Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Stable) proposed Basel II-compliant subordinated debentures an expected National Long-Term Rating of ‘A(lka) (EXP)’. The issuance is to total LKR6bn, with the debentures to mature in five years and carry fixed and floating coupons. The debentures are to be listed on the Colombo Stock Exchange. Sampath Bank plans…
The Finance Ministry has take a decision that export earnings should be brought in to Sri Lanka within a specific time period and if this is not followed it would be considered a breach of the Exchange Control Act, said Deputy Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe in response to…
Semi Annual Meetings (Spring Meetings) of the World Bank (WB) and the International Monetary Fund (IMF) was held in the World Bank and IMF Headquarters in Washington DC during 13 – 17 April, 2016. Finance Ministers representing almost 189 member countries were represented at this meeting. The meetings focused its attention on international economic and…
The airline is looking at starting flights to Iran, Jordan and Lebanon SriLankan Airlines plans to launch new destinations and increase frequencies to the Middle East over the next two years amid a government-led restructuring process. The Sri Lankan government said earlier this month the state-owned carrier will have to restructure, including dropping unprofitable routes,…
The sixty sixth Annual Report of the Monetary Board of the Central Bank of Sri Lanka was presented to His Excellency the President Maithripala Sirisena and the Prime Minister, Hon. Ranil Wickremasinghe, while in terms of Section 35 of the Monetary Law Act No. 58 of 1949, it was also submitted to Hon. Ravi Karunanayake,…
Headline inflation, as measured by the Colombo Consumers’ Price Index (CCPI, 2006/2007=100), declined to 2.0 per cent on a year-on-year basis in March 2016 from 2.7 per cent in February 2016, mainly due to the decline in food inflation. On an annual average basis, CCPI based headline inflation edged up to 1.1 per cent in…
Colombo Land and Development Company PLC (CLDC) recently announced the appointment of Mr. Vasula Premawardhana as Executive Director to serve on the board of the company. He also serves as the Chief Executive Officer of CLDC. Colombo Land and Development Company PLC, renowned for its Liberty Plaza mixed development complex in the heart of Colombo,…
Prime Minister Ranil Wickremesinghe addresses the world business community and invites them to connect with Sri Lanka by showcasing the country’s business and investment potential through the CNBC network. The Premier in a short vignette shares Sri Lanka’s illustrious trading history, the country’s strategic geographical placement and investment potential as the nation steadily moves forward…
~ Swedish Cars (Private) Limited introduces the all new Volvo XC90 Swedish Cars, an IWS Holdings company, which recently became the importer and distributor of Volvo’s cars in Sri Lanka, will soon launch a line of luxury cars displaying Volvo’s stylish transformation and its first interpretation of a new brand direction, where design has an…
Profit after tax improves by 4.18% to Rs. 720Mn Net Loan book grows by 4.27% to Rs. 201Bn Total assets up by 5.99% to Rs. 314 Bn Seylan Bank, recorded a strong quarterly performance with Profits after Income Tax reaching Rs. 720 Million, for the 3 months ended 31st March 2016, a 4% increase over…
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