Author: lbostgadmin
Several IPOs slated for CSE next year
Nov 25, 2015 (LBO) – Sri Lanka can expect three to four new IPOs on the Colombo Stock Exchange by the first quarter of next year, a CSE official told Lanka Business Online.“There are few IPOs in the pipeline,” he said.The CSE recently approved the IPO of People’s Insurance, a fully owned subsidiary of People’s […]
Sri Lanka can play an important role in world growth: British HC
Nov 26, 2015 (LBO) – Sri Lanka as an emerging economy can play a significant part in future world growth by unlocking it’s full potential through the right policies and reforms, the British High Commissioner said. “Emerging and developing countries will be increasingly important in driving global growth in the medium term,” James Dauris, British High Commissioner […]
Colombo Stock Exchange moving ahead with CCP
Nov 26, 2015 (LBO) – The Colombo Stock Exchange is moving ahead with setting up the Central Counter Party institution for secondary market transactions, the bourse said on Thursday. This system will allow delivery upon settlement and establishing a derivatives market including short selling which will raise the Colombo bourse to international standards, Rajeeva Bandaranaike, […]
No tariff increase on utility bills due to VAT revision: Finance Ministry
Nov 26, 2015 (LBO) – Sri Lanka’s water, power, telecom will be exempted from value added tax and the prices of most essential goods will also be reduce according to budget 2016, finance ministry said in a statement.The wholesale and retail trade which was previously taxed at 11 percent has been exempt from VAT in […]
Budget flawed, no confidence motion against Fin Min: Balasuriya
Nov 26, 2015 (LBO) – Sri Lanka’s budget for 2016 proposed by the government is flawed and a no confidence motion will be brought against the finance minister, opposition member of Parliament Tharaka Balasuriya said.Among areas of concern include liberalization of tea imports, absence of support for rubber planters, the proposed merger of ETF and […]
Blanket guarantee for Finance Companies questionable: Theagarajah
Nov 25, 2015 (LBO) – Sri Lanka’s Finance Ministry is to provide a blanket guarantee for finance companies which needs to be reconsidered, Chief Executive Officer of NDB, Rajendra Theagarajah said.Finance minister delivering the budget speech said the Central Bank will provide a 100 percent guarantee on all deposits for all registered finance companies by […]
Interest rates unchanged after monetary policy meeting
Nov 24, 2015 (LBO) – Sri Lanka’s Monetary Board held interest rates unchanged after a monthly policy meeting citing low inflation and a lack of necessity to change rates given loose monetary policy in the region. The Standing Deposit Facility Rate (SDFR) was held at 6.00 percent, the Standing Lending Facility Rate (SLFR) at 7.50 […]
How Budget impact Sri Lanka’s real estate sector?
Last week, Sri Lanka’s Finance Minister announced plans to remove the 15 percent land leasing tax for foreign investors, and reduce the approval period for foreign direct investment requests. The foreigner-friendly budget for 2016 is expected to have great impact on the country’s real estate market. The removal of land lease tax for foreigners is […]
Sri Lanka Budget lacks consolidation but reforms positive: Fitch
Nov 24, 2015 (LBO) – Sri Lanka’s 2016 budget, released on 20 November, provides no clear plan for fiscal consolidation over the medium term, Fitch Ratings said in a statement.The statement is reproduced below. Fitch Ratings Hong Kong/Singapore 24 November 2015: Sri Lanka’s 2016 budget, released on 20 November, provides no clear plan for fiscal consolidation over the medium […]
PTL Watch: Buying interest seen in 2016, 2017 bonds
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Major thrust of budget is formalizing economy: Ravi K
Nov 24, 2015 (LBO) – A major thrust of Sri Lanka’s budget for 2016 is formalizing the economy to bring in sectors that do not use formal banking channels, the finance minister said. “What we want to ensure is that the economy is made more formal,” Finance Minister Ravi Karunanayake said speaking at a post-budget […]