Category: Industry
Sri Lanka to obtain 100bn yen from MUFG Bank for Central Expressway phase 3
July 04, 2018 (LBO) – Cabinet has approved a proposal presented by Prime Minister to enter into an agreement with MUFG Bank in Japan to obtain 100 billion Japanese Yen for the Central Expressway Phase 3. The Government has planned to construct 32.5 km distance of the Central Expressway (Phase 3) from Potuhera to Galagedara […]
Cabinet awards Rs1.5bn contract to ACL Cables for supplying aerial conductors
July 04, 2018 (LBO) – Sri Lanka’s cabinet of ministers has approved a proposal to award a contract of supplying 2,500 km of aerial bundle conductors to ACL Cables.The proposal presented by Power Minister Ranjith Siyambalapitiya shows that the value of the contract is 1,456 million rupees.Meanwhile, the government has also decided to establish a […]
‘s Basel III sub debt final AA-(lka)
July 03, 2018 (LBO) – Fitch Ratings has assigned Commercial Bank proposed Basel III-compliant subordinated unsecured debentures a final National Long-Term Rating of ‘AA-(lka)’. The final rating is the same as the expected rating assigned on 14 February 2018 and follows the receipt of documents conforming to information already received. The debentures, totaling 10 billion rupees, have […]
Korean concessional loan of USD 14Mn to support garbage collecting in local authorities
Jul 02, 2018 (LBO) – The Government of Republic of Korea has agreed to provide two concessional loans for US 14 million dollars (Approximately Rs.2,240 million) to supply of 190 nos. of garbage collecting compactors to Local Authorities of Sri Lanka. This initiative is in line with the Government’s target of strengthening local authorities with […]
S Renganathan appointed Managing Director & CEO of Commercial Bank
July 02, 2018 (LBO) – Commercial Bank has appointed Sivakrishnarajah Renganathan as the new Managing Director and Chief Executive Officer of the bank since Jegan Durairatnam is retiring from the post at the end of this month. A career banker who has served Commercial Bank throughout the entirety of his 37-year working career, Renganathan has […]
Gamifying ahead through the enterprise solutions landscape : Virtusa
Globally, we are witnessing a steady rise in the pace of digital transformation with enterprises leading the charge. Gartner, Inc. projects worldwide IT spending to total $3.7 trillion in 2018 and notes that enterprise software continues to exhibit robust growth, thanks to the rise in the number of businesses actively investing in digital technologies to […]
Sri Lanka private sector to facilitate skills supply in tourism sector with launch of TSC
Jul 02, 2018 (LBO) – The Private Sector Tourism Skills Committee (TSC) launched Tourism Workforce Competitiveness Road-map in collaboration with the private tourism industry to take on the challenge of demonstrating to Sri Lanka’s young women and men that a career in the fast-growing tourism and hospitality industry can be safe, stimulating, well-compensated and full […]
Price of domestic gas cylinder reduced by 138 rupees with immediate effect
June 29, 2018 (LBO) – Consumer Affairs authority announced that the price of 12. 5 kg domestic gas cylinder has been reduced by 138 rupees with immediate effect. Accordingly, the price will be reduced to 1538 rupees from the current price of 1676 rupees. Consumer Affairs authority further said anyone found selling over and above the specified […]
Colombo Stock Exchange to launch new board for SME sector security listings
June 29, 2018 (LBO) – Sri Lanka’s Securities and Exchange Commission with the Colombo Stock Exchange will be launching a Small and Medium Enterprise Board for the SME sector next week. The SME Board which is to be launched for the first time in Sri Lanka will provide an opportunity for the SME sector to […]
Tackling challenges through reforms crucial for sustained, equitable growth in Sri Lanka
Jun 28, 2018 (LBO) – The World Bank says that although recent policy measures have contributed to macroeconomic stability in Sri Lanka there are still significant risks stemming from both domestic and external fronts with the balance of risks tilted towards downside. “Sri Lanka faces a number of challenges to sustain future economic growth, create […]
Noteworthy asset quality deterioration in Sri Lankan finance companies
June 28, 2018 (LBO) – ICRA Lanka, a group company of Moody’s Investors Service is cognisant of the asset quality deterioration in licensed finance companies in Sri Lanka, during the financial year ended March 31, 2018. “As per our analysis about 100bps increase (5.82% in March 2018 vis-s-vis 4.89% in March 2017) in gross NPA (non-performing […]
Fitch affirms five small & mid-sized Sri Lankan banks; revises Amana outlook
June 28, 2018 (LBO) – Fitch Ratings Lanka has revised the outlook on Amana Bank to Positive from stable and has affirmed its National Long-Term Rating at ‘BB(lka)’. The agency has also affirmed the National Long-Term Rating of Union Bank of Colombo with a positive outlook and the National Long-Term Ratings of Nations Trust Bank, Pan […]