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Fitch Affirms Abans PLC at ‘BBB+(lka)’: Outlook Stable

Fitch Ratings-Colombo-06 August 2018: Fitch Ratings has affirmed Sri Lanka-based retailer Abans PLC’s (Abans) National Long-Term Rating at ‘BBB+(lka)’ with a Stable Outlook. A full list of rating action is at the end of this commentary. The affirmation reflects Fitch’s view that Abans will continue to make meaningful progress towards improving its net leverage, defined…

(0)Comments | August 6, 2018 2:41 pm

ICTA’s “Disrupt Asia 2018” to feature top international start-up experts

Individuals from USA, Netherlands, UK, Singapore, Bangladesh, Philippines and India will share their start-up experiences and insights Disrupt Asia 2018, Sri Lanka’s Premier Start-up Conference and Innovation Festival, is set to feature several top international and local experts in entrepreneurship, policy, innovation and startups during the Conference to be held from 3.30pm to midnight on…

(0)Comments | August 6, 2018 1:03 pm

Improved infrastructure plays major role in real estate values – JLL Report

With the recent announcement that the much-anticipated Colombo Light Rail Transit (LRT) project is all set to proceed with Phase 1 following the green light from government ministries, there has been widespread speculation on its effect on the price of property within close proximity to the line. Taking into consideration various factors and an accumulation…

(0)Comments | August 6, 2018 12:04 pm

Dark Clouds Loom over Economy

The corporate community is less than impressed by prospects for the national economy The number of tourist arrivals to Sri Lanka reached almost 1.2 million in the first half of 2018, which corresponds to a healthy growth of 15.3 percent year on year. The largest source markets for travellers to Sri Lanka were India, China…

(0)Comments | August 6, 2018 11:32 am

Sampath Group pre-tax profit exceeds Rs 10 Bn for the first half of 2018

Sampath Bank’s Group pretax profit for the first half of the year exceeded Rs 10.3 Bn (28.2% growth) while Sampath Bank recorded a pre-tax profit of Rs 9.9 Bn for the same period. This registered a YoY growth of 28.1% in comparison to the first half of 2017. Profit after tax of the Bank too…

(0)Comments | August 6, 2018 11:31 am

447 Luna Tower: Where Convenience Meets Luxury

Colombo has seen a dramatic increase in activity and development following the ending of the thirty year civil war in 2009. Much of the development has been credited to the real estate sector, which has experienced significant growth in the past five years. “As infrastructure continues to advance in the form of highways and large-scale…

(0)Comments | August 6, 2018 11:30 am

Quebee Den’s Rohanthi recognised as Woman Entrepreneur of the Year

Quebee Den Founder/CEO Rohanthi Wijewickrama has won Gold in the Small Scale Enterprises category at the prestigious “Woman Entrepreneur of the Year” awards.   “The Woman Entrepreneur of the Year” is the biennial flagship event of Women’s Chamber of Industry and Commerce (WCIC), which recognizes outstanding women entrepreneurs who change the world. It acts as…

(0)Comments | August 6, 2018 11:25 am

Central Bank downgrades Sri Lanka’s 2018 growth forecast to 4%

Sri Lanka’s Central Bank (CBSL) Governor Dr. Indrajit Coomaraswamy addressing the media last week said that now ‘Central Bank expects 2018 to end with 4% growth lower from 4.5% forecast earlier”. CBSL governor’s comments came after just in a less than a month’s time since he noted that Central Bank had to revise down the…

(0)Comments | August 6, 2018 10:07 am

Biz Confidence at a Standstill

Corporates are adopting a go it alone approach amid a challenging policy milieu Sri Lanka’s listed entities recorded robust earnings growth in the first quarter of 2018 with the banks, and finance and insurance companies leading the way – this despite relatively weak consumer demand and lacklustre corporate sentiment. It has also been reported that…

(0)Comments | August 6, 2018 5:22 am

Singapore’s Somap concludes Anilana’s 51% buyout for over Rs. 513.4 Mn

Sri Lankan Investment Banker and Deal Maker Asanga Seneviratne controlled leisure property arm – Anilana Hotels and Properties (ALHP) that has over 128 acres under management has finalized a deal with investor- Singapore’s Somap for an infusion of capital to the tune of over Rs. 513 million via a private placement, a Colombo Stock Exchange…

(0)Comments | August 4, 2018 9:35 am