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‘s BOI signs 46 new Investment agreements in June
Jul 11, 2016 (LBO) – The Board of Investment of Sri Lanka has signed 46 new investment agreements totaling 982 million US dollars, a statement said. The projects cover manufacturing, construction, mixed development, hotel, mini hydro power, trading house, solar power, apparel, research and development and education. Around 8,000 new direct employment opportunities will be created, the […]
Supreme Court issues interim order suspending VAT increase
July 11, 2016 (LBO) – Sri Lanka’s Supreme Court has issued an interim order to suspend the Value Added Tax (VAT) increase. The order was issued after considering a petition to revoke the decision filed by an attorney representing three persons including National Freedom Front leader Wimal Weerawansa, media reports said. The petition also argued […]
Sri Lankan rupee trades weaker ahead of sovereign bond sale
July 11 (Reuters) – The Sri Lankan rupee fell as importers and banks bought dollars, speculating that foreign holders of the country’s sovereign debt might sell them in order to invest in the higher-yielding dollar bonds the government launched on Monday, dealers said. The new dual-tranche dollar bond float, which could result in some foreign […]
Sri Lankan rupee falls as foreign investors prefer new eurobonds
July 12, 2016 (Reuters) – The Sri Lankan rupee fell on Tuesday on a lack of exporter dollar conversions and as foreign investors cut down on rupee bond buying in favour of a new higher-yielding sovereign debt, dealers said. Sri Lanka raised $1.5 billion in its first sale of dual-tranche eurobonds on Monday, although at a […]
‘ Union says back and forth on coal vs LNG wasteful
July 11, 2016 (LBO) – The Ceylon Electricity Board Engineers’ Union says a continuous “back and forth” on whether to construct further power plants using coal or LNG is a costly delay that Sri Lanka cannot afford. Coal is not substantially more environmentally polluting than LNG, and preparations for coal-fired power has been in existence […]
US Assistant Secretary Biswal to arrive in Sri Lanka for reconciliation talks
Assistant Secretary of State for South and Central Asian Affairs Nisha Desai Biswal will travel to Sri Lanka this week. Deputy Assistant Secretary for South Asia Manpreet Singh Anand will accompany her. She will travel to Colombo where she will meet with senior government officials, political leaders, and civil society representatives to discuss bilateral economic […]
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July 11, 2016 (LBO) – Brexit could heighten balance of payment pressure over Sri Lanka in the event that there was severe and prolonged market volatility, Moody’s Investors Service said in a research report. Releasing a report which is one of a series on the impact of Brexit on sovereigns in different regions, Moody’s said […]
‘s claims to South China Sea to be tested in ruling
July 11, 2016 (LBO) – An international tribunal will rule on China’s territorial claims in the disputed South China Sea on Tuesday, in an arbitration initiated by Philippines. China has not participated in the arbitration and will likely reject the ruling closely watched for its ramifications for South East Asia. “An award from the tribunal […]
Statement by Foreign Minister Mangala Samaraweera following bilateral talks with Chinese counterpart
It has been an honour and a great privilege to welcome to Sri Lanka the Minister of Foreign Affairs of the People’s Republic of China, H.E. Wang Yi. The visit is significant as it is the first high level visit and the first visit by a Foreign Minister of China, following the formation […]
Asia stocks rally on US jobs relief, BoE looms
July 11 (Reuters) – Asian share markets enjoyed a relief rally on Monday as upbeat U.S. jobs data lessened immediate concerns about health of the world’s largest economy, though long-run fallout from Brexit kept sovereign yields near record lows. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.75 percent, While Australia added 1.3 percent. […]