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‘s growth to recover and remain at 4-pct : World Bank
Oct 16, 2018 (LBO) – Sri Lanka’s economic growth is projected to recover from the effects of last year’s weather disruptions, which negatively affected agriculture, and to remain around 4 percent in the next two years, says the World Bank in its twice-a-year regional economic update. Growth will be robust in most South Asian countries, except […]
Foreign outflow from the CSE $ 10mn on the day, $ 50mn for 2018
October 15, 2018 (LBO) – Foreign outflow out of the Sri Lankan stock market topped Rs1.7bn (US$10mn) on the day as the former owner of Singer Sri Lanka (SINS) disposed of their last 9.47% stake in the company. The buyer was highly leveraged Hayleys (HAYL) who bought control of the CSE listed Sri Lankan retailer […]
SAARC looks to go high tech to boost regional trade : Minister
Oct 15, 2018 (LBO) – Despite low trade within the region, there is potential for using information and communication technologies to contribute to social and economic progress across South Asian countries, Minister of Industry and Commerce said. “Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment […]
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]
Central Bank introduces whistleblowing policy & code of conduct for employees
Oct 15, 2018 (LBO) – Sri Lanka’s Central Bank said a whistleblowing policy and a new code of conduct for all employees have been introduced as part of the execution of recommendations included in the bond commission report. Releasing a statement on the progress they made with regard to the recommendations of the bond commission […]
Amalgamation of Janashakthi General with Allianz Insurance completed
Oct 15, 2018 (LBO) – Allianz Insurance Lanka Limited (Allianz Lanka) said, the acquisition of Janashakthi General Insurance in February 2018, has now been successfully completed with the amalgamation of the two firms. The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister […]
Block trade in Singer Sri Lanka (SINS), 9.47% of outstanding shares traded at Rs47
October 15, 2018 (LBO) – The Colombo Stock Exchange (CSE) woke up today with a block trade in Singer Sri Lanka. 35,562,883 shares traded at Rs47, up sharply from the previous days’s closing price of around Rs30/share. The value of the block transacted is roughly Rs1.7bn (US$10mn). After the block trade, Singer (SINS) has drifted […]
‘s oligarchs
October 15, 2018 (LBO) – 2018 has been a tough year for emerging market equities, and Sri Lankan stocks are no exception. The major stock indices of the Colombo Stock Exchange (CSE), the All Share Price Index (ASPI) and the S&P SL 20 are down near 10% and 20% respectively so far for the year. […]
‘s future
Oct 15, 2018 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe,highlighted the need to maintain freedom of navigation and freedom of digital connectivity for the region to grow and prosper and the need for a shared understanding in order to maintain peace and security. He was delivering the keynote address of the “The Indian Ocean: Defining […]
Full Supreme Court decision on Duminda Silva appeal published
October 14, 2018 (LBO) – The full Supreme Court decision on the Duminda Silva appeal case has been published. It was a unanimous decision of a five judge panel in Sri Lanka’s highest court. The Supreme Court opinion in this landmark case is likely to become one of the most widely read opinions in the […]
President appoints and CC approves Judge Nalin Perera as the 46th Chief Justice of Sri Lanka
October 13, 2018 (LBO) – President Maithripala Sirisena has appointed and the Constitutional Council has confirmed the new 46th Chief Justice (CJ). The collaborative process enshrined in Sri Lanka’s reformed constitution seemed to work flawlessly, resulting in a new CJ appointed through a highly regarded mechanism. Chief Justice Nalin Perera has spent close to 4 […]
‘s stock/bond markets cross $ 500mn YTD
October 12, 2018 (LBO) – Net foreign selling of Sri Lanka’s stocks and bonds has crossed US$500 million dollars for 2018. The outflows, which have been a significant factor in the devaluation of Sri Lanka’s currency and declining foreign reserves, show no signs of slowing down. Year to date in 2018, net foreign selling of […]