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CA Sri Lanka Annual Report Awards: ComBank crowned winner, Hayleys second place
Dec 04, 2019 (LBO) – Commercial Bank was crowned the winner at the 55th Annual Report Awards winning the coveted ‘Cyril Gardiner Memorial Trophy’ for ‘Overall Excellence in Financial Reporting’ at the grand finale held yesterday at Shangri-La Hotel, Colombo. Hayleys PLC came in second place by winning the silver award, while the bronze award […]
Conservative manifesto contains distortion about Sri Lanka: SL Foreign Ministry
Dec 04, 2019 (LBO) – Sri Lanka’s Foreign Ministry says that they took immediate steps to make strong representation to the Co-Chair of the Conservative Party with regard to the distortion contained in the manifesto in its reference to Sri Lanka. As per the Foreign Ministry, this was conveyed through a letter by Sri Lanka’s […]
United States supports Sri Lankan efforts to reduce landslide risk
The United States donated landslide monitoring instruments to Sri Lanka’s National Building Research Organization (NBRO) to more effectively manage the risk of landslides in Nikgaha, Kalutara. As part of the initiative, engineers and geologists from the U.S. Geological Survey (USGS) visited Sri Lanka from November 5 to 15 to partner with Sri Lanka’s scientists on […]
Thomas Cook India acquires rights to Thomas Cook Brand for India, Sri Lanka & Mauritius
Dec 03, 2019 (LBO) – India’s leading integrated travel and travel-related financial services company, Thomas Cook India today announced it has signed an agreement with AlixPartners, Thomas Cook UK’s appointed Special Managers, to acquire the rights to the Thomas Cook brand in India, Sri Lanka and Mauritius for a one-time payment of GBP 1.5 Million. […]
‘s Basel III subordinated debt
Dec 03, 2019 (LBO) – Fitch Ratings is withdrawing the expected National Long-Term Rating of ‘AA-(EXP)(lka)’ assigned to Commercial Bank of Ceylon PLC’s (CB; AA(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures. The expected rating was assigned on 2 April 2019. Fitch is withdrawing CB’s expected rating as its forthcoming debt issuance is no longer expected […]
Swiss State Secretary asks SL to explain evidence against events described by embassy
Dec 03, 2019 (LBO) – Switzerland State Secretary Pascale Baeriswyl has asked Sri Lankan ambassador to explain the purported evidence against the events described by the embassy, which the Sri Lankan Foreign Ministry had alluded to in its press release. Following several demarches from the Federal Department of Foreign Affairs (FDFA) over the incident concerning […]
ComBank wins 7 awards including ‘Governance’ and ‘Social Sustainability’ at Best Corporate Citizen awards
The Commercial Bank of Ceylon’s commitment to People, the Planet and Profit – the three pillars of sustainability – saw Sri Lanka’s benchmark private bank win seven awards including the award for second place overall at the 2019 Best Corporate Citizen Sustainability Awards presented by the Ceylon Chamber of Commerce. The Bank was declared the […]
Investor Dr. Mark Mobius in Colombo next week
Dec 03, 2019 (LBO) – Colombo’s upcoming major mixed development, Cinnamon Life announced the visit of the legendary emerging markets investment pioneer, Dr. Mark Mobius for an exclusive breakfast forum hosted by the premier lifestyle brand. The latest in a series of high-profile engagements by Cinnamon Life, the interactive forum is set to take place […]
‘ regulatory capital positions drop on IFRS 16 adoption: Fitch
Dec 03, 2019 (LBO) – Sri Lankan insurers’ risk-based capitalisation (RBC) ratios have fallen with the adoption of new accounting standards for lease contracts; SLFRS 16, the local equivalent of IFRS 16, Fitch Ratings says. This is because right-of-use (RoU) assets recognised under SLFRS 16 are currently inadmissible under Sri Lanka’s RBC regime and are […]
Sri Lanka President prorogued Parliament for one month
Dec 02, 2019 (LBO) – President Gotabaya Rajapaksa by way of a proclamation has prorogued Parliament with effect from midnight. It has been fixed for the third day of January 2020 at 10.00 a.m. for the commencement of the next session. The President is empowered to make a statement of government policy at the commencement […]
‘s new tax regime
Dec 02, 2019 (LBO) – Sri Lanka’s Finance Ministry says that the recent tax reforms constitute a much-needed transformation in the country’s tax system to address the numerous problems stemming from its extreme complexity with the multiplicity of taxes. The Finance Ministry said that these policy measures will be implemented within a coherent policy framework, […]
Industry leaders comment on SME Board of Colombo Stock Exchange
Dec 02, 2019 (LBO) – The Empower SME Board of the Colombo Stock Exchange is a crucial medium when it comes to helping smaller companies attract investment and also for investors looking to invest in companies that are in their earlier stages. The Colombo Stock Exchange CEO Rajeeva Bandaranaike and industry experts Jeevan Gnanam, Talal […]