Category: Economy and Markets
Sri Lanka to introduce a Master Plan for Northern Province economic development
Feb 20, 2019 (LBO) – Sri Lanka’s government is to launch a framework for economic development in the Northern Province with the co-operation of UN agencies and the bilateral donors including those funding development projects in the North. The Framework will reflect upon the past decade of post-war development and identifies priorities for policy design, […]
Reducing gender gap boosts Sri Lankan economy, says WB VP for South Asia Region
Feb 20, 2019 (LBO) – The World Bank Vice President for South Asia Region, Hartwig Schafer concluding his three-day visit to Sri Lanka said the banks is commitment to work with public and private sectors to create the space for women to access work and remain at work. Evidence suggests that Sri Lankan women are […]
Sri Lanka could grow 20-pct in long-run by closing gender gap: WB Vice President
Feb 20, 2019 (LBO) – Sri Lanka specifically could grow its economy by as much as 20 percent in the long-run by closing the gender gap in the workforce, emphasized World Bank Vice President for South Asia Region Hartwig Schafer quoting data from an IMF study.Evidence suggests that Sri Lankan women are excelling in higher […]
Fitch downgrades SLT & CEB, upgrades Lion Brewery on rating scale revision
Feb 18, 2019 (LBO) – Fitch Ratings has taken rating action on non-financial corporates following the recalibration of its National Rating scale to reflect changes in the relative creditworthiness among the country's issuers following the downgrade of the sovereign rating. Accordingly, the National Long-Term Ratings of Sri Lanka Telecom, Ceylon Electricity Board and DSI Samson Group has been downgraded […]
Fitch revises National Long Term Rating of NSB to AA+(lka) from AAA(lka)
Feb 18, 2019 (LBO) – Fitch Ratings has revised the National Long-Term Rating of National Savings Bank to ‘AA+(lka)’ from ‘AAA(lka)’ with a stable outlook following the recalibration of the Sri Lankan National Rating scale after the sovereign’s Long-Term Foreign-Currency Issuer Default Rating was downgraded. The rating agency, however, said that the rating action is not related […]
Dialog records Rs.7.5Bn net profit for FY 2018, Invests Rs.30.6Bn in broadband infrastructure
Feb 18, 2019 (LBO) – Dialog Axiata PLC announced, Friday 15th February 2019, its consolidated financial results for the year ended 31st December 2018. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”) post-consolidation with subsidiaries, Dialog Broadband Networks (Pvt) Ltd (“DBN”), Dialog Television (Pvt) Ltd (“DTV”), […]
‘s bonds while dumping stocks
February 16, 2019 (LBO) – Foreign institutional investors continued buying Sri Lanka’s government bonds this week, continuing a one month trend where they have been net buyers of over US$100mn worth of bonds in total. Last week, foreign investors bought a net of close to Rs3.5bn (US$20mn) worth of Sri Lanka’s bonds, turning net inflow […]
Sampath Bank records PBT of Rs18.3Bn for 2018
Feb 15, 2019 (LBO) – Sampath Bank recorded a profit before tax (PBT) of 18.3 billion rupees for the year ended 31st December 2018, up by 10.5 percent from a year earlier. Profit after tax (PAT) too registered a marginal growth of 0.3% from Rs 12.10 Bn in 2017 to Rs 12.14 Bn in 2018. […]
Central Bank to impose withdrawal restrictions for deposits of The Finance Company
Feb 15, 2019 (LBO) – Sri Lanka’s Central Bank has proposed regulatory measures including suspension of accepting new deposits, restrictions on withdrawal of deposits and restricting disbursement of loans and advances to facilitate the restructuring process of The Finance Company (TFC). The Monetary Board at its recent meeting, having considered the weak financial performances of […]
EU opposes death penalty; €2.2bn exports under GSP+ from June 2017 – May 2018
Feb 15, 2019 (LBO) – The European Union (EU) has reiterated its opposition to the use of the death penalty in all circumstances and encouraged Sri Lanka to maintain its moratorium on executions with a view to abolishing the death penalty. The EU and Sri Lanka held their 22nd meeting of the Joint Commission yesterday […]
MTD Walkers (KAPI) on the verge of collapse suffers another Rs1.5bn quarterly loss
February 15, 2019 (LBO) – Continuing its seemingly endless spiral into the inevitable abyss, CSE listed construction firm MTD Walkers (KAPI) reported a loss of approximately Rs1. 5bn for the quarter ended December 2018. Loss for the 9 months was well over Rs3bn after losses of over Rs2bn during the corresponding period in the prior […]
Sri Lanka growth at 3.5-pct in 2019 : Room to be better managed : World Bank
Feb 15, 2019 (LBO) – World Bank Vice President, South Asia Region, Hartwig Schafer says that he finds the island facing a challenging macroeconomic landscape and that the nations Gross Domestic Product could be managed in a more effective manner. “Although the people’s income levels are very high and you are about to reach upper […]