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‘s rate hike partly due to fiscal slippage on VAT: Coomaraswamy
July 29, 2016 (LBO) – Sri Lanka’s 50 basis point rate hike on Thursday was partly due to fiscal slippage arising from a delay in hiking the value added tax, Governor Indrajit Coomaraswamy said. Sri Lanka budgeted for a two percentage points of GDP reduction in the budget deficit this year, but delays to a […]
Textured Jersey Lanka net up 93-pct to Rs399 mln in quarter
Press Release: The TJL Group (TJ) has reported eight straight quarters of strong quarterly profit growth. The Q1 2016/17 performance has proved to be the Group’s best first quarter recorded to date, posting a consolidated net profit of Rs. 399 Million, representing a YoY growth of 93 percent. The Group has made significant progress in […]
New USAID Mission Director signals surge in US assistance to Sri Lanka
Signaling a surge in U.S. development assistance for Sri Lanka, the newly-arrived Dr. Andrew Sisson official assumed duties yesterday as the U.S. Agency for International Development (USAID) Mission Director to Sri Lanka and Maldives. U.S. Ambassador Atul Keshap administered the oath of office in the presence of his wife Karen Levine and the entire USAID […]
Sri Lanka to abolish hotel minimum rates by next year
July 29, 2016 (LBO) – Sri Lanka’s Tourism Development ministry has decided to abolish the minimum room rates imposed on city hotels with effect from 31st March 2017. This decision has been taken by the Tourism Development Minister John Amaratunga based on a recommendation of the Tourism Advisory Council which comprises of key players in […]
No more debate on monorail vs. LRT, Japan confirms funding
Jul 29, 2016 (LBO) – Sri Lanka’s government confirmed that the Japanese government will fund the islands proposed Light Rail Transit (LRT), ending a debate on monorail vs. LRT following the conclusion of a high level delegation visit from Japan, Thursday. “The delegation, led by Hirofumi Katase the Vice Minister for Economy, Trade and Industry of […]
Asian shares flat, yen hits 2-week high ahead of BOJ
TOKYO, July 29 (Reuters) – Asian shares held near one-year highs while the yen hit a two-week high on Friday in nervous trade as investors waited to see if the Bank of Japan will come up with stimulus that would meet markets’ expectations. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early […]
Sri Lanka’s Central Bank increases policy rates by 50bps
July 28, 2016 (LBO) – The Monetary Board has decided to increase the main policy interest rates of the Central Bank, the Standing Deposit Facility Rate and the Standing Lending Facility Rate, by 50 basis points each to 7.00 percent and 8.50 percent respectively, effective from the close of business on 28 July 2016. “The […]
Canadian Foreign Minister says much more remains to be accomplished
Address by Canadian Minister of Foreign Affairs Stéphane Dion on the occasion of a joint press conference with Sri Lankan Minister of Foreign Affairs Mangala Samaraweera Ayubowan. Vanakkam. Good afternoon. Bonjour. I’m touched by the warmth and smiles that have greeted the Canadian delegation since our arrival in Sri Lanka last night. Minister Samaraweera, thank […]
John Keells Holdings net up 10-pct in June quarter
Jul 28, 2016 (LBO) – Sri Lanka’s diversified John Keells Holdings group profit after tax grew 10 percent to 2.6 billion rupees in the June quarter, from a year earlier with revenue climbing eight percent, the interim accounts showed. The consumer goods and transportation sectors posted strong growth of over 20 percent, while property, financial […]
Modi says Indian cooperation must happen as per Sri Lankan aspirations
July 28, 2016 (LBO) – Indian Prime Minister Narendra Modi today said that India’s development cooperation with Sri Lanka must happen as per aspirations of Sri Lanka. He said India’s development cooperation with Sri Lanka enjoys a wide spread of projects through out Sri Lanka in different areas of economic activities. “But it must happen […]
Sri Lanka launch first free pre-hospital care ambulance service with Indian grant
(PRESS RELEASE) – In a groundbreaking initiative, the country’s very first fully fledged free pre-hospital care ambulance service numbering a collective of 88 state of the art fully equipped vehicles was flagged off at Galle Face Green. To be operated initially in the Southern province with the service rolled out into the Western Province within […]
‘s PM
July 28, 2016 (LBO) – Former Governor Arjuna Mahendran has taken up an appointment as an advisor to Prime Minister Ranil Wickremesinghe in the area of investments, a government official said. Mahendran did not seek re-appointment for the position of Central Bank governor last month as a COPE investigation into treasury bond issues had not […]