Category: Industry
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]
Amalgamation of Janashakthi General with Allianz Insurance completed
Oct 15, 2018 (LBO) – Allianz Insurance Lanka Limited (Allianz Lanka) said, the acquisition of Janashakthi General Insurance in February 2018, has now been successfully completed with the amalgamation of the two firms. The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister […]
MINILANKA HERITAGE PARK, an eco-friendly miniature theme park proposed by ICT4SIDS
Press release from Mr.Vittorio Coco regarding project to advance the United Nations Sustainable Development Goals (SDGs) in Sri Lanka in Tourism sector. The Representative of ICT4SIDS in the Indian Ocean Region, Mr. Vittorio Coco, announced on Tuesday 9th October the initiation and planning phase of the MiniLankaHeritage Park, a multi-stakeholders and ambitious tourism project placing an […]
Global sporting retailer, Decathlon, opens 1st store at Battaramulla
Opening up a whole new world of sports innovation for Sri Lanka, Decathlon Sri Lanka has launched its first store at Battaramulla on 13th October 2018, located at 260/1, Pannipitiya Road, Battaramulla, prominently located beside the Buddhadasa ground. Demonstrating its passion for sports, Decathlon’s store offers a unique sport store concept that showcases 2500 products […]
Sri Lanka revises fuel prices: Diesel not increased
Oct 10, 2018 (LBO) – Sri Lanka’s government increased the prices of petrol and super diesel with effect from midnight Wednesday. Issuing a statement the Ministry of Finance said the price of 92 octane petrol will be increased by six rupees to 155 rupees a litre.95 octane petrol will go up by eight rupees to […]
NDB rights issue 60% subscribed, Rs3.8bn raised
October 10, 2018 (LBO) – Colombo Stock Exchange (CSE) listed NDB Bank has raised Rs3.8bn through a rights issue in difficult market conditions. Although the rights issue aimed to raise over Rs6bn, it was only 60% subscribed. Analysts say that the issue was a relative success, as the subscription was taken up during very difficult […]
Price controls dominate political debate but may not help consumers: Report
Oct 10, 2018 (LBO) – A new report by The Advocata Institute, titled “Price Controls in Sri Lanka: Political Theatre” finds that consumer price controls lead to unintended outcomes including lower quality.Politicians have imposed price controls on a variety of items in the belief that capping prices will lower costs but our survey shows that […]
Sri Lanka FM interview ahead of IMF and WB annual meet on global trade, economy
Oct 10, 2018 (LBO) – Global finance and reserve bank chiefs will gather this week in Bali, Indonesia for the annual gathering of the International Monetary Fund and World Bank amid rising concern over trade war and risks of global economic crisis.Sri Lanka’s Minister of Finance and Communications, Mangala Samaraweera is chair of the Groups […]
CMC pays up in order for SLLRDC to resume garbage collection
Oct 10, 2018 (LBO) – The Megapolis and Western Development Ministry yesterday said Colombo Municipal Council (CMC) made an advance payment of 100 million rupees to the Sri Lanka Land Reclamation and Development Corporation (SLLRDC) in order for the latter to resume garbage collection in the CMC area.Megapolis and Western Development Minister Patali Champika Ranawaka further […]
” rating; outlook stable
Fitch Ratings Lanka Limited has assigned Dialog Finance PLC (DF) a National Long-Term Rating of ‘AA(lka)’. The Outlook is Stable. KEY RATING DRIVERS NATIONAL RATINGS DF’s rating reflects Fitch’s view that support would be forthcoming from Dialog Axiata PLC (Dialog), the largest mobile-telecommunication and pay-TV operator in Sri Lanka. The assessment is based on Dialog’s 98.9% […]
We do not expect govt. to implement a price formula for electricity soon: Fitch
Oct 09, 2018 (LBO) – Fitch Ratings on Tuesday said that they do not expect the government to raise electricity tariffs or implement a cost-reflective pricing formula as the government faces elections in the next 24 months amid rising costs. Fitch Ratings revealed their expectation while affirming Ceylon Electricity Board’s National Long-Term Rating at ‘AAA(lka)’ […]
Sri Lanka to integrate SMEs into formal sector to facilitate their growth : Fin Min
Oct 09, 2018 (LBO) – Sri Lanka’s Minister of Finance said the government aims to integrate small and medium scale enterprises into an official sector and establish hard and soft infrastructure frameworks to facilitate their growth. “Every country in the world has identified the importance of SMEs in their economies as a practical instrument in achieving […]