Author: lbostgadmin
Ceylon Chamber welcomes relaxing export proceeds rule
Oct 20, 2016 (LBO) – Ceylon Chamber of Commerce has welcomed the move to ease the rule on repatriation of export earnings, increased from the earlier 90 days to now 120 days, as formalized by a Gazette notification issued recently. The Chamber pointed out that this rule hurts Sri Lanka’s export competitiveness, compromises export orders, […]
Sri Lanka allocates Rs1.8tn for 2017 in Appropriation Bill
Oct 20, 2016 (LBO) – Sri Lanka’s government has allocated 1,819 billion rupees to meet the estimated expenditure requirements of next year through the appropriation bill presented to the Parliament today. Presenting the bill, Finance Minister Ravi Karunanayake said the cabinet approval has duly been granted for the bill. As per the released bill, the […]
PTL Watch: Shorter term bond yields tick higher
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UNDP allocates USD 38mn to support dry zone communities in Sri Lanka
Oct 20, 2016 (LBO) – The United Nations Development Programme announced the commencement of a 38.1 million dollar project under the Green Climate Fund to improve agriculture-based livelihoods of farmers in the dry zone. “The project will allow assistance to be provided to 770,000 people in three river basins – Malwatu Oya, Yan Oya and […]
Sri Lankan rupee edges down on importer dollar demand, foreign bond sale
COLOMBO, Oct 20 (Reuters) – The Sri Lankan rupee edged down on Thursday on importer dollar demand and as foreign investors sold bonds in the absence of central bank intervention, said dealers. Rupee forwards were active, with the spot-next at 147.45/55 per dollar as of 0646 GMT, compared with its previous close of 147.40/50. The […]
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(PRESS RELEASE) – Fitch Ratings-Colombo-19 October 2016: Fitch Ratings has assigned Nations Trust Bank PLC’s (NTB: A(lka)/Stable) issue of subordinated debentures of up to LKR5bn a final National LongTerm rating of ‘A-(lka)’. The final rating is the same as the expected rating assigned on 15 September 2016, and follows the receipt of documents conforming to […]
Commercial Bank honoured in USA& Hong Kong
(PRESS RELEASE) – As the financial year draws to a close, the Commercial Bank of Ceylon has been presented with two more significant global awards in Washington DC and Hong Kong. Commercial Bank Chairman Mr Dharma Dheerasinghe and Managing Director Mr Jegan Durairatnam received the Global Finance award for the Best Bank in Sri Lanka […]
Sri Lanka wants to become self sufficient in sugar: Ravi
Oct 20, 2016 (LBO) – Sri Lanka will deploy new initiatives to become self-sufficient in sugar manufacture, Finance Minister Ravi Karunanayake said in a statement. Plans are underway to increase sugarcane cultivation and set up of 15 new manufacturing plants in the country, the statement said. The project will be implemented under two stages. Under […]
Asian stocks ride US momentum, oil near 15-month high
SINGAPORE, Oct 20 (Reuters) – Asian stocks advanced on Thursday, propelled by strong U.S. earnings and oil prices near a 15-month high, as the third and final U.S. presidential debate before the Nov. 8 election got underway. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 percent. Japan’s Nikkei extended gains to 0.9 percent. […]
Sri Lanka to develop IT platform for tea with Rs220mn
Oct 19, 2016 (LBO) – Sri Lanka is to introduce an industry-wide and real-time IT solution to integrate functions associated with tea in order to improve productivity and quality across the industry. The proposed IT backbone will acquire, store, analyze and report on industry-related data and will integrate the entire value chain with efficient monitoring […]