Category: Other
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On 20 November, Sri Lanka Finance Minister Ravi Karunanayake proposed introducing limitations on pawning loans and consumer finance loans for the country’s commercial banks. The proposal is credit positive for Sri Lankan banks because it will limit their exposure to these higher-risk loans.Two of our rated entities, Bank of Ceylon (BOC, B2/B1 stable, b1) and Hatton National Bank […]
‘s yuan as reserve currency
Nov 30, 2015 (LBO) – The International Monetary Fund may soon label China’s yuan as a reserve currency that could pressure China to reform currency management and improve communication with the rest of the world.The IMF is expected to say that next year it will add the yuan to the basket of currencies that comprise […]
President arrives for historic climate change conference
Nov 30, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena arrived in France on Sunday to attend a world leaders’ conference on climate change, COP 21, a potentially historic meeting that could set limits on greenhouse gas emissions.More than 25,000 official delegates from 190 countries will meet on Monday for the largest conference ever organized […]
Commercial Bank hosts capacity building programme for Eastern dairy farmers
A capacity building programme conducted by the Commercial Bank of Ceylon recently for dairy farmers of the Kokkadicholai area in the Eastern Province benefitted 150 people involved in the industry. Jointly organised by the Bank’s Agriculture and Micro Finance Unit (AMFU) in Kattankudy, its Regional office – Eastern and the Kattankudy branch, the programme was conducted with […]
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SAMPATH BANK PLC emerged as the winner of the ‘Best Corporate Citizen Sustainability Award 2015’, an annual event organized by the Ceylon Chamber of Commerce, the country’s premier business chamber to recognize the sustainable champions of the local corporate world.Singer Sri Lanka PLC and National Development Bank PLC was awarded as the 1st and the […]
Redress to families of deceased migrant workers
The families of the deceased migrant workers in the Middle East and Russia received compensation on 26thNovember 2015 at an event organized by the Ministry of Foreign Affairs. Thirty four such families received Sri Lankan Rupees 50 million from Hon.Dr. Harsha de Silva, Actg. Minister of Foreign Affairs. This is the third such event organized […]
How Budget impact Sri Lanka’s real estate sector?
Last week, Sri Lanka’s Finance Minister announced plans to remove the 15 percent land leasing tax for foreign investors, and reduce the approval period for foreign direct investment requests. The foreigner-friendly budget for 2016 is expected to have great impact on the country’s real estate market. The removal of land lease tax for foreigners is […]
President plants ‘Na’ tree at Westminster House
President Maithripala Sirisena planted a Na tree in the garden of the official residence of the British High Commissioner (Westminster House). The event was to mark President Sirisena’s last week as Commonwealth Chair-in-Office before he departs for CHOGM 2015 in Malta. President Sirisena and High Commissioner James Dauris met to discuss this week’s Commonwealth Heads […]
Fitch maintains negative outlook for Sri Lanka’s telecom sector
Nov 23, 2015 (LBO) – Fitch Ratings will maintain a negative outlook for Sri Lanka’s telecom sector due to uncertainty over proposals to increase taxes, which are likely to lower profitability and increase leverage for telcos, if implemented, Fitch Ratings said. The full statement by Fitch is reproduced below: Fitch Ratings-Singapore/Colombo-22 November 2015: Fitch Ratings […]
Mangala welcomes Samantha Power, US permanent representative to UN
Remarks to Media by Hon. Mangala Samaraweera, Minister of Foreign Affairs following talks with H.E. Ambassador Samantha Powers, Permanent Representative of the USA to the United Nations Ministry of Foreign Affairs. 21st November 2015 Good evening ladies and gentlemen. It has been an honour and a privilege today to welcome Ambassador Samantha Power to this historic Republic […]
Security tightened in major European cities
Nov 20, 2015 (LBO) – Security has been tightened in major cities in Europe with police in Italy and Sweden looking for suspected militants and increasing security around public buildings, media reports said.Swedish police arrested a man suspected of planning an attack, while Italy’s foreign minister said St.Peter’s Basilica in Rome or the cathedral or […]
Super luxury passenger cruiser MV Mein Schiff calls Colombo
MV Mein Schiff 1, a Century class cruise ship, owned and operated by TUI Cruises, arrived in Colombo yesterday. Having sailed from Mumbai on 15th November, she berthed at the Unity Container Terminal of Sri Lanka Ports Authority (SLPA) at 0700 Hrs, last morning. Built at Meyer Werft shipyard in Papenburg, Germany, the vessel has […]