Category: Economy and Markets
‘s action plan targets USD134Bn economy in Sri Lanka by 2025
Sep 18, 2019 (LBO) – The Ceylon Chamber of Commerce on Tuesday launched the working draft of the 2020 – 25 Economic Acceleration Framework at the Sri Lanka Economic Summit. Sri Lanka is currently at a pivotal juncture where the country’s economic, social, and political trajectory is concerned. The framework is a collective aspiration and […]
The Finance Co. still looking for potential investor; CBSL extends restrictions
Sep 18, 2019 (LBO) – Sri Lanka’s troubled The Finance Company is to call Expressions of Interest (EOIs) from potential investors and to request such investors to submit their Business Restructuring Proposals to revive the company. The Central Bank said in a statement that they will facilitate The Finance Company to proceed with suitable investors […]
“Sri Lankan Airlines is a vanity we cannot afford,” Fin Min says
Sep 17, 2019 (LBO) – Sri Lanka’s Finance Minister, Mangala Samaraweera says State Owned Enterprises (SOE) management has become political rather than professional, resulting in waste and corruption. “For example, my personal view is that Sri Lankan Airlines is a vanity we cannot afford,” the Minister said while addressing the Ceylon Chamber of Commerce Economic […]
Sri Lanka’s Economic Summit 2019 Opens Today
Sep 17, 2019 (LBO) – The Sri Lanka Economic Summit (SLES) 2019 themed on Re-calibrating Sri Lanka’s Economic Trajectory Towards 2025, to guide Sri Lanka’s journey towards development and prosperity will get underway at the Cinnamon Grand Colombo, today. The two-day event brings together over 450 local and international participants consisting of prominent business leaders, […]
Capitol TwinPeaks boosts expat segment confidence in Sri Lanka real estate
Colombo, Sri Lanka – September 2019 – Capitol TwinPeaks, the flagship residential venture of the Sanken Group, located on the Beira lakefront in Colombo 2, has recorded an increase in Sri Lankan expatriate interest in both the residential project, as well as Central Colombo’s luxury apartment market segment. Speaking with Sri Lankan expat and Group […]
Demand builds for islands first state run automotive service hub
Sep 16, 2019 (LBO) – Sri Lanka’s first ever state run wheel alignment centre (WAC) for four wheel light vehicle class was launched in September has seen demand for its services peak from state owned and private vehicle owners. “Eight vehicles, including high-roof ambulances, have been serviced within just seven hours’ of opening of STC […]
Fin Min orders investigation on liquor licenses issued without approval
Sep 16, 2019 (LBO) – Sri Lanka’s Finance Minister has orderd authorities to investigate and report to him on how liquor licenses were issued for taverns without obtaining the approval of the subject minister. Minister Mangala Samaraweera ordered Excise Commissioner General, H.G. Sumanasinghe to conduct an immediate investigation how liquor licenses have been issued by […]
EU delegation visits Katunayake export zone
Sep 16, 2019 (LBO) – A delegation consisting of five senior officials of the European Commission visited the Katunayake Export Processing Zone recently in connection to Sri Lanka’s GSP + status. The delegation consisting of Thorsten Bargfrede, Charged’ Affaires and head of political, trade and communication section, Walter Van Hattum, coordinator GSP trade preferences, trade […]
Forward tourist bookings have fully recovered – JKH Deputy Chair
September 12, 2019 (LBO) – Forward bookings in the tourism sector of Sri Lanka’s largest conglomerate, John Keells Holdings (JKH), have fully recovered on a year on year basis according to JKH Deputy Chairman Gihan Gooray. These comments were made to news anchor Sri Jegarajah during a broadcast on CNBC Singapore. The comments come as […]
”; Outlook stable
Fitch Ratings has affirmed Sri Lanka-based Hatton National Bank PLC’s (HNB) National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable. At the same time, Fitch has affirmed the bank’s Sri Lanka rupee-denominated senior unsecured debt at ‘AA-(lka)’. The ratings on HNB’s Basel II and Basel III compliant Sri Lanka rupee-denominated subordinated debt are affirmed at […]
The Finance (TFC) plunges deeper into the abyss with another Rs1bn loss
September 11, 2019 (LBO) – The Finance Company (TFC), once one of Sri Lanka’s largest non-bank financial institutions, reported a loss of Rs1bn for the quarter ended June 30, 2019. This brings total losses since inception of the company to a staggering Rs27bn (US$150mn). The company still has deposit liabilities of over Rs27bn on its […]
Sri Lanka reduces fuel prices
Sep 11, 2019 (LBO) – Sri Lanka’s government has decided to reduce the petrol and diesel prices with effect from mid-night, yesterday the Finance Ministry said issuing a statement. Accordingly, petrol (octane 92) per litre will be decreased by Rs. 1 and making it Rs. 137; petrol (octane 95) will be sold at Rs. 161, […]