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CB Governor defends Deputy Governor from unfounded allegations
June 28, 2018 (LBO) – Central Bank Governor Indrajit Coomaraswamy on Thursday issued a special statement defending his fellow Central Banker Nandalal Weerasinghe. The statement is a reply to former Finance Minister Ravi Karunananyake who has repeated his allegations in the recent days against Senior Deputy Governor of the Central Bank, Dr. Nandalal Weerasinghe. “As […]
Tackling challenges through reforms crucial for sustained, equitable growth in Sri Lanka
Jun 28, 2018 (LBO) – The World Bank says that although recent policy measures have contributed to macroeconomic stability in Sri Lanka there are still significant risks stemming from both domestic and external fronts with the balance of risks tilted towards downside. “Sri Lanka faces a number of challenges to sustain future economic growth, create […]
Opinion: Northern Province Tourism? Is there more in the North than just Jaffna’s airport?
By Jekhan Aruliah According to the Sri Lanka Tourist Development Authority’s (SLTDA) map of “Tourist Attractions” at the time of writing this post, the only attraction in the Northern Province is the airport in Jaffna. I suppose we should be grateful the map at least has the airport. The SLTDA map shows the rest of the […]
Cabraal hits back at explosive New York Times report
June 28, 2018 (LBO) – Former Governor of the Central Bank of Sri Lanka Ajith Nivard Cabral has recently released a statement on social media that is highly critical of the explosive New York Times report which suggested Chinese influence with regard to Sri Lanka’s 2015 Presidential election. The statement is reproduced below: “The New […]
Sri Lanka’s outlook remains stable but is conditional on reforms: World Bank
June 28, 2018 (LBO) – World Bank says a challenging domestic political environment has already taken a toll, slowing down some reforms and complicating the stable medium-term outlook and an impending election cycle which will only elevate this risk. World Bank, releasing its June 2018 edition of the Sri Lanka Development Update said the reforms are […]
Central Bank says no involvement in manipulating GDP estimates
June 28, 2018 (LBO) – Sri Lanka’s Central Bank says allegations that the Central Bank is involved in manipulating Gross Domestic Product (GDP) estimates are totally unfounded. Central Bank issuing a statement said the sole responsibility of compiling GDP estimates is vested with the Department of Census and Statistics (DCS) since 2007. “However, the Central […]
Noteworthy asset quality deterioration in Sri Lankan finance companies
June 28, 2018 (LBO) – ICRA Lanka, a group company of Moody’s Investors Service is cognisant of the asset quality deterioration in licensed finance companies in Sri Lanka, during the financial year ended March 31, 2018. “As per our analysis about 100bps increase (5.82% in March 2018 vis-s-vis 4.89% in March 2017) in gross NPA (non-performing […]
Anilana (ALHP) investor to make mandatory offer at 18% premium
June 28, 2018 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) has approved investment into Anilana Hotels and Properties (ALHP) by Singapore based SOMAP International. The investment by way of private placement will result in an infusion of Rs667mn (US$4.2mn) into the company at Rs1.3/share. After the private placement SOMAP will own […]
Fitch affirms five small & mid-sized Sri Lankan banks; revises Amana outlook
June 28, 2018 (LBO) – Fitch Ratings Lanka has revised the outlook on Amana Bank to Positive from stable and has affirmed its National Long-Term Rating at ‘BB(lka)’. The agency has also affirmed the National Long-Term Rating of Union Bank of Colombo with a positive outlook and the National Long-Term Ratings of Nations Trust Bank, Pan […]
‘s President and the Rajapaksa dotage
June 27, 2018 (LBO) – Former President of Sri Lanka Mahinda Rajapaksa was born on November 18, 1945. A day after he turned 60 years old, on November 19, 2005, he assumed the Presidency. He had just narrowly defeated current Prime Minister Ranil Wickremesinghe, who was 56 at the time. By the time the 2020 […]
Ceylinco Insurance opens trading at CSE to mark S&P SL 20 inclusion
Ceylinco Insurance PLC (Ceylinco) rang the opening bell to commence trading at the Colombo Stock Exchange (CSE), as part of a ceremony organized to mark the company’s inclusion in the S&P SL 20 Index. The S&P SL 20 Index includes the 20 largest companies, by total market capitalization, listed on the CSE that meet minimum […]
EFutures develops solution for The Civil Contractor Federation, Victoria
(Press Release) June 26, 2018 (LBO) -The Civil Contractors Federation is an association for civil contractors in Australia. The association is an official organization offering services to help contractors thrive in the construction industry. CCF offers different services like training and business tools to give contractors an edge. The association operates in five states, including […]