said over 75 percent of the shareholders voted at the Extraordinary General Meeting of the company held today. The Company will now […]
Noolaham Foundation preserves the past to enrich the future
By Jekhan Aruliah We can be so blinded by the white hot heat of innovation that we fail to see the red embers of renovation. We are so focussed on finding treasure and riches in the bright new future that we forget about the jewels to be found in the dimmer recesses of the past. […]
Sri Lanka’s lending rate cut is credit negative for banks: Moody’s
Sep 27, 2019 (LBO) – Sri Lanka’s recent lending rate cut will compress banks’ net interest margins (NIMs) and add to their existing profitability challenges, Moody’s Investors Service said. On 24 September, the Central Bank mandated commercial banks to cut lending rates on all Sri Lankan rupee-denominated loans by at least 200 basis points beginning […]
Economist Deshal de Mel rejoins Sampath Bank Board
September 27, 2019 (LBO) – Economist Deshal de Mel has been appointed as an Independent Non-Executive Director to the board of Sampath Bank. De Mel perviously served as a Director from 2012-2017, after which he resigned to take up a position as an Economic Advisor in the Ministry of Finance. After leaving his position at […]
Salaries of public servants to be increased from Jan 2020: Fin Min
Sep 27, 2019 (LBO) – The monthly salary of all public servants will be increased by a minimum amount of 3000.00 rupees and, a maximum of 24,000.00 rupees per month effective from January 2020, a statement said. The Finance Ministry says the hike is as per the recommendation of the special commission on reviewing salaries […]
Ceylinco Life named one of Sri Lanka’s 10 most admired companies
Sep 27, 2019 (LBO) – Ceylinco Life Insurance was named among the 10 most admired companies in Sri Lanka at the 2019 edition of the International Chamber of Commerce, Sri Lanka (ICCSL) collaboration with the Chartered Institute of Management Accountants (CIMA) awards. The only insurance company in this pantheon of corporate giants, Ceylinco Life was […]