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New Zealand PM praises links between NZ and Sri Lanka
New Zealand Prime Minister John Key has urged New Zealand and Sri Lankan businesses to take advantage of the growing commercial opportunities between the two countries. “Our commercial ties have expanded well beyond the traditional dairy links to opportunities in sectors such as food and beverage, aviation, education, specialised manufacturing and the creative industries,” Mr […]
Sri Lanka wants to maintain rates at current levels: CB Governor
Feb 25, 2016 (LBO) – Sri Lanka’s central bank governor hopes interest rates can be maintained at current levels, after a 50 basis point rate hike last week, but this will be determined by external factors, he said. The island’s policy rates are at 6.5 percent and 8 percent, while 10-year treasury bond yields have […]
Union Bank profits surged in 2015
Union Bank of Colombo PLC (UBC) and its subsidiaries concluded the year 2015 with a notable business performance; reflected by a 226% increase in post-tax profit that signals the strong growth momentum mobilised within the year. Core Banking growth and Profitability The principal source of income from the Bank’s fund based operations escalated to Rs. […]
Fitch affirms Distilleries Company of Sri Lanka at AAA
Fitch Ratings has affirmed Distilleries Company of Sri Lanka PLC’s (DIST) National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable. KEY RATING DRIVERS Leading Alcohol Manufacturer: DIST continues to be the market leader in alcoholic beverage production in Sri Lanka due to its strong brands, which drive demand and access to retail points across the […]
Chamber welcomes ETCA; urges consultations with private sector
Feb 25, 2016 (LBO) – The Ceylon Chamber of Commerce has hailed the proposed Economic and Technology Cooperation Agreement (ETCA) with India, but has urged Systematic Consultations with the Private Sector. The chamber said in a statement that any bilateral or regional agreement that Sri Lanka forges must be supportive of the country’s holistic economic […]
SEC reconsiders minimum public float rule: CSE
Feb 25, 2016 (LBO) – Sri Lanka’s securities regulator is reconsidering the minimum public float rule as the intention of introducing such rule was not met, a senior official at the CSE said. Chief Executive Officer at the Colombo Stock Exchange Rajeeva Bandaranaike said the intention of introducing the minimum holding rule was to encourage […]
PTL Watch: Yields tick up, trading in long-term maturities
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ETCA can be a wake up call for Sri Lankans: professionals
Feb 25, 2016 (LBO) – Sri Lankan professionals say integration with India through the Economic and Technical Cooperation Agreement (ETCA) is a must for the islands future development. “Yes, ETCA is needed. We have labour problem and if Sri Lankans can’t do it and we don’t have the people then we have to bring them […]
Emerging markets offer long-term opportunity: Research Affiliates
Feb 25, 2016 (LBO) – Christopher Brightman, Research Affiliates’ Chief Investment Officer, says the exodus from emerging markets offers wonderful opportunity for opportunistic investors. Brightman shares market insights for global investment management firm PIMCO’s All Asset funds. PIMCO has 1.4 trillion dollars in assets under management, and their market insights can be read here. Q: […]
Sri Lanka’s LOLC Group receives USD 247Mn syndicated loan
Feb 24, 2016 (LBO) – Sri Lanka’s Lanka Orix Leasing Group announced a landmark syndication to borrow 247 million US dollars from three financial institutions including the Asian Development Bank. “A total of 247 million US dollars was received from multiple foreign funding partners and will consist of 3 loans,” a LOLC Group statement said. […]
Dialog ventures into digital health with Asiri Hospitals
Feb 24, 2016 (LBO) – Digital Holdings Lanka, a wholly owned subsidiary of Dialog Axiata has entered in to a joint venture agreement with Asiri Hospital Holdings yesterday to provide digital health solutions. Digital Holdings holds 70 percent of the shareholding and Asiri Hospitals holds the balance 30 percent of the joint venture that was […]
‘s assigns first-time B1 issuer ratings to Sampath Bank
Moody’s Investors Service has assigned an issuer and long term local currency deposit rating of B1 to Sampath Bank PLC and short-term ratings of non prime. Moody’s has also assigned the bank with a CR Assessment of Ba3(cr). The assigned long-term foreign currency deposit rating is B2 and is constrained by the foreign currency deposit ceiling for […]