Category: Economy and Markets
‘s forensic audit report
Jan 21, 2020 (LBO) – Speaker of the Parliament of Sri Lanka, Karu Jayasuriya has decided that it is appropriate to table the forensic audit report on the issue of Treasury Bonds issued by the Central Bank. Making a statement, the Speaker said that it will also address the fundamental right of access to information […]
Cabinet nod to amend Inland Revenue Act; to be presented to Parliament
Jan 21, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers have approved the proposal to amend the Inland Revenue Act to reflect new tax proposals introduced by the government. The proposal has been made by Prime Minister Mahinda Rajapaksa in his capacity as the Finance Minister to fulfill a promise made by the government to […]
Startup XpressJobs receives Rs100mn investment from Emerging Media
Jan 20, 2020 (LBO) – Emerging Media, a location-based digital advertising company has invested 100 million rupees in XpressJobs in exchange for a 25 percent stake of the company. The company said in a statement that Emerging Media’s tie with XpressJobs aims to further expand the company’s operational capabilities and also greatly increase visibility for […]
Debt moratorium for SMEs, credit negative for banks, unlikely to support economic recovery
Jan 20, 2020 (LBO) – Sri Lanka’s debt moratorium for SMEs is credit negative for Sri Lankan banks and the sovereign because it risks increasing SMEs’ risk appetite and relaxing their attitude toward debt repayments, Moody’s Investors Service said. In an analysis, the service said that this move, in turn, will undermine banks’ asset quality […]
Trade deficit narrows marginally in Nov with imports, exports declining
Jan 17, 2020 (LBO) – Sri Lanka’s trade deficit contracted marginally in November 2019 (year-on-year), with both imports and exports declining, the latest Central Bank data showed. The deficit in the trade account declined in November to US dollars 762 million, from US dollars 785 million in November 2018. The trade deficit contracted by US […]
Milford Ceylon buys 19-pct of Softlogic Life
Jan 17, 2020 (LBO) – Milford Ceylon Pvt Ltd., a Mauritius-based fund yesterday bought a 19 percent stake in Softlogic Life Insurance PLC for Rs.2.6 billion. Shares amounting to 71.25 million shares was acquired at 37.00 rupees each, the company said in a stock exchange filing, Thursday. The seller was DEG or State Street Munich […]
Mobitel & ‘CareerMe’ takes on career guidance for students, teachers and parents
Reiterating its pledge in leading Sri Lanka towards an info com and knowledge rich society, Mobitel, Sri Lanka’s National Mobile Service provider, has partnered with CareerMe, a fully-fledged career guidance app and web platform developed by a local company in partnership with an Australian body, to aid students, teachers, parents and other industry professionals alike […]
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Jan 16, 2020 (LBO) – Fitch Ratings has affirmed SriLankan Airlines Limited’s (SLA) USD175 million government guaranteed 7 percent unsecured bonds due 25 June 2024 at ‘B’. KEY RATING DRIVERS The airline’s bonds are rated at the same level as SLA’s parent, the government of Sri Lanka (B/Negative), due to the unconditional and irrevocable guarantee […]
S&P revises Sri Lanka’s outlook to negative; ratings affirmed at ’B/B’
Jan 16, 2020 (LBO) – Ratings agency Standard & Poor’s said it revised its outlook on Sri Lanka’s credit rating to negative from stable, citing increased risks from a deteriorating fiscal position. “Sri Lanka’s fiscal position deteriorated following the Easter Sunday attacks,” S&P said. “Although a recovery is expected, we expect a widening of the […]
China reaffirms steadfast support to Sri Lanka
Jan 16, 2020 (LBO) – The Chinese Foreign Minister and State Councilor Wang Yi met with the Minister of Foreign Relations Dinesh Gunawardena recently and reiterated its solidarity and support to the new Government of President Gotabaya Rajapaksa. Welcoming Minister Wang Yi, Foreign, Minister Dinesh Gunawardena thanked China for its consistent contribution to Sri Lanka’s […]
Central Bank issues circular to banks about new credit support scheme for SMEs
Jan 14, 2020 (LBO) – Sri Lanka’s Central Bank says that based on the discussions they had with banks, it is observed that the proposed credit support scheme may not cause an undue level of stress or threaten the stability of the banking system. Issuing a circular, the Central Bank said that all parties have […]
World Bank forecasts Sri Lanka’s growth at 3.3-pct in 2020
Jan 14, 2020 (LBO) – The World Bank has forecast Sri Lanka’s economic growth for 2020 at 3.3 percent, the bank said in a statement. In its latest report of “World Bank’s January 2020 Global Economic Prospects,” the World Bank said for 2021 and 2022, it maintains the same forecast of 3.7 percent of economic […]