Category: Industry
SriLankan Airlines incurs to Rs.13Bn loss in first 4 months of 2019
Jul 02, 2019 (LBO) – State-run SriLankan Airlines total loss has increased to 12,961 million rupees in the first four months of 2019, a new report said. The total debt of Sri Lankan exceeded US 750 million dollars, according to mid –year Fiscal Position Report -2019 of the Finance Ministry. “While the Government is currently […]
Fitch affirms 5 Sri Lankan finance companies; revises outlook on MIF to negative
July 01, 2019 (LBO) – Fitch Ratings has revised the Outlook on Mercantile Investments and Finance PLC (MIF) to Negative from Stable and has affirmed the ratings. At the same time, Fitch has affirmed the ratings of the following Sri Lankan finance companies:– Central Finance Company PLC (CF)– LB Finance PLC (LB)– Senkadagala Finance PLC […]
SLASSCOM and AWS collaborate to position Sri Lanka as hub for data science and AI
Jun 28, 2019 (LBO) – To position Sri Lanka as a hub for data science and artificial intelligence (AI) skills, the Sri Lanka Association of Software and Services Companies (SLASSCOM) today announced the launch of its knowledge and skills mission to train 50,000 engineering and non-engineering students in Sri Lanka. The students will receive training […]
Land prices in greater Colombo increase up to 64-pct: Lanka Property Web report
Jun 28, 2019 (LBO) – Demand for land in Thalahena, Gothatuwa and Kolonnawa are rising significantly, resulting in the highest percentage increases in land prices in Greater Colombo, according to a recently concluded study. LankaPropertyWeb.com analysed postings in its website to ascertain the change in asking prices for land in the Greater Colombo area. Thalahena […]
Sri Lankan banks face rising NPLs, capital pressure: Fitch Ratings
Jun 28, 2019 (LBO) – Sri Lankan banks face further increases in non-performing loans (NPLs) this year as the macro-economic environment remains difficult, Fitch Ratings said in a new report. Weaker asset quality and earnings will add to pressure on capital, and many small and medium-sized banks still need to raise equity capital to meet […]
ComBank announces ‘Nil Margin’ LCs for vehicle permit holders
The Commercial Bank of Ceylon has launched a scheme for government officers with vehicle permits, offering reduced interest rates on vehicle loans and leases and the opportunity to open Letters of Credit (LCs) without keeping a margin (nil margin). The Bank said permit holders can choose between a loan or lease at the lowest interest […]
People’s Bank will not be privatized: Finance Minister
Jun 26, 2019 (LBO) – Sri Lanka’s Finance Minister says that the recent news report in the media quoting an opposition Parliamentarian to the effect that the People’s Bank is to be privatized is completely false and misleading. Certain political parties and the Trade Union affiliated to those parties had alleged the government is to […]
Yarl Geek Challenge and Arima Technologies Bringing Silicon Valley to Jaffna
By Jekhan Aruliah “That which doesn’t kill you makes you stronger”, a much used saying originating from the 19th Century German philosopher Friedrich Nietzsche. While perhaps over-dramatic and often not true, this does apply to the Yarl Geek Challenge (YGC). YGC is a competition I have observed and in a small way supported over the […]
Minister seeks cabinet intervention as consumer group charges CEB over salary hike
Jun 25, 2019 (LBO) – Sri Lanka’s Power Minister is reportedly to present a cabinet paper to obtain the approval of the cabinet to rectify the errors in relation to the creation of a Unified Engineering Service and related salary scales in the state-owned Ceylon Electricity Board. The move came after the Appeal Court on […]
Comm Bank commences acceptance of LankaPay-JCB cards
Jun 25, 2019 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has become one of the first banks in Sri Lanka to have its point-of-sale (POS) network accept LankaPay-JCB (Japan Credit Bureau) co-branded cards issued under the national card scheme programme. This follows the integration of Commercial Bank and the LankaPay Common POS Switch System […]
Hyrax Oil lubricant blending plant declared open in Muthurajawela
Jun 24, 2019 (LBO) – Prime Minister Ranil Wickremesinghe declared open the Hyrax Oil lubricant blending plant in Muthurajawela today. The is the second of its kind which has been built outside Malaysia by Hyrax Oil with a 30 million US dollar investment. The plant is a Build, Operate and Transfer (BOT) investment and the […]
ICRA Lanka assigns AAA rating with stable outlook to National Savings Bank
Jun 24, 2019 (LBO) – ICRA Lanka Limited has assigned the issuer rating of [SL] AAA with stable outlook to National Savings Bank. Rationale The rating takes note of the 100% Government of Sri Lanka (GoSL) ownership, which provides a strong likelihood of sovereign support and, the 100% explicit guarantee provided by the Government of […]