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Central Bank decides to reduce SDFR & SLFR by 50bps; SRR unchanged
Aug 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 basis points to 7.00 percent and 8.00 percent, respectively. Statutory Reserve Ratio (SRR) unchanged. The Board said it arrived at this decision following a careful […]
CA Sri Lanka to break gender barriers in boardrooms with new directory
Aug 22, 2019 (LBO) – In a landmark initiative aimed at breaking gender barriers across boardrooms, the Institute of Chartered Accountants of Sri Lanka recently launched the ‘Board Ready Female Members Directory’ which promotes more female representation. The directory which features a list of female Chartered Accountants who possess extensive experience and are board ready, […]
Sri Lanka Army Commander to reorganize all military intelligence units
Aug 22, 2019 (LBO) – Sri Lanka’s new Army Commander Lieutenant General Shavendra Silva says that he wants to reorganize military intelligence units and raise them to an elevated level in keeping with strategies of international armies. The new Commander of the Army in his message on assumption of office as the 23rd Commander vows […]
‘s Basel III sub-debt final A+(lka)
Aug 22, 2019 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures a final National Long-Term Rating of ‘A+(lka)’. The rating agency said the final rating is the same as the expected rating assigned on 5 March 2019 and follows the receipt of documents conforming to […]
Ceylinco Life reports 6-month net income of Rs.14.7Bn
Aug 21, 2019 (LBO) – Sri Lanka’s Ceylinco Life reported a six month net income of 14.7 billion rupees with a premium income up 5.7 percent to 8.8 billion rupees. The company’s investment income grew 16 percent to 5.9 billion rupees while benefits and claims paid grew by 11.7 percent to 5 billion rupees. Ceylinco […]
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Aug 21, 2019 (LBO) – Consumer-durables retailer Singer (Sri Lanka) PLC’s National Long-Term Rating has been revised to negative from stable, a statement said. Issuing a statement Fitch Ratings said the negative outlook reflects the challenges Singer may face in reducing its leverage, defined as net adjusted debt/EBITDAR, to below 5.5x – the level at […]
Sri Lanka headline inflation marginally increased in July
Aug 22, 2019 (LBO) – Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI) increased marginally to 2.2 percent in July from 2.1 percent in June. According to Central Bank data, this was due to the monthly price increases of items in both Food and Non-food categories. […]
JICA, Women & Child Affairs Ministry launched training programme for Frontline Officers
Ministry of Women & Child Affairs and Dry Zone Development (MOWCADZD) has launched the capacity building training programme for Frontline Officers (FLOs) under technical cooperation by Japan International Cooperation Agency (JICA). Inauguration and launching of this in-country training programme has conducted on August 19th, 2019 in Palgahathanna Management Development Training Centre in Uva Province with […]
Sri Lanka cabinet grants approval to amend Muslim Marriage & Divorce Act
Aug 21, 2019 (LBO) – Sri Lanka’s Cabinet of Ministers has approved a proposal to amend the Muslim Marriage and Divorce Act. The proposal contains amendments to the Act including the legal age for a Muslim marriage (minimum age 18) and the process that should be followed when registering a marriage. There are also proposals […]
Sri Lanka unveils modern hi-tech TVET facility with South Korean backing
Aug 21, 2019 (LBO) – Backed by the global industrial giant South Korea, Sri Lanka launched its most modern national hi-tech training facility to-date on Wednesday. As it unveiled its Technical and Vocational Education and Training (TVET) facility in a Colombo suburb, Sri Lanka also said that its skills development work has shown results so […]
SEC files action against several individuals for market manipulation
Aug 20, 2019 (LBO) – Securities and Exchange Commission of Sri Lanka (SEC) has filed an action before the Fort Magistrate’s Court against several individuals for market manipulation. The full statement is reproduced below. SEC FILES ACTION FOR MARKET MANIPULATION The Securities and Exchange Commission of Sri Lanka (SEC) on 25th July 2019 filed action […]
Appointment of Army Commander is a sovereign decision by Head of State: Foreign Ministry
Aug 20, 2019 (LBO) – Sri Lanka’s Foreign Ministry says that the appointment of Army Commander is a sovereign decision by the Head of State and foreign entities trying to influence the decisions and internal administrative processes of public service promotions is unwarranted and unacceptable. Releasing a statement, the Foreign Ministry said that articulating a […]