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Forward tourist bookings have fully recovered – JKH Deputy Chair
September 12, 2019 (LBO) – Forward bookings in the tourism sector of Sri Lanka’s largest conglomerate, John Keells Holdings (JKH), have fully recovered on a year on year basis according to JKH Deputy Chairman Gihan Gooray. These comments were made to news anchor Sri Jegarajah during a broadcast on CNBC Singapore. The comments come as […]
”; Outlook stable
Fitch Ratings has affirmed Sri Lanka-based Hatton National Bank PLC’s (HNB) National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable. At the same time, Fitch has affirmed the bank’s Sri Lanka rupee-denominated senior unsecured debt at ‘AA-(lka)’. The ratings on HNB’s Basel II and Basel III compliant Sri Lanka rupee-denominated subordinated debt are affirmed at […]
The Finance (TFC) plunges deeper into the abyss with another Rs1bn loss
September 11, 2019 (LBO) – The Finance Company (TFC), once one of Sri Lanka’s largest non-bank financial institutions, reported a loss of Rs1bn for the quarter ended June 30, 2019. This brings total losses since inception of the company to a staggering Rs27bn (US$150mn). The company still has deposit liabilities of over Rs27bn on its […]
FM Marapana calls for peaceful engagement in Indian Ocean at IORA conference
Sep 11, 2019 (LBO) – Foreign Minister Thilak Marapara called for cooperation and peaceful engagement in the Indian Ocean maritime domain by IORA members for creating a stable, secure environment, facilitative of economic prosperity. The Minister was addressing the 3rd IORA blue economy Conference held in Dhaka, Bangladesh when he made these comments. He said steps […]
Sri Lanka reduces fuel prices
Sep 11, 2019 (LBO) – Sri Lanka’s government has decided to reduce the petrol and diesel prices with effect from mid-night, yesterday the Finance Ministry said issuing a statement. Accordingly, petrol (octane 92) per litre will be decreased by Rs. 1 and making it Rs. 137; petrol (octane 95) will be sold at Rs. 161, […]
Ruwan sets the record straight on Rupavahini
September 11, 2019 (LBO) – Minister of Mass Media and State Minister of Defence Ruwan Wijewardene has released a statement on the President’s decision to gazette the Rupavahini Corporation under the Defence Ministry. In his letter the to President Maithripala Sirisena he states that the President’s decision is problematic and “It will be impossible to […]
Barbarians at the Gate
September 11, 2019 (LBO) – The most influential businessmen in Sri Lanka packed the front rows of the Viyathmaga Annual Convention to hear the economic vision of Sri Lanka’s first officially declared major presidential candidate, Gotabaya Rajapaksa. Sri Lanka’s most powerful businessmen regularly embrace candidates from both sides of the aisle, aiming for their businesses […]
UNP internal crisis shows real democracy exists within party: Sajith
Sep 10, 2019 (LBO) – United National Party Deputy Leader, Minister Sajith Premadasa says that although some internal crisis are seen inside the party to those who are not well-versed in democracy, it is really the party exercising true democracy. “Certain factions are attempting to emphasize that there is a division within the UNP with […]
Driving growth in uncertain times tops agenda at Oxford Business Group roundtable
Sep 10, 2019 (LBO) – The steps that Sri Lanka could take to harness digital innovations and mitigate the impact on its economy of domestic political disruption and global trade uncertainty were among the subjects explored recently at a roundtable organised by the global publishing, research and advisory firm Oxford Business Group (OBG). Titled ‘How […]
Fitch downgrades China and US growth on trade dispute
Sep 10, 2019 (LBO) – Disruptions from the sharp escalation in the US-China trade dispute are darkening the global economic outlook, causing us to revise our global economic outlook, Fitch Ratings said. Issuing a statement the rating agency said it has issued downward revisions to their eurozone and US GDP forecasts. “We now expect Chinese […]
Sri Lanka Rupavahini Corp gazetted under MoD
Sep 10, 2019 (LBO) – A gazette notification has been issued to bring the Sri Lanka Rupavahini Corporation (SLRC) under the control of the Ministry of Defence with effect from mid-night, yesterday. The Ministry of Defence comes under the purview of President Maithripala Sirisena. The change is followed by moves to appoint Kalum Palitha Maheerathne as […]
Cabinet Minister Navin Dissanayake is 50 today
September 9, 2019 (LBO) – Cabinet Minister of Plantation Industries Navin Dissanayake reached the age of 50 today. Dissanayake is the son of former UNP leader and Presidential candidate Gamini Dissanayake. Navin’s father was assassinated by the LTTE in 1994 at age 52 during his campaign for the presidency. Navin Dissanayake was just 25 years […]