Category: Industry
” rating; outlook stable
Oct 03, 2018 (LBO) – Fitch Ratings has assigned Sri Lanka-based conglomerate Melstacorp a National Long-Term Rating of ‘AAA(lka)’ with a stable outlook. Fitch said Melstacorp’s rating reflects the group’s strong credit profile, underpinned by its entrenched market position in Sri Lanka’s alcoholic-beverage sector and the high entry barriers, which drive its strong operating cash flows […]
LOFC, CLC, Brac Lanka Finance propose to list debt & remove equity from CSE
Oct 03, 2018 (LBO) – Commercial Leasing & Finance, LOLC Finance, and Brac Lanka Finance have proposed to list its debt securities and remove all equity securities from the Colombo Stock Exchange. Director Boards of these companies have disclosed to their shareholders that this action is required to ensure that they are not in violation […]
Reigning Miss World visits Sri Lanka
Key officials of the Miss World Organization including the Reigning Miss World arrived in Sri Lanka on Sunday 30th September on an exploration visit of the island.The high profile delegation is looking at the possibility of selecting Sri Lanka as the host nation for the world renowned pageant in 2020 or 2021. The delegation paid […]
‘s consumer durable retailers
Oct 03, 2018 (LBO) – Sri Lanka’s consumer durable retailers’ operating cash flow is likely to weaken following new government regulations that impose a 100 percent cash margin on the import of most types of consumer durables, Fitch Ratings says. The credit profiles of rated retailers, such as Singer (Sri Lanka) PLC (A-(lka)/Stable) and Abans […]
327 new Chartered Accountants, 158 conferred FCA designation: CA Sri Lanka
Oct 03, 2018 (LBO) – The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) conferred the distinguished Associate Chartered Accountants (ACA) designation to 327 new Chartered Accountants. 158 existing members of the institute, were conferred with the Fellow Chartered Accountant (FCA) status, elevating them to the highest stratum in their professional careers. Issuing […]
Govt. expenditure for 2019 Rs.4,376Bn : Budget deficit 4.1-pct
Oct 02, 2018 (LBO) – As per the Appropriation Bill, which was presented to the Cabinet recently by Finance and Media Minister, Mangala Samaraweera, next year’s annual state expenditure will be 4,376 billion rupee.The budget deficit will be 644 billion rupees, 4.1 percent of Gross Domestic Product, the Finance Ministry said issuing a statement. The Government […]
‘s visit to Oslo
Oct 02, 2018 (LBO) – The Sri Lanka Association for Software and Services Companies (SLASSCOM) will host multiple events in Norway and Sweden with the participation of the Prime Minister Ranil Wickremasinghe, who is visiting Oslo during 3rd to 5th October. The PM will be accompanied by the Minister of Fisheries and Aquatic Resources Development […]
ADB & HNB ink USD20Mn agreement to strengthen microfinance institutions
Oct 01, 2018 (LBO) – Hatton National Bank announced the signing of a new partnership agreement with the Asian Development Bank in order to expand lending and provide guarantees of up to 20 million dollars to support the development of Sri Lanka’s burgeoning microfinance sector. Currently, many microfinance institutions struggle to access funds for growth […]
Fitch affirms ratings on 9 Sri Lankan banks; outlooks stable
Oct 01, 2018 (LBO) – Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of nine Sri Lanka-based banks and has assigned a stable outlook for these banks. The rating action follows Fitch’s periodic review of the large bank peer group. – National Savings Bank (NSB) at ‘B+’; Outlook Stable – Bank of Ceylon (BOC) […]
Facebook resets log in tokens of 90 million users after attackers exploited system
Sept 29, 2018 (LBO) – Facebook has discovered a vulnerability that affected almost 50 million accounts after an external actor exploited their systems.Facebook said it’s clear that attackers exploited a vulnerability in Facebook’s code that impacted “View As” a feature that lets people see what their own profile looks like to someone else. “This allowed […]
MTD Walkers (KAPI) restructures debentures due September 30th, changes auditors
September 28, 2018 (LBO) – In Colombo Stock Exchange (CSE) filings filings released today, listed construction company MTD Walkers (KAPI), announced a restructuring of maturing debentures, change of auditor, and 2 directors deciding not to stand for re-election. Prominent directors Niranjan Deva Aditya and Albert Rasiah have decided not to stand for re-election at the […]
Construction work of Sri Lanka’s first LNG power plant to begin next month
Sept 28, 2018 (LBO) – Construction work of Sri Lanka’s first liquified natural gas (LNG) fuelled power plant will be commenced in Hambantota next month. As per the Memorandum of Understanding signed between Sri Lanka and China, this will be a joint venture between the Chinese government and the Ceylon Electricity Board. This LNG power […]