Author: lbostgadmin
Huawei GR5 2017 launched in Sri Lanka – first in region
Huawei, the fastest growing smartphone brand in Sri Lanka, together with Singer Sri Lanka, launched the all new Huawei GR5 2017 at a ceremonious unveiling at the Singer Lifestyle Festival in Colombo. The launch event was graced by Huawei Sri Lanka CEO Shunli Wang, Huawei Device Sri Lanka General Manager Kalpa Perera, Singer Sri Lanka […]
Sri Lankan rupee falls; IMF loan caps losses
Nov 21, 2016 (Reuters) – The Sri Lankan rupee was trading slightly weaker on Monday on worries capital outflows would increase as incoming U.S. President Donald Trump’s policies were seen guiding U.S. interest rates higher and strengthening the dollar. Foreign investors might pull out of emerging markets, including Sri Lanka, if the Fed raises interest […]
Fitch rates National Insurance Trust Fund AA-(lka) Stable
Fitch Ratings has assigned Sri Lanka-based National Insurance Trust Fund Board (NITF) a National Insurer Financial Strength Rating (IFS) and National Long Term Rating of ‘AA-(lka)’. The Outlook is Stable. NITF’s ratings reflect strong ties with the government of Sri Lanka (B+/Negative), a strong business profile as the only reinsurer in the country, high capitalisation […]
Seylan Bank adds Factoring to portfolio of services
Nov 21, 2016 (LBO) – Seylan Bank says it has added Factoring to its portfolio of services offering a wider choice of working capital financing options. This service is available for any type of business ranging from SMEs, corporate as well as start-ups, the bank said in a statement. Factoring allows generating cash flow without […]
ADB to support infrastructure reforms, revenue is key challenge
Nov 21, 2016 (LBO) – Further structural reforms are needed to strengthen the Sri Lankan economy, which has been slow to attract private investment and is encumbered by burdensome business regulations, a new Asian Development Bank study shows. The ADB, releasing an independent evaluation report that assesses its 5.5 billion US dollar program for Sri Lanka […]
Asian shares on the defensive as U.S. yields, dollar rise
TOKYO, Nov 21 (Reuters) – Asian shares were on the defensive on Monday, undermined by fears that the strength in the U.S. dollar and rising U.S. bond yields since Donald Trump’s election to president could accelerate fund outflows from emerging markets. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent, staying near […]
‘s Finance Minister
Nov 21, 2016 (LBO) – The Minister of Finance has called on local and foreign entrepreneurs to seize the opportunity given by the government to invest in Sri Lanka, with incentives presented under the 2017 Budget. The Minister assured that all proposals would be implemented on time and some of the proposals have already come […]
IMF approves USD162.6mn disbursement to Sri Lanka
Nov 19, 2016 (LBO) – IMF Executive Board has completed its first review of Sri Lanka’s Extended Fund Facility (EFF) arrangement, which enables the disbursement of about 162.6 million US dollars. The IMF said in a statement, the reinstatement of the amendments to VAT will help boost revenues, while the 2017 budget proposal should strengthen […]
Sri Lanka to finalize Hambantota port deal by next month
Nov 18, 2016 (LBO) – Sri Lanka expects to finalize the deal with regard to the loss-making Hambantota port within three weeks, Ports Minister said. Minister Arjuna Ranatunga told Parliament Friday that under the new arrangement, the port will be operated as a PPP venture project between Sri Lanka and Chinese investors. “A Chinese company […]
‘s Budget 2017 second reading passed in Parliament
Budget 2017 second reading passed a short while ago with 162 for the motion, 55 against and 7 absent.