The shareholders and management of the Asia Securities group of companies (“Asia Securities”) which includes Asia Securities (Pvt) Ltd, Asia Securities Wealth Management (Pvt) Ltd, and Asia Securities Advisors (Pvt) Ltd, would like to unequivocally state that Asia Securities is not related to nor affiliated with Asia Capital PLC. This clarification follows a newspaper article…
Headline inflation as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 decreased to 4.1% in August 2020 from 4.2% in July 2020. This was mainly driven by the statistical effect of the high base prevailed in August 2019. Food inflation (Y-o-Y) increased to 12.3% in August 2020 from 10.9%…
SL Government debt surpasses Rs.14,000 billion The total outstanding central government debt has increased to Rs.14,052 billion at the end of the first six months of 2020, the latest weekly report by the Central Bank of Sri Lanka (CBSL) outlines. According to the report, the total outstanding central government debt stood at Rs. 13,031.5 billion by…
LOLC releasing its first quarter results for 2020/21, recorded the highest ever PAT of Rs. 37.2Bn compared with Rs. 5.6Bn recorded in June 2019. The sale of its Cambodian investment in PRASAC to South Korea’s largest Commercial Bank – Kookmin Bank, was concluded in April for a value of US$603Mn. The Group received the first…
Discussions are underway to set up a new development bank to fund the Small and Medium Scale Enterprises (SMEs), Central Bank Governor Prof. W. D. Lakshman stated. The Governor added that a permanent credit guarantee institution will also be set up which will guarantee a risk credit given by banks to COVID-19 hit firms. “Central…
For a record 15th year, John Keells Holdings PLC (JKH), was ranked as the Most Respected entity in Sri Lanka, in the recently released edition of LMD’s Most Respected Entities issue. In terms of the 10 attribute rankings, JKH has taken the lead in five categories, namely Quality Consciousness, Management Profile, Dynamism, Corporate Culture and…
Trade Minister Bandula Gunawardena declared that it is only through increasing exports the Sri Lankan economy, which has been challenged by foreign debt servicing, can be salvaged in order to realise a better future for the country’s next generation. He made this remark at the Sri Lanka Export Promotion Vision Forum, organized by the Sri…
By Shiranthi Gunawardana – Attorney at Law and Legal Consultant to the Finance Houses Association Regulated Finance Companies (RFCs) are major financial intermediaries which are duly regulated and governed by the laws of Sri Lanka. RFCs are strictly governed by virtue of statutes and Acts such as Finance Business Act No. 42 of 2011. The…
The Board of Directors of Sampath Bank PLC, at their meeting held on 27, August 2020 has resolved to appoint top legal professional Harsha Amarasekera PC as the Chairman (Non-Executive, Non- Independent) of the board with effect from 30th August 2020. In a disclosure to the Colombo Stock Exchange (CSE), the bank noted that Amarasekera does not…
Standard Chartered Sri Lanka today announced donations totalling USD500,000 (approximately LKR 92.5 million) to support the fight against COVID-19 in the local community. The donation, which will flow through the Sri Lanka Red Cross Society (SLRCS), is in keeping with its brand promise to be ‘Here for good’ and is part of the Bank’s wider…
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