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DFCC records Rs.2.8Bn PAT in 2019
DFCC Bank, the largest entity within the group recorded a profit after tax (PAT) of Rs 2,828 million for the year ended December 31, 2019 excluding the fair value loss on Commercial Bank of Ceylon PLC (CBC) in comparison to profit after tax of Rs 3,646 million recorded in the comparative year. The Bank’s profit […]
Foreign Ministry ensures welfare of Lankans following COVID-19 concerns in S Korea
Feb 22, 2020 (LBO) – The Ministry of Foreign Relations in coordination with the Sri Lanka Embassy in Seoul has been closely monitoring and coordinating efforts to ensure the safety of Sri Lankans residing in South Korea, following the recent rise of COVID-19 cases, particularly, in the city of Daegu. According to the Sri Lanka […]
Private sector keen to join mobilization of domestic investment for SDGs
For mobilizing domestic investment for the Sustainable Development Goals (SDGs), the Government needs to develop different schemes of blended finance, non-state budget investment financing, and collaborative financing schemes. For such a mix of investment to be attracted, ‘the ease of doing business’ in Sri Lanka needs to be improved significantly and policy consistency is an […]
Central Bank responsible for taking legal action on forensic audit: President’s Secretary
Feb 21, 2020 (LBO) – Secretary to the President, P B Jayasundera has informed COPE Chairman and JVP Parliamentarian Sunil Handunnetti that it is the responsibility of the Central Bank to take legal action on the forensic audit report. Handunnetti wrote to the President last month requesting that the law be implemented based on the […]
‘s bull vs bear debate
Tesla sits at a record high. A stock darling of 2020, tripling since October to more than 0 a share.In a bull vs. bear debate, Bloomberg’s Taylor Riggs talks with Cathie Wood, founder, CEO and CIO of Ark Investment Management, and Edward Niedermeyer, author of “Ludicrous: The Unvarnished Story of Tesla Motors”. Wood thinks Tesla […]
Pan Asia Bank records its best-ever financial results
Pan Asia Banking Corporation PLC, “the Truly Sri Lankan Bank” ended 2019 Q4 with its best financial results ever, to report a Post Tax Profit of Rs.726.84 million during the final quarter, recording an impressive growth of 58% demonstrating its resilience amidst challenging conditions. Meanwhile, the Bank’s operating profit before all taxes for the quarter […]
Mahinda Siriwardana appointed as a Deputy Governor of Central Bank
The Monetary Board, with the concurrence of the Minister of Finance, Economy and Policy Development has appointed Assistant Governor, K M Mahinda Siriwardana as a Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 12th February 2020. Mr. Siriwardana has a service of more than 28 years in the Central Bank. […]
Sri Lanka to sign MoU with India to develop Jaffna International Airport
Feb 20, 2020 (LBO) – Sri Lanka will enter into a Memorandum of Understanding (MoU) with India to develop the Jaffna International Airport. The proposal made by the Minister of Tourism and Aviation in this regard has been approved by the Cabinet. Plans are already underway to develop the airport at Palaly while regional international […]
Retired Major General Vijitha Ravipriya appointed Director-General of Customs
Feb 20, 2020 (LBO) – Prime Minister has appointed retired Major General Vijitha Ravipriya as the new Director-General of Sri Lanka Customs, the Finance Ministry said. Major General Vijitha Ravipriya held the office of the Commander Security Forces – Kilinochchi as his last appointment, prior to his retirement.
Poll: Business impact on Sri Lanka from Novel Coronavirus
By the Economic Intelligence Unit of the Ceylon Chamber of Commerce: The outbreak of the Novel Coronavirus (COVID-19) is having its toll on the global economy with many economists now expecting a larger impact than the SARS outbreak in 2002-03. The outbreak is lowering China’s GDP growth expectations in the first quarter to 4.5%, a […]
Cabinet suspends Gazette issued to establish Sainthamaruthu UC
Feb 20, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers has decided to suspend the decision to establish the Sainthamaruthu Urban Council. Accordingly, the extraordinary gazette notification issued on 15 February 2020 to dissolve the Kalmunai Municipal Council in order to establish the Sainthamaruthu Urban Council has been suspended. Co-cabinet spokesman Bandula Gunawardhana said that […]
NDBIB wraps up 2019 with Rs.62Bn in Capital raisings
Feb 20, 2020 (LBO) – NDB Investment Bank (NDBIB) continued to execute milestone transactions in 2019, reiterating its position as the unrivalled leader in investment banking in the country recording approximately LKR 62.0 Bn in fund raisings. All business segments, namely, equity raisings, debt capital markets and mergers and acquisitions (M&A) witnessed heightened levels of […]