Category: Economy and Markets
Fitch upgrades Union & Cargills Banks; affirms 5 small & mid-sized Sri Lanka banks
May 24, 2019 (LBO) – Fitch Ratings Lanka has upgraded the National Long-Term Ratings of Union Bank of Colombo to ‘BBB-(lka)’ from ‘BB+(lka)’ and of Cargills Bank to ‘A-(lka)’ from ‘BB(lka)’ with stable outlooks. The agency has also affirmed the National Long-Term Ratings of Amana Bank, Nations Trust Bank, Pan Asia Banking Corporation, SANASA Development […]
IMF wants SEC to streamline enforcement program; expedite high-profile criminal actions
May 23, 2019 (LBO) – International Monetary Fund (IMF) advises Securities and Exchange Commission of Sri Lanka (SEC) to streamline the current enforcement program and bring several high-profile criminal actions soon that will have a positive impact on the public’s confidence in the SEC as a regulator. Releasing the technical assistance report for enhancing the […]
Circular issued to pay Rs 2500 monthly interim allowance to all public officials
May 22, 2019 (LBO) – Sri Lanka’s Finance Ministry said all public sector employees will be paid a special interim monthly allowance of 2500 rupees effective from July 01, 2019 as proposed in the Budget. A circular in this regard has already been issued by the Ministry of Public Administration and Disaster Management with the […]
Fishing For Sustainable Profits in the Northern Province
By Jekhan Aruliah I have so often heard from well meaning cash rich Diaspora that they can’t find sensible investment opportunities in the North. As the Good Book says, “seek and ye shall find”. For example, look at the Northern fisheries industry. It may surprise you to hear that the Northern Province has about 40%* […]
Sri Lanka inflation increased to 3.6-pct in April
May 22, 2019 (LBO) – Headline inflation as measured by the year-on-year change in the National Consumer Price Index increased to 3.6 percent in April from 2.9 percent in March due to the monthly price increases of Food and Non-food items, Central Bank data showed. In April, year on year Food inflation was -1.2 percent […]
CBSL intends to cut ownership limits of LFCs to 25-pct; invites stakeholder inputs
May 22, 2019 (LBO) – Sri Lanka’s Central Bank invites stakeholders to submit observations on the drafted master plan that intends to introduce ownership limits to the Licensed Finance Companies (LFCs). The Department of Supervision of Non-Bank Financial Institutions (DSNBFI) is in the process of introducing ownership limits for LFCs to strengthen the corporate governance […]
Hayleys revenue up 34-pct YoY to Rs.219Bn in FY 18/19
May 22, 2019 (LBO) – Sri Lanka’s Hayleys PLC, group revenue expanded by 34 percent yoy to 219 billion rupees while operating profit before interest increased by 40 percent yoy to 15.9 billion rupees in the financial year ended 31st March 2019 (FY18/19). The group earnings before interest, tax, depreciation and amortization (EBITDA) for FY […]
‘s private sector took a Pledge for Unity
May 21, 2019 (LBO) – Sri Lanka’s private sector representatives on Tuesday took a Pledge for Unity that they will work towards the goal of uniting people and inspire everyone in the country to do the same. The pledge was taken in all three languages by over 300 corporates who assembled for that purpose at […]
Ceylinco Life investment income grows by 16-pct to Rs.2.9Bn in Q1 2019
May 21, 2019 (LBO) – Steady growth of its life insurance business and strong investment gains have enabled Ceylinco Life to generate total income of 7.17 billion rupees in the first quarter of 2019, achieving healthy growth of 10.7 percent over the corresponding three months of last year. The life insurer has reported that premium […]
Sri Lanka unemployment up to 4.6-pct in Q4 2018
May 21, 2019 (LBO) – The number of unemployed persons is estimated as 389,406 during the fourth quarter 2018 or 4.6 percent, up from 4.0 percent a year ago, data from the Department of Census and Statistics (DCS) shows. During fourth quarter of 2018, the total number of employed persons in Sri Lanka is estimated […]
Sri Lanka official reserves fall to USD 7.2bn by end April; YTD rupee appreciation 3.7-pct
May 18, 2019 (LBO) – Sri Lanka’s gross official reserves were 7,212.7 million US dollars by the end of April, down from 7,621.9 million US dollars in March, latest Central Bank data showed. By the end of April, foreign currency reserves were 6,325.2 million dollars while the reserve position in the IMF was 66.3 million […]
‘s stocks as EPF enters the market
May 17, 2019 (LBO) – Foreign institutional investors were net sellers of Sri Lankan equities for the past three consecutive days as the country’s largest pension fund entered the market after a long hiatus. Net foreign selling in Sri Lanka’s stock market was approximately Rs1.3bn (US$7.5mn) for the past week. Year to date net foreign […]