Category: Economy and Markets
New ADB head pledges to support development in public and private sectors
Feb 25, 2020 (LBO) – The new Asian Development Bank (ADB) Country Director in Sri Lanka, Chen Chen, assumed office in Colombo Monday. “I am honored to assume the role of Country Director at ADB’s Sri Lanka Resident Mission. I have had the opportunity of managing ADB’s transport sector portfolio in Sri Lanka in the […]
Sri Lanka headline inflation increased in January
Feb 24, 2020 (LBO) – Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index has increased to 7.6 percent in January from 6.2 percent in December, the statistics office said. This was driven by the monthly increase in prices of items in both Food and Non-food categories. Food […]
Central Bank to introduce cost-reflective benchmark interest rate instead of SLIBOR
Feb 24, 2020 (LBO) – The Monetary Board of Sri Lanka’s Central Bank has decided to discontinue the compilation of SLIBOR with effect from 01 July 2020. The Central Bank will continue to publish SLIBOR based on offered rates submitted by LCBs until 30 June 2020, in order to prevent inconvenience to any participant in […]
Seylan Bank closes 2019 with Rs3.68Bn profit; crosses Rs500Bn in total assets
In the backdrop of challenging external environment, Seylan Bank recorded a profit after tax of Rs.3.68 Bn for the year ended 31st December 2019. Successful and oversubscribed Rights Issue made during the last quarter for LKR 4.30 Bn which followed a similarly successful debenture issue earlier in the year endorsed and demonstrated the confidence placed […]
Mobitel introduces latest Apple iPad 2 and watch
As the authorized reseller for apple devices ranging from iPhones, iPads, Apple watches, Mobitel is introducing the next generation Apple iPads and Apple Watch Series 5 to the local market. Further consolidating its position as the preferred and trusted partner for apple devices. Customers can now purchase their favorite iPads and Watches at selected Mobitel […]
Commercial Bank profits marginally up in December quarter
Feb 24, 2020 (LBO) – Sri Lanka’s Commercial Bank group reported a net profit of 5.9 billion rupees showing a marginal improvement of equity holder’s profit of the bank in the December quarter. The group’s gross income for the quarter showed a marginal decrease of 0.29 percent against the previous year and a decrease in […]
Safer roads to add over USD1 Tn to South Asian economies
South Asia’s eastern subregion, comprising Bangladesh, Bhutan, India, and Nepal, needs to invest an estimated extra $118 billion in road safety over the next decade to halve its road crash fatalities, says a new World Bank report, noting that this will bring $1.2 trillion in economic benefits annually, equivalent to 3.75 percent of regional GDP. […]
Private sector keen to join mobilization of domestic investment for SDGs
For mobilizing domestic investment for the Sustainable Development Goals (SDGs), the Government needs to develop different schemes of blended finance, non-state budget investment financing, and collaborative financing schemes. For such a mix of investment to be attracted, ‘the ease of doing business’ in Sri Lanka needs to be improved significantly and policy consistency is an […]
Central Bank responsible for taking legal action on forensic audit: President’s Secretary
Feb 21, 2020 (LBO) – Secretary to the President, P B Jayasundera has informed COPE Chairman and JVP Parliamentarian Sunil Handunnetti that it is the responsibility of the Central Bank to take legal action on the forensic audit report. Handunnetti wrote to the President last month requesting that the law be implemented based on the […]
Pan Asia Bank records its best-ever financial results
Pan Asia Banking Corporation PLC, “the Truly Sri Lankan Bank” ended 2019 Q4 with its best financial results ever, to report a Post Tax Profit of Rs.726.84 million during the final quarter, recording an impressive growth of 58% demonstrating its resilience amidst challenging conditions. Meanwhile, the Bank’s operating profit before all taxes for the quarter […]
Poll: Business impact on Sri Lanka from Novel Coronavirus
By the Economic Intelligence Unit of the Ceylon Chamber of Commerce: The outbreak of the Novel Coronavirus (COVID-19) is having its toll on the global economy with many economists now expecting a larger impact than the SARS outbreak in 2002-03. The outbreak is lowering China’s GDP growth expectations in the first quarter to 4.5%, a […]
NDBIB wraps up 2019 with Rs.62Bn in Capital raisings
Feb 20, 2020 (LBO) – NDB Investment Bank (NDBIB) continued to execute milestone transactions in 2019, reiterating its position as the unrivalled leader in investment banking in the country recording approximately LKR 62.0 Bn in fund raisings. All business segments, namely, equity raisings, debt capital markets and mergers and acquisitions (M&A) witnessed heightened levels of […]