Author: lbostgadmin
Sri Lanka bans cinnamon imports and re-exports
Nov 09, 2016 (LBO) – Sri Lanka’s cabinet nod has been received to list Cinnamon as a banned commodity to import from other parts of the world. The move came after few incidents that Cinnamon produced in other countries re-exported to several countries under the Entrepot trade. Ministry of Primary Industries said as per the […]
Interview: Strength of potential partners key to LNG negotiations, says PRDS DG
Nov 08, 2016 (LBO) – The reputation and financial strength of potential partners is key to developing Sri Lanka’s LNG infrastructure, according to the head of the Petroleum Resources Development Secretariat (PRDS). “Introducing a new energy form of LNG and building up end-user dependency on it requires a low-risk approach to supply assurance,” Saliya Wickramasuriya, […]
What you need to know when transferring funds in and out of Sri Lanka – RIU
(PRESS RELEASE) During a recent RIU (Research Intelligence Unit) Investor forum in London, it was found that the number one cause of both confusion and concern amongst non-resident Sri Lankans (NRSL) was the perceived lack of clarity on how funds can be channeled in and out of Sri Lanka from the U.K and other parts […]
Sri Lankan rupee trades firmer on dollar selling by banks
COLOMBO, Nov 9 (Reuters) – The Sri Lankan rupee was trading firmer on Wednesday as dollar selling by banks outpaced demand for the greenback from importers as the U.S. currency fell, dealers said. The U.S. dollar sank and stocks plummeted as mayhem came to world markets on Wednesday as investors faced the possibility of a […]
PwC Sri Lanka powers ambitious young entrepreneurs at CIMA Launch Pad
PwC Sri Lanka has extended its expertise for the benefit of aspiring young entrepreneurs in the country, to help them realize their ambitious goals, and ensure their startups achieve sustainable long term success. During a knowledge sharing session at the CIMA Launch Pad workshop on October 29, 2016, subject experts from PwC Sri Lanka shared […]
Trump secures U.S. presidential election: report
Nov 09, 2016 (LBO) – Donald Trump will become the 45th US president after beating Democrat candidate Hillary Clinton, foreign media reports said. The battlegrounds of Florida, Ohio and North Carolina cleared the way for Trump to beat favored Clinton, the Associated Press news agency reported. “I just received a call from Secretary Clinton. She congratulated us […]
‘s tourism minister highlights red-tape as major challenge
Nov 09, 2016 (LBO) – Sri Lanka’s ambitious plans to develop its tourism sector are being held up by too much bureaucracy, according to the island’s Minister for Tourism, John Amaratunga. Speaking ahead of the inaugural Asia Hotel and Tourism Investment Conference (AHTIC) in Colombo, he said: “One of the biggest challenges is the bureaucracy. […]
Dollar spooked in Asia as US polls too close to call
SYDNEY, Nov 9 (Reuters) – Asian markets were on tenterhooks on Wednesday as early state exit polls in the U.S. presidential election showed wins for both candidates and no clear trend as yet, causing a nervous shift back to safe haven assets. Asian stocks and U.S. stock futures edged 0.5 percent higher in volatile trade, […]
Budget 2017 will rectify all anomalies: Finance Minister
Nov 09, 2016 (LBO) – Sri Lanka’s Minister of Finance said that the 2017 Budget will be a pro-growth budget which will focus on the deficiencies for the last several years. “Accordingly the budget would have proposals to rectify all the anomalies that are there to deal with export sector to create job,” Ravi Karunanayake, […]
Sri Lanka welcomes first KLM flight after nearly 20 years
Nov 08, 2016 (LBO) – KLM Royal Dutch Airlines resumed flights to Sri Lanka on 01 November with a twice-weekly service between Colombo and Amsterdam operated by Boeing 787 Dreamliner aircraft, a statement said. On board were KLM VIPs and Joanne Doornewaard, ambassador of the Kingdom of the Netherlands to Sri Lanka and Maldives. Throughout […]
Hayleys PLC profits down due to Rs.459Mn, Tea and Rubber losses
(PRESS RELEASE) – (November, 07, 2016): Sri Lanka’s leading diversified conglomerate, Hayleys PLC recorded a sharp increase of 18% Year-on-Year (YOY) increase in revenue, with growth in Construction, Agriculture, and Hand Protection sectors supporting the Group to post revenue in excess of Rs. 52 billion by the end of the first half of 2016 (1H16). […]
Sri Lankan rupee firmer on exporter dollar sales; stocks down
COLOMBO, Nov 8 (Reuters) – The Sri Lankan rupee edged up on Tuesday as dollar selling by exporters outpaced demand for the greenback from importers, dealers said. Rupee forwards were active with one-week forwards trading at 148.15/25 per dollar at 0610 GMT, compared with Monday’s close of 148.20/30. “Overall, trading was dull. We expect the […]