Author: lbostgadmin
Sri Lanka fetes 68th independence in South Korea
The Sri Lanka Embassy in Korea organized a series of events in Seoul and Gimhae from end-January to early-February 2016, to celebrate the 68th anniversary of the country’s independence. The Embassy on 3 February organized a grand reception at the Millennium Seoul Hilton hotel which was attended by over 400 dignitaries that included Ambassadors and the diplomatic corps, Korean […]
Capital gains tax may kill stock market: Ravi Abeysuriya
Feb 26, 2016 (LBO) – Sri Lanka’s government should not impose a capital gains tax on the stock market as the market still runs on low trade volumes, Group CEO of Candor Group, Ravi Abeysuriya said. Capital gains are profits realized on a sale of a non-inventory asset that was purchased at a cost that […]
Sri Lanka no longer a poor country, discussions with IMF constructive: CB Governor
Feb 26, 2016 (LBO) – Sri Lanka is no longer a poor country, and must rely on markets for its funding needs, Central Bank Governor Arjuna Mahendran said. An endorsement of the IMF, in this regard, would be valuable, he added. “We have had very constructive discussions with the IMF,” Mahendran said. “The government and […]
COPE to obtain Auditor General Report on bond issue
Feb 26, 2016 (LBO) – The Committee on Public Enterprises (COPE) has decided to obtain a report from the Auditor General regarding the controversial bond issue. JVP Parliamentarian Dr. Nalinda Jayatissa said that they have also decided to conduct the inquiry through the main committee of the COPE. “We decided to obtain the observations of […]
New Zealand PM praises links between NZ and Sri Lanka
New Zealand Prime Minister John Key has urged New Zealand and Sri Lankan businesses to take advantage of the growing commercial opportunities between the two countries. “Our commercial ties have expanded well beyond the traditional dairy links to opportunities in sectors such as food and beverage, aviation, education, specialised manufacturing and the creative industries,” Mr […]
Sri Lanka wants to maintain rates at current levels: CB Governor
Feb 25, 2016 (LBO) – Sri Lanka’s central bank governor hopes interest rates can be maintained at current levels, after a 50 basis point rate hike last week, but this will be determined by external factors, he said. The island’s policy rates are at 6.5 percent and 8 percent, while 10-year treasury bond yields have […]
Union Bank profits surged in 2015
Union Bank of Colombo PLC (UBC) and its subsidiaries concluded the year 2015 with a notable business performance; reflected by a 226% increase in post-tax profit that signals the strong growth momentum mobilised within the year. Core Banking growth and Profitability The principal source of income from the Bank’s fund based operations escalated to Rs. […]
Fitch affirms Distilleries Company of Sri Lanka at AAA
Fitch Ratings has affirmed Distilleries Company of Sri Lanka PLC’s (DIST) National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable. KEY RATING DRIVERS Leading Alcohol Manufacturer: DIST continues to be the market leader in alcoholic beverage production in Sri Lanka due to its strong brands, which drive demand and access to retail points across the […]
Chamber welcomes ETCA; urges consultations with private sector
Feb 25, 2016 (LBO) – The Ceylon Chamber of Commerce has hailed the proposed Economic and Technology Cooperation Agreement (ETCA) with India, but has urged Systematic Consultations with the Private Sector. The chamber said in a statement that any bilateral or regional agreement that Sri Lanka forges must be supportive of the country’s holistic economic […]
SEC reconsiders minimum public float rule: CSE
Feb 25, 2016 (LBO) – Sri Lanka’s securities regulator is reconsidering the minimum public float rule as the intention of introducing such rule was not met, a senior official at the CSE said. Chief Executive Officer at the Colombo Stock Exchange Rajeeva Bandaranaike said the intention of introducing the minimum holding rule was to encourage […]
PTL Watch: Yields tick up, trading in long-term maturities
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ETCA can be a wake up call for Sri Lankans: professionals
Feb 25, 2016 (LBO) – Sri Lankan professionals say integration with India through the Economic and Technical Cooperation Agreement (ETCA) is a must for the islands future development. “Yes, ETCA is needed. We have labour problem and if Sri Lankans can’t do it and we don’t have the people then we have to bring them […]