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Federal Reserve cuts interest rates for first time since 2008
Aug 02, 2019 (LBO) – The United States Federal Reserve lowered its benchmark rate by a quarter-point yesterday, its first rate cut since December 2008. The policymaking Federal Open Market Committee drops the target range to 2 percent to 2.25 percent for its overnight lending rate, or 25 basis points from the previous level. The […]
First Capital recommends investors to reduce exposure in low yield bonds
Aug 01, 2019 (LBO) – Sri Lanka’s First Capital recommends investors to reduce overall portfolio exposure to 45 percent from 60 percent. The firm recommends cutting 2021 and 2022 maturities of the carrying portfolio amidst the significant reduction in yields. They also recommended an increase in 2023 and 2024 maturities in the trading portfolio amidst […]
ComBank launches ‘Yasasa’ savings account exclusively for pensioners
The Commercial Bank of Ceylon has launched a savings account exclusively for government pensioners and their widows or widowers, to facilitate access to a host of special benefits the Bank provides to this segment. The ‘Yasasa Pensioners’ Savings Account’entitles pensioners below the age of 69 to apply for an advance of up to 75% on […]
Central Bank asks customers to register for e-payment notification facilities
Aug 01, 2019 (LBO) – Sri Lanka’s Central Bank is requesting customers to register for real-time e-payment notification facilities in order to prevent unauthorised electronic transactions. Releasing a statement, the bank also asked customers to obtain EMV chip-based payments cards from their respective Licensed Financial Institutions without delay and exercise caution when sharing information that […]
Teejay makes strong start to 2019-20
Teejay Lanka PLC has made a strong start to 2019-20, reporting excellent top and bottom line growth at Group and Company level through efficient capacity utilisation, an improved product mix and effective curbing of non-strategic costs. Sri Lanka’s only multinational textile manufacturer reported Group net profit of Rs 453.7 million and net profit of Rs […]
Business mission from CCC visits New Delhi to forge new business links
With the initiative of the Sri Lanka High Commission, Ceylon Chamber of Commerce led a two day business promotion mission to New Delhi on 16th July 2019, to continue establishing business and trade links with industry leaders in the Northern States of India. The mission was also organized to promote the “Sri Lanka Investment and […]
Seylan Bank records Rs 1.5Bn profit after tax during 1H 2019
Seylan Bank recorded a steady performance with Profits before Taxes reaching Rs. 3,476 Million for the 6 months ended 30th June 2019 against the Rs. 2,996 Million reported in the corresponding period of 2018 despite challenging market conditions and recent unexpected events that impacted the Sri Lanka economy. However, the Bank’s Profit after tax increased […]
We were very hurt that UNP failed to stand together with us at this critical time: Rishad
For the first time, the enigma behind Sri Lankan Muslim MPs’ evasion and resisting of their portfolios were revealed on July 30. “I discussed with members of our party ACMC as to whether I should stay out of this portfolio till Presidential elections” said the Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative […]
Sri Lanka imposes ban on selling imported liquor without foolproof sticker
July 30, 2019 (LBO) – Excise Department has banned the sale of all brands of imported liquor without the new foolproof sticker introduced recently by the Department. Accordingly, the possession, transportation, storing and the sale of imported liquor is illegal unless this new sticker is affixed on containers of foreign liquor. The Excise Notice No: […]
Technology, Digital Transformation drives Sri Lanka’s future of business: IBM Forum
July 30, 2019 (LBO) – IBM today conducted an IBM Innovation Forum in Colombo that brought together business leaders to explore how they can leverage next-generation technologies for innovating at scale. The forum saw more than 250 attendees and was focused on bringing forward the business value of emerging technologies through a series of show-and-tell […]
Deputy Minister of Ports and Shipping re-assumes duties
Mohamed Abdullah Mohamed Maharoof re-assumed duties today (30.07.19) as the Deputy Minister of Ports and Shipping. The function took place at the Deputy Minister’s office of Ports and Shipping. Expressing views after re-assuming duties, Hon. Deputy Minister stated that he regretted the Easter Sunday attacks and accordingly all Muslim Ministers resigned from portfolios. “However, considering […]
Citra Social Innovation Lab training inspires Sri Lanka public sector officials
“After 16 years of experience in the public sector I was considering taking early retirement. But after going through this programme I feel like I now have the right tools to make the changes I’ve always wanted to make.” Sentiments shared by a participant from the Eastern Provincial Council. The ‘Foresight & Innovation for #NextGenGov […]