Category: Industry
Tourist arrivals to Sri Lanka up 3.2-pct in 2017 despite set-backs
Jan 05, 2018 (LBO) – Tourist arrivals to Sri Lanka has reached an all-time high of 2,116,407 in 2017 according to the latest data released by the Sri Lanka Tourism Development Authority.The arrival figure for 2017 represents a 3.2 percent growth or 65,595 more arrivals over the preceding year when the figure crossed the 2 […]
US GSP withdrawal not country-specific, Impact on total exports small: AmCham
Jan 05, 2018 (LBO) – The American Chamber of Commerce says the decision to withdraw the GSP form Sri Lankais not being country-specific and is one stemming from the US Congress simply not re-authorizing the program before adjourning for the year 2017. With effect from the 1st of January 2018, the United States’ Generalized System […]
2018 budget vs foreigners from buying property in Sri Lanka
The highly anticipated 2018 budget of the Sri Lankan Government concluded recently with a number of surprises that were not seen in budget proposals in the past few years. The targeted FDI inflows of 5 billion dollars into Sri Lanka was certainly one of them, while expecting to raise an impressive 110 billion rupees through […]
Banking sector to provide 25-pct average return over 1-Year: FC Research
Jan 04, 2018 (LBO) – First Capital Research expects the banking sector to have a steady phase during 2018E-20E with stable credit growth, improving GDP growth supporting lower Non Performing loans and lower interest rate volatility leading to stable net interest margins. “We expect our banking sector universe to provide 25% average return over 1-Year […]
‘s Sampath Bank introduces slip-less transactions
Jan 04, 2017 (LBO) – Sampath Bank has launched slip-less transactions to provide their customers greater convenience through a mobile app that is available on iOS and Android, a statement said. With the launch, the slip-less transaction facility will allow customers to carry out cash deposits and withdrawals without filling out any forms. The Bank […]
World Finance declares COMBANK best in Sri Lanka for Digital & Mobile Banking
(PRESS RELEASE) Presents awards for‘Best Digital Bank’ and ‘Best Mobile Banking Application’ in Sri Lanka in 2017 The Commercial Bank of Ceylon PLC has been recognised as the ‘Best Digital Bank’ in Sri Lankaand has been presented the award for the ‘Best Mobile Banking Application’by the prestigious London-based ‘World Finance’ magazine celebrating achievement, innovation and […]
Sri Lanka to raise USD5Bn from Sovereign and Development Bonds in 2018
Jan 04, 2018 (LBO) – Sri Lanka’s cabinet of ministers have given approval to raise up to US 2 billion dollars through foreign commercial borrowings and a further US 3 billion dollars from Sri Lanka Development Bonds (SLDB) to raise the funds for loan repayment and financing of development projects. The proposal was put forward by […]
Port City legislation to Parliament by March, Work on three towers to commence
Jan 03, 2018 (LBO) – Sri Lanka’s Port City legislation would be brought before Parliament by March while construction on the first permanent buildings are also due to commence shortly, senior officials said. These comments were made following a visit of the newly reclaimed land of the island by Prime Minister Ranil Wickremesinghe and Megapolis […]
CB restricts deposit withdrawals of ETI Finance, Swarnamahal Financial Services
Jan 02, 2018 (LBO) – Sri Lanka’s Central Bank has restricted the withdrawal of maturing deposits and renewal of such deposits of ETI Finance and Swarnamahal Financial Services for six months. Central Bank said in a statement that the Monetary Board at its meeting held yesterday decided to appoint a panel to manage the affairs […]
Sri Lanka Cargills bank appoints Theagarajah as new MD, CEO
Jan 02, 2018 (LBO) – The Cargills Bank has appointed Rajendra Theagarajah as its Managing Director and Chief Executive Officer effective from January 1.He joined the bank as a Non Executive Joint Deputy Chairman in December 2016 and served the bank from its inception having been its Deputy CEO and Chief Finance Officer and subsequently […]
Sri Lanka President to make official statement on 2015 bond scam tomorrow
Jan 02, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena will make a statement on recommendations regarding the final report of the Presidential Commission of Inquiry into the 2015 bond scam on January 03. The President appointed the Commission in February 2016 promising strong action against wrongdoers. The said bond was declared on the 27th February 2015 by […]
France to provide Euro 13.9Mn loan to Sri Lanka for dairy projects
Jan 01, 2018 (LBO) – The French Republic agreed to extend its assistance to Sri Lanka, by providing a Euro 13.9 million (approximately 2,514 million rupees) concessional loan for the development of the local dairy industry. The proposed project will include complete modernization of the pre-selected six mini dairy cooperative societies and organizations by establishing […]