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Opinion: The Capital Market Cure
By the Prince of Kandy: The Monetary Board in conjunction with the Central Bank is busy creating a policy to create systems whereby there is a better transmission of monetary policy. The situation has become quite dire as the Central Bank seems to have lost control over interest rates. This is most evident in the […]
Sri Lanka Prime Minister to visit Maldives
Aug 27, 2019 (LBO) – Sri Lanka’s Premier Ranil Wickremesinghe will undertake an official visit to the Maldives on 2nd September 2019, on an invitation extended by Ibrahim Mohamed Solih, President of the Republic of Maldives. During the visit, the two leaders will engage in discussions relating to all aspects of the bilateral relationship to […]
Simmering ethno-religious tensions in Sri Lanka must not be ignored, says UN rights expert
Aug 26, 2019 (LBO) – Simmering ethno-religious tensions in Sri Lanka require urgent action by the authorities to strengthen respect for freedom of religion or belief in Sri Lanka, says UN Special Rapporteur on freedom of religion or belief Ahmed Shaheed. “There is a serious deficit of trust among ethno-religious communities in Sri Lanka following […]
Allianz Lanka appoints Nihal Handunge as Deputy CEO for Life Insurance arm
The board of directors of Allianz Lanka recently announced the appointment of Nihal Handunge as the Deputy CEO for Allianz Life Insurance Lanka Limited. With this new appointment, Handunge will take the responsibility of overseeing the growth strategy of the business along with the overall management responsibility of Allianz Lanka’s Life operations in Sri Lanka. […]
Sri Lanka eco summit to discuss SOE reform implementation weaknesses
Aug 26, 2019 (LBO) – Sri Lanka’s State-Owned Enterprises (SOEs) has been the topic of debate for many years now. Discussions around it have covered improving profitability, service and governance while examining the root causes for the continued losses incurred by SOEs. Some of the solutions for reforms are well known, but its implementation has […]
‘s most powerful AI processor
Aug 26, 2019 (LBO) – Huawei officially launched the world’s most powerful AI processor, the Ascend 910 as well as an all-scenario AI computing framework, MindSpore. “We have been making steady progress since we announced our AI strategy in October last year,” said Eric Xu, Huawei’s Rotating chairman. “Everything is moving forward according to plan, […]
Sri Lanka vehicle registrations rebound in July 2019
Aug 26, 2019 (LBO) – Sri Lanka’s vehicle registrations saw a rebound across the board in July from the lows of June since, limping back to normalcy post Easter Sunday bombings. Total motor cars recorded 2,584 units in July significantly up from 1,580 units in June but significantly down from 7,162 units 12 months ago. […]
Virtusa to automate SLT backend services & revamp service offerings to customers
Sri Lanka Telecom (SLT), the national ICT and digital solutions provider entered into a landmark agreement with Virtusa Private Limited, a global provider of digital strategy, digital engineering, and IT outsourcing services, heralding a radical transformation in customer experience for SLT’s valued customers in the coming weeks and months. The signing of this memorandum of […]
Foreign institutional bond selling spikes amid CBSL rate cuts
August 24, 2019 (LBO) – The 2018-2019 foreign exodus from Sri Lanka’s government bond markets has picked up speed in recent weeks with total net outflows for the 2018-2019 period now totalling over Rs200bn (US$1.1bn). In the last week alone foreign institutions withdrew a net US$72mn from Sri Lanka’s treasury bond markets amid a second […]
‘s revises its growth forecasts for 16 Asian economies
Aug 23, 2019 (LBO) – Moody’s Investors Service in a newly released report has revised downwards its GDP growth forecast for 16 economies in Asia Pacific. Of the 16, Hong Kong and Singapore have shown particularly weak expansions this year, with very large deteriorations in real GDP growth when compared to the first half of […]
Central Bank to announce timeline for banks to reduce market lending rates
Aug 23, 2019 (LBO) – Sri Lanka’s Central Bank with the expectation of reducing all market lending rates in line with the reduction already observed in deposit interest rates, will announce specific timelines and measures shortly in consultation with relevant stakeholders. The Central Bank said that it will monitor the developments in market lending rates […]
Rupee depreciation pressure experienced during past few days to be short-lived: Central Bank
Aug 23, 2019 (LBO) – Sri Lanka’s Central Bank expects the rupee depreciation pressure experienced during the past few days, to be short-lived. The Sri Lankan rupee appreciated against the US dollar by 2.4 percent so far during the year, although some depreciation pressure was experienced recently. The Central Bank said the depreciation pressure, mainly […]