Category: Industry
SriLankan Airlines completes acquisition of its final Airbus Neo aircraft
July 30, 2018 (LBO) – SriLankan Airlines on Monday welcomed its newest and final addition to the Airbus A321 Neo fleet.SriLankan Airlines said the aircraft arrived from Hamburg via Abu Dhabi on 29 July 2018. Religious observances were held this morning at the engineering A320 hangar in Katunayake to bestow blessings on the new aircraft […]
Mastercard launches Simplify Commerce to accept e-payments regardless of payment brand
Mastercard announced the launch of Simplify Commerce, a simple and secure platform that makes it easier for businesses to accept electronic payments, regardless of a payment brand, in Sri Lanka.This feature rich element of Mastercard Payment Gateway Services is now available to acquiring banks and non-banking financial institutions as well as their small-to-midsize merchant customers […]
Bathiya and Santhush appointed brand ambassadors for Sony audio products in Sri Lanka
Singer (Sri Lanka) PLC, the country’s premier consumer durables retailer, together with Sony International, has appointed Sri Lanka’s leading musical duo Bathiya and Santhush (BNS) as brand ambassadors for Sony audio products in the country. The official MoU was signed between Kumar Samarasinghe – Marketing Director, Mahesh Wijewardene – COO, Piyum Jayatilaka – Senior Marketing […]
‘s DFCC Bank bottom line
July 30, 2018 (LBO) – Sri Lanka’s DFCC Bank, the banking arm of the DFCC Group reported a drop in profit for the second quarter amidst a challenging business environment. The drop in profit was due to higher impairment provisions, as well as a one-off gain from the disposal of shares of Commercial Bank during […]
”’ 2018 list
Jul 30, 2018 (LBO) – Sri Lanka’s Union Assurance PLC, a life insurance provider has made it to Forbes Asia’s 2018 list of ‘Best under a Billion ‘ list of the top 200 publicly listed companies in the Asia-Pacific region. The list name 200 public companies in the Asia Pacific region with annual revenue between US […]
Opinion: Understanding the Sri Lanka-Singapore FTA
By: Ganeshan Wignaraja and Amitendu Palit July 28, 2018 (LBO) – While the global trade war threatens to disrupt the momentum of global trade and the prospects of global economic growth, encouraging signs of commitment to trade are visible elsewhere. Countries across the world continue to remain committed to free trade notwithstanding anxieties over the […]
‘s affirms ratings of BOC, HNB & Sampath; maintains negative outlook
July 26, 2018 (LBO) – Moody’s Investors Service has affirmed the local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. (HNB) and Sampath Bank PLC at B1/NP.The foreign currency issuer rating and deposit ratings of these banks are also affirmed at B1 and B2/NP respectively. Moody’s has also affirmed the Baseline Credit […]
Fitch affirms Lion Brewery at A+(lka); revises outlook to stable
July 26, 2018 (LBO) – Fitch Ratings has affirmed Sri Lanka-based Lion Brewery (Ceylon) PLC’s National Long-Term Rating at ‘A+(lka)’ and the outlook has been revised to Stable from Negative. Fitch has also affirmed the National Long-Term Rating on Lion’s outstanding senior unsecured debentures at ‘A+(lka)’. Full statement is reproduced below. Fitch Ratings has affirmed Sri Lanka-based […]
Glass ceiling obliterated, Shemara Wikramanayake to become CEO of global investment bank Macquarie
July 26, 2018 (LBO) – Shemara Wikramanayake is set to take over as CEO of global investment bank Macquarie in November of 2018. Ms. Wikramanayake was born born in the UK and spent time schooling in Sri Lanka.Her father was a Sri Lankan medical doctor. Macquarie is a globally diversified financial group employing more than […]
Teejay Lanka profit after tax grows by 27-pct to Rs.279.3Mn
Capacity expansion in India and an increased order book from the US and EU have enabled Teejay Lanka PLC, Sri Lanka’s only multinational textile manufacturer, to make a strong start to 2018-19 with healthy sales and profit growth. Profit after tax grew by a respectable 27 per cent to Rs 279.3 million on revenue of […]
Central Bank decides to cancel licence of Standard Credit Finance Limited
July 25, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka has decided to cancel the Licence issued to Standard Credit Finance Limited with effect from today. Accordingly, Standard Credit Finance Limited is not permitted to engage in Finance Business under the Finance Business Act.Further, the Director of the Department of Supervision […]
Opinion : Financial reporting and the impact on capital market development
By Nandika Buddhipala Introduction The origination of financial reporting can be closely connected to the requirement to collect and record data which evolved into a stage where the capacity of the human brain was not sufficient to accommodate and memorize the evolving volume of data and transactions. Interestingly the existence of record keeping can be […]