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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 […]
Explosive New York Times report suggests Chinese influence on Sri Lanka elections
June 26, 2018 (LBO) – The New York Times is out with an explosive report on China’s influence in Sri Lanka.The article puts forward specific details of China Harbor’s financial support to former President Mahinda Rajapaksa’s unsuccessful 2015 presidential election campaign. LBO is unable to verify the following facts in the New York Times article, […]
More pain as afternoon selloff takes Sri Lanka stocks to lowest close in 2018
June 26, 2018 (LBO) – The Colombo Stock Exchange sold off in the afternoon after being up for the first half of the session. The selloff took the market to the lowest close year to date, ahead of a poya (full moon) holiday tomorrow. The broader indices were both weak, with the ASPI closing down […]
FIU signs MOU with SEC to prevent money laundering, terrorism financing
Financial Intelligence Unit of Sri Lanka Entered into a Memorandum of Understanding with Securities and Exchange Commission of Sri Lanka In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Securities and […]
Global Accounting President’s visit hosted by CA Sri Lanka, CMA & AAT
President of the International Federation of Accountants (IFAC), the global body of the accounting profession Ms.Rachel Grimes will arrive in Sri Lanka in July on a four day visit from 4th to 7th July extended to her by the Sri Lankan IFAC member bodies which includes the countries three national professional accountancy organisations; the Institute […]