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Fitch Rates Sampath Bank’s Basel III Sub Debt Final ‘A(lka)’

Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Stable) proposed Basel III-compliant subordinated debentures a National Long-Term Rating of ‘A(lka)’. The notes, which will total LKR7 billion and mature in five years, include a non-viability clause and will qualify as regulatory Tier II capital for the bank. The bank plans to use the proceeds to strengthen…

(0)Comments | February 8, 2019 10:34 am

SEC charges a person before the magistrate’s court for failing to appear when summoned by the SEC

Securities and Exchange Commission of Sri Lanka (SEC) charged Mr. Vidanalage Juvenal Aruna Melan Soysa at Fort Magistrate’s Court on 25th January 2019 for not appearing before the SEC when he was summoned to record a statement with respect to certain transactions that has occurred in his CDS Account. Mr. Soysa has been evading the…

(0)Comments | February 8, 2019 10:28 am

Sri Lanka rupee ends firmer; port strike dents importer dollar demand

Reuters – ** Sri Lanka’s rupee ended slightly firmer on Thursday due to exporter dollar sales, while a trade union strike at customs dampened importer demand for the greenback. ** Stocks snapped a five-session winning streak to end lower as foreign investors exited from risky assets. ** A strike by Sri Lanka customs officers that…

(0)Comments | February 8, 2019 10:26 am

Kishu Gomes new Chairman of SLTDA and SLTPB

Former long-standing Managing Director and Chief Executive Officer (CEO) of Chevron Lubricants Lanka PLC’s (LLUB) Kishu Gomes was appointed as the Chairman of both Sri Lanka Tourism Development Authority (SLTDA) and Sri Lanka Tourism Promotion Bureau (SLTPB) on Wednesday (6th February 2019) by the Minister of Tourism John Amaratunga. “We also plan to make tourism…

(0)Comments | February 7, 2019 1:10 pm

Sri Lanka faces delay in receiving US $ 300 Mn loan from China – Reports

Sri Lanka is facing delay in receiving a US $ 300 million loan offered by Bank of China, recent media reports outlined quoting Sri Lankan government officials familiar with the negotiation, reports including international media agency Reuters noted. Reuters said that Sri Lanka is a key battleground in the tussle for influence in South Asia…

(0)Comments | February 7, 2019 1:04 pm

Trade volume between Pakistan, Sri Lanka surges after FTA

ISLAMABAD: The volume of trade between Pakistan and Sri Lanka has increased in the last few years after the signing of the free trade agreement, said Federal Minister for National Food Security and Research Sahibzada Muhammad Mehboob Sultan. Addressing a conference on ‘Enduring Friendship between Pakistan and Sri Lanka’, he said Pakistan is the second…

(0)Comments | February 7, 2019 12:18 pm

Sri Lanka rupee ends firmer on exporter dollar sales

Reuters – ** Sri Lanka’s rupee rose 0.3 percent on Wednesday due to exporter dollar sales, while a trade union action at customs dampened importer demand for the greenback. ** Sri Lankan customs officers on Tuesday called off a strike that left 6,000 containers stranded at the country’s main port and put pressure on food…

(0)Comments | February 7, 2019 10:00 am

Chula Hettiarachchi appointed to the Board of Softlogic Life

Softlogic Life Insurance PLC announced that Chula Hettiarachchi has been appointed to the Board of Directors of the Company. The appointment is subject to the approval of the Insurance Regulatory Commission of Sri Lanka (IRCSL). Chula Hettiarachchi was previously the Company’s Chief Operating Officer and will now be designated as Executive Director of Softlogic Life…

(0)Comments | February 6, 2019 9:34 pm

Haycarb records turnover of Rs. 14.3 billion and profit before tax of Rs. 854 million for 9 months ending 31st December 2018

The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 14.3 billion and profit before tax of Rs. 854 million for the nine months ending 31st December 2018. The profit after tax stood at Rs. 672 million.  Haycarb PLC Managing Director, Mr. Rajitha Kariyawasan said that the growth in turnover is attributable to the adjustment…

(0)Comments | February 6, 2019 9:31 pm

DPL remains competitive despite global challenges

Hayleys Group’s globally-ranked subsidiary Dipped Products PLC (DPL), a leader in the non-medical rubber glove market, reported Rs. 22.5 billion Group turnover for the nine months ending December 2018, increase of 5 percent versus comparative period last year. The Hand Protection sector contributed Rs 12.9 billion to the group’s top line, while the Plantation sector…

(0)Comments | February 6, 2019 9:09 pm