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President gazettes Central Bank & SEC under Finance Minister
Mar 28, 2018 (LBO) – President Maithripala Sirisena has gazetted Central Bank and SEC under Finance Minister, few days ahead of the no-confidence motion against Prime Minister Ranil Wickremesinghe. Accordingly, Monetary Law Act and Securities and Exchange Commission Act has been classified as additional laws to be implemented by the Finance Minister. Central Bank and Securities and Exchange […]
Sri Lanka to call EOI for Colombo Port North Harbour feasibility
Mar 28, 2018 (LBO) – Cabinet nod has been received to select a suitable consultancy firm to conduct a feasibility study for the proposed Colombo Port North Harbour project.As per the cabinet proposal presented by Ports Minister Mahinda Samarasinghe, Expressions of Interest (EOI) and Request for Proposals (RFP) are to be called for the purpose […]
SriLankan partners with Air Seychelles to increase destinations
Mar 28, 2018 (LBO) – SriLankan Airlines and Air Seychelles have entered into a special prorate agreement that will enhance their respective route networks and provide greater travel options in a seamless manner to passengers of both airlines with effect from 1st April 2018. Accordingly, passengers on SriLankan Airlines will have expanded options to fly […]
Team Phoenix from Moratuwa University wins SLASSCOM 4iR Hackathon
Team Phoenix from the University of Moratuwa were adjudged the winners of the inaugural SLASSCOM 4iR Hackathon at the grand finale of the event that was held at the Kingsbury Colombo recently. Organized by the Sri Lanka Association of Software and Service Companies (SLASCOM) in partnership with Virtusa and Virtusa xLabs, the event sought to […]
Fitch affirms Hemas Holdings at AA-(lka); outlook stable
Fitch Ratings has affirmed Sri Lanka-based conglomerate Hemas Holdings PLC’s (Hemas) National Long-Term Rating at ‘AA-(lka)’ with a Stable Outlook. Fitch has also affirmed the National rating on Hemas’s outstanding senior unsecured debentures at ‘AA-(lka)’. Hemas’s rating reflects Fitch’s view that the group’s business risk profile has improved from the acquisition of Atlas Axillia (Private) […]
‘s Orix sells Sri Lanka LOLC stake for Rs.12.8Bn
Mar 28, 2018 (LBO) – Sri Lanka’s LOLC Holdings, a firm controlled by Deputy Chairman Ishara Nanayakkara has purchased a 30 percent stake held by Japan’s Orix group for 12.8 billion rupees, Wednesday. The company bought 142,458,490 shares at 90 rupees per share, a company source said. The shares closed at 111.00 rupees on Tuesday. The […]
HNB named Best Retail Bank in Sri Lanka for 10th time by Asian Banker
Hatton National Bank PLC (HNB) was awarded as the ‘Best Retail Bank in Sri Lanka’ at the ‘Asian Banker’s International Excellence in Retail Financial Services 2018 awards ceremony, held in conjunction with the ‘Asian Banker Digital Finance Convention’ at the Westin Kuala Lumpur, Malaysia on 22nd of March. The achievement marked the tenth time that […]
‘s Ideal Group in JV to assemble vehicles
Mar 28, 2018 (LBO) – Mahindra and Mahindra Ltd. (M&M) has announced the establishment of a Joint Venture (JV) with Ideal Motors Ltd. for assembling vehicles in Sri Lanka. M&M will invest up to 250 million rupees to form the joint venture, a statement said. The acquisition expected to be completed by April 2018 will see M&M […]
‘s Continental Insurance at A(lka); outlook stable
Fitch Ratings Lanka has affirmed Sri Lanka-based Continental Insurance Lanka Limited’s (CILL) National Insurer Financial Strength (IFS) Rating and National Long-Term Rating at ‘A(lka)’.The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects the non-life insurer’s good domestic business profile, strong capitalisation, strong financial performance and earnings as well as its prudent investment policy. Fitch […]
World’s Biggest Book Sale is returning to Sri Lanka soon
Get your bookshelves ready, because the Big Bad Wolf Book Sale is set to huff and puff its way back to Colombo for the second time.Hailed as one of the world’s biggest international book fairs, it made huge waves among book lovers during its inaugural visit to Sri Lanka last year. Reading enthusiasts can be […]
United Motors to dispose its shareholding in TVS Lanka
Mar 27, 2018 (LBO) – United Motors Lanka said its 50 percent shareholding in TVS Lanka is to be disposed for 1 billion rupees. United Motors in a stock exchange filing said they entered into a sale and purchase agreement with T.V. Sundaram Iyengar and Sons, India to dispose the entire shareholding of United Motors […]
Sri Lanka to raise USD1000mn via ETFF to finance budget expenses
Mar 27, 2018 (LBO) – Government says it intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in US Dollars or Japanese Yen or Euro or their combinations up to 1,000 million dollars or its equivalent in 2018.The FTFF is expected to be raised at a fixed rate or a floating rate, linked […]