Moody’s Investors Service says that continued GDP growth is driving the stable outlook for Sri Lanka’s banking system. “While seeing some slowdown compared to the growth rates seen in 2013-14, GDP growth in Sri Lanka should remain healthy at 6.7% over 2015-16. And an accommodative monetary policy should support this growth outlook,” says Srikanth Vadlamani,…
The government has obtained Cabinet approval for a draft bill to increase the minimum salary of private sector employees to Rs. 10,000 per month. The government has made this decision after consultations with the National Labour Advisory Council and various trade unions. The current minimum salary has been decided based on the monthly minimum per…
The 2016 budget proposed to charge a certain amount on withdrawals of cash from banks. This proposal stated that a charge of two per cent would be imposed on cash withdrawals of Rs. 01 million to Rs. 10 million and three per cent on cash withdrawals of over Rs. 10 million. Accordingly, if a depositor…
One of Sri Lanka’s leading companies, Diesel & Motor Engineering PLC won the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale of the 51st Annual Report Awards Competition, organized by the Institute of Chartered Accountants of Sri Lanka. The silver award was won by John…
By Sarah Hettiaratchi, Project Executive – Pathfinder Foundation The Maritime Silk Road (MSR) and Economic Belt policy initiatives unveiled by President Xi Jinping in 2013 were identified as significant elements of an overall Chinese attempt to leverage China’s growing economic power and influence along its geographic boundaries. The objectives of this enormous development initiative is…
Colombo stock market bounced back to record gains on Thursday, snapping the six day losing streak amid high foreign investor participation. All share index bagged 17.87 index points (+0.26%) to end the session at 6,880.66 while 20-scrip S&P SL index gained 8.35 index points or 0.23% to close at 3,646.10. Today’s gains were driven by…
Due to the extension of the Chennai International Airport closure, SriLankan Airlines has cancelled fourteen more flights between Colombo and Chennai. Accordingly, the flights UL 128, UL 129, UL 123, UL 124 of December 3, UL 125, UL 126, UL 121, UL 122, UL 127, UL 128, UL 123, UL 124 of December 4 and…
Colombo Stock Exchange (CSE) announces that CSE is adopting the Global Industry Classification Standard (GICS) to classify its listed companies along with S&P/CSE cobranded sector indices. The Global Industry Classification Standard (GICS®) was jointly developed by Standard & Poor’s and MSCI Barra to meet the global financial community’s need for one complete, consistent set of…
Citrus Leisure celebrated its 5th anniversary this week, by reflecting on the strides made since inception. The Citrus brand was first introduced to the Sri Lankan leisure and tourism landscape in 2010 following a management change in the former Reefcomber PLC. The Company was renamed Citrus Leisure PLC and initially operated just 50 rooms at…
Fitch Ratings has assigned LB Finance PLC (LB) a National Long-Term Rating at ‘A-(lka)’ with a Stable Outlook. KEY RATING DRIVERS – NATIONAL RATINGS LB’s National Long-Term Rating reflects its established franchise among licensed finance companies (LFC), whose higher yielding exposures have supported sound profitability. The rating also captures its relatively higher risk appetite as…
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