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‘s revises ratings outlook of BOC, HNB & Sampath Bank to negative
June 21, 2016 (LBO) – Moody’s Investors Service has revised ratings outlooks of three banks in Sri Lanka to negative from stable. The affected banks are Bank of Ceylon, Hatton National Bank and Sampath Bank. The rating actions follow the affirmation of Sri Lanka’s B1 sovereign rating, and the change in outlook on the sovereign […]
SLT, TRC ink deal to power Lotus Tower
Jun 21, 2016 (LBO) – Sri Lanka Telecom (SLT) and the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) signed a Memorandum of Understanding (MoU) to be the telecommunication service partner for the Lotus Tower project, recently. “With the signing of the MoU, SLT will bear sole responsibility for building the ICT Infrastructure for the Lotus […]
Linea Aqua Reaffirms Carbon, Water & Waste Conscious Status
Jun 21, 2016 (LBO) – Sri Lanka’s Linea Aqua, a swimwear manufacturer, said that they have reinforced their standing in environmental sustainability by recertifying their Hanwella Factory as carbon, water and waste conscious for a second consecutive year. “The certifications were awarded following stringent conformity assessments that measured the factory’s greenhouse gas emissions, waste generation, […]
Sri Lanka’s debt higher than B, BB rated countries, Fitch data shows
June 21, 2016 (LBO) – Sri Lanka’s current debt levels are higher than its ‘B’ median peers or the previously rated ‘BB’ median, data from the ratings agency Fitch shows. Sri Lanka’s external funding requirement too is high compared to peers, although it performs better in certain governance metrics and HDI indices. Supporting the rating, […]
Asia shares pause, sterling stands tall as Brexit vote looms
June 21 (Reuters) – Asian shares got off to a tentative start on Tuesday, as investors paused after a rally triggered by growing expectations that British voters will opt to remain in the European Union in this week’s referendum. Two of the latest polls released over the weekend showed the “Remain” camp in the […]
”s rating to negative from stable
June 20, 2016 (LBO) – Moody’s Investors Service has today affirmed the government of Sri Lanka’s foreign currency issuer and senior unsecured sovereign ratings at B1 and changed the outlook to negative from stable. Two key drivers underpin the change in outlook to negative from stable, Moody’s Investors Service said. 1) Our expectation of a further weakening in […]
Sri Lankan rupee 1-wk forwards weaker on importer dlr demand
June 20 (Reuters) – Sri Lankan rupee one-week forwards traded weaker on Monday due to importer dollar demand while dealers said the rupee was under pressure due to lack of exporter dollar conversions amid moral suasion by the central bank . One-week dollar/rupee forwards, which have been acting as a proxy for the spot rupee […]
Interview: PickMe has 4,000 vehicles on road, expands to Kandy
Jun 20, 2016 (LBO) – ‘PickMe,’ Sri Lanka’s own mobile taxi hailing solutions provider, says they have close to 4,000 vehicles on the road, with over 2,000 three wheelers, one thousand mini cars, and the rest categorized as sedan cars and vans. The startup, which successfully raised capital in three rounds of funding, has now […]
PTL Watch: Bond yields tick higher on low volumes
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The Queen to honour exceptional Sri Lankan with Queen’s Young Leaders Award
Her Majesty The Queen will present a Queen’s Young Leaders Award to an exceptional young person from Sri Lanka at a ceremony at Buckingham Palace, London on Thursday 23rd June. As the Commonwealth celebrates The Queen’s 90th birthday, this year’s Award winner, Nushelle De Silva is being recognised by The Queen for taking the lead […]
Sri Lanka’s HSBC fires five senior managers for figure-fudging
Jun 20, 2016 (LBO) – HSBC Sri Lanka sacked five senior managers following an investigation into allegations that they fudged incentives-linked performance figures, a media report said. “HSBC Sri Lanka has made important senior management changes following an internal investigation,” a spokesperson said, according to a Sunday Times report. Among the terminated employees were two […]
Huawei’s flagship P9 to enter Sri Lanka next week
Huawei, the fastest growing smartphone in Sri Lanka, announced that the company will unveil the much awaited flagship smartphone Huawei P9 end of June. Huawei’s partnership with German firm Leica has created a smartphone with a groundbreaking dual-lens camera that can shoot vivid color and crisp black-and-white to produce images with greater depth and clarity. […]