Author: lbostgadmin
VIDEO: Cartels and Price Fixing – Analysis Diagram Explaining Price Collusion
This is a short revision video looking at how a cartel price and output might help to maximise joint profits and reduce uncertainty in the market but still leaves open the incentive for individual cartel members to break the agreement by secretly over-producing and under-cutting the cartel price.
2022 New Year celebrations around the world
Major cities around the world kick-started the New Year with firework displays, dazzling performances, and shows. As the last revellers from around the world ring in, we looked at celebrations in some of the globe’s biggest cities and their glitziest displays. Sri Lanka’s premier digital business news provider, LankaBusinessOnline would like to wish all our […]
ComBank remittance promo to make 4 millionaires in first 4 months of 2022
The Commercial Bank of Ceylon has announced that it is starting 2022 on a rewarding note with the launch of ‘Win a Million’ – a remittance promotion that will make four instant millionaires in four months and reward another 40 recipients of remittances with a total of Rs 1 million in cash. The prize purse […]
Central Bank revises maximum interest rates on foreign currency deposits
The Monetary Board has issued an order on maximum interest rates to be paid in respect of foreign currency deposit products of licensed commercial banks and the National Savings Bank. Maximum interest rates on FCY deposits The maximum interest rates that shall be offered or paid by a licensed commercial bank and the National Savings […]
VIDEO: How poor people survive in the USA
Homelessness, hunger and shame: poverty is rampant in the richest country in the world. Over 40 million people in the United States live below the poverty line, twice as many as it was fifty years ago. It can happen very quickly. Many people in the United States fall through the social safety net. In the […]
ADB agrees to reimburse USD 85mn spent for Sinopharm vaccines in Sri Lanka: State Minister
Asian Development Bank has agreed to provide USD 85 million to reimburse the costs of Sinopharm vaccines, State Minister of Production, Supply, and Regulation of Pharmaceuticals Prof. Channa Jayasumana said. He said that the ADB has made this decision considering the transparency in purchases and progress of the vaccination programme in Sri Lanka.
Galle Face Icon partners with Sampath Bank as exclusive project funding partner
Galle Face Properties Ltd, a subsidiary of conglomerate Renuka Holdings, recently partnered with Sampath Bank as the exclusive project funding partner for the development of the Galle Face Icon, a 30-storey building with grade A office space, amenities, serviced suites and recreational areas located between the Beira Lake and Galle Face Green. Commenting on the […]
‘s official reserves position has reached around USD 3.1bn: Central Bank
Sri Lanka’s Central Bank says that with the receipt of recent inflows, the official reserves position has now reached around US dollars 3.1 billion, and is expected to remain at such level by end of 2021. Releasing a statement, the Central Bank said that the foreign currency inflows in connection with several other facilities that […]
Sri Lanka is swept away by an economic tsunami as a result of mismanagement by a family: Eran
Sri Lanka is the only country in the world amidst the Covid pandemic that has faced unprecedented price increases, gas and fuel shortages, and a dangerously low foreign reserve position. Even the countries in the Asian region have recorded a positive GDP growth, FDI, and foreign reserves said Eran Wickramaratne MP at a press conference […]
SEC wants to finalize implementation mechanism for Central Counterparty in 2022
The new Securities and Exchange Commission of Sri Lanka (SEC) Act which came into force on 19th September 2021 contains provisions that enable the setting up of a Central Counterparty (CCP). Further, the need for setting up a CCP in order to enhance the efficiency of post-trade risk management had been spoken of for a […]
Temporary closure of identified Sri Lanka missions overseas to conserve foreign reserves
The Foreign Ministry has taken a decision to temporarily close three of its Missions / Posts overseas, i.e., the Sri Lanka High Commission in Abuja, Nigeria; the Consulate General of Sri Lanka in Frankfurt, Germany; and the Consulate General of Sri Lanka in Nicosia, Cyprus; with effect from 31 December 2021. The decision, which has […]
‘s Central Bank amends annual license fee of banks
The Monetary Board requests every licensed commercial bank and licensed specialised bank to pay the licence fee in respect of the calendar year 2022 to the Central Bank on or before 31 January 2022, based on the total assets of such bank as at the end of 2021, as set out in the table below. […]