Category: Economy
Office space demand and long term optimism for apartments to drive real-estate market
Aug 21, 2018 (LBO) – It is clear that Sri Lanka has enjoyed a sustained growth in the supply of high-end luxury apartments.By 2016 and when calculated the number of developments that have been approved or are currently under construction, then the number of units will top 14,000 by 2020, the 2018 Research Intelligence Unit […]
Moody’s Investors Service annual credit analysis assigns Sri Lanka B1 Negative
Aug 17, 2018 (LBO) – Moody’s Investors Service says that the credit profile of the Government of Sri Lanka (B1 negative) is supported by the authorities’ progress in implementing reforms, which entail fiscal consolidation and a build-up of foreign exchange reserves. The agency said a rating upgrade is unlikely for Sri Lanka and they would even consider […]
Central Bank to assist “Enterprise Sri Lanka” loan programme with training
Aug 17, 2018 (LBO) – Finance Ministry is to conduct training programs for all new entrepreneurs covered under the “Enterprise Sri Lanka” loan programme, district wise, along with the Central Bank officials.The decision was taken at a meeting held yesterday between the Finance Ministry, the Central Bank and the Heads of Bank of Ceylon, Peoples […]
Sri Lanka, Oman sign agreement on avoidance of double taxation and prevention of fiscal evasion
Aug 17, 2018 (LBO) – During the second meeting of the Sri Lanka-Oman bilateral consultations, held recently in Colombo, an agreement on avoidance of double taxation and prevention of fiscal evasion between Sri Lanka and Oman was signed by the leaders of the respective delegations. The Sri Lanka delegation to the bilateral consultations was led by […]
‘s Manufacturing growth marginally slows at beginning of Q3
Aug 17, 2018 (LBO) – The Manufacturing Sector PMI decreased to 57.2 index points in July 2018 from 57.6 index points observed in the previous month, a statement from the Central Bank said. The marginal slowdown observed in manufacturing activities in July was mainly driven by slowdown in employment due to the difficulties in replacing […]
Singapore-SL FTA revenue protection not yet gazetted but published by Treasury
Aug 16, 2018 (LBO) – Department of Trade & Investment Policy has not yet published the extraordinary gazette pertaining to the revenue protection order which deals with the preferential rates applicable to the Singapore – Sri Lanka Free Trade Agreement. A preferential rate is leviable and payable under the Singapore – Sri Lanka Free Trade […]
Fitch maintains negative banking sector outlook for Sri Lanka in 2018
Aug 15, 2018 (LBO) – Fitch Ratings said it maintains a negative banking sector outlook for Sri Lanka as operating conditions remain challenging, which could put mild pressure on performance during the rest of 2018 and possibly 2019. The performance of Sri Lankan banks under Fitch’s coverage, however, remained fairly stable through 2017 and 1Q18, […]
Special Salaries Commission to remove public sector salary anomalies
Aug 14, 2018 (LBO) – Cabinet approval has been granted to appoint a special salaries commission to remove salary anomalies in the public sector including the Railway Department.The salaries commission will pay its attention and make an in-depth study on the provisions of the existing circulars dealing with payment of salaries and other allowances paid […]
Sri Lanka industrial production index up 0.4-pct in June
Aug 14, 2018 (LBO) – The volume of industrial production has increased by 0.4 percent in the month of June, 2018 compared to the same month in 2017, the Census and Statistics Department said. Among the manufacturing industries; volume of products of ‘Coke and refined petroleum products’ (33.7 percent), ‘Manufacture of fabricated metal products’ (19.1 percent) […]
Jaffna uniquely positioned for dual-hub IT strategy: STAX
Aug 14, 2018 (LBO) – Sri Lanka’s leading management consulting firm, STAX, recently launched a research report outlining a dual-hub IT strategy for Jaffna. In collaboration with Market Development Facility (MDF), STAX released this report with a view to fostering the region’s substantial potential for IT-related services in line with the national drive to develop […]
President appoints committee to study Sri Lanka – Singapore FTA
Aug 11, 2018 (LBO) – President Maithripala Sirisena has appointed an independent committee comprising of five experts to study and report on the Free Trade Agreement signed with Singapore. Former Vice Chancellor of the Colombo University, Professor W. D. Lakshman will chair this committee, media reports said, quoting President’s Media Division. Other members include Professor Sirimevan Colombage from […]
Sri Lanka hikes premium fuel prices
Aug 10, 2018 (LBO) – Sri Lanka has increased the prices of petrol (95) by 2.00 rupees to 167 rupees and super diesel by 1.00 rupee to 130 rupees, the Finance Minister announced a short while ago.“Although international fuel prices came down last month, there was uncertainty in the Middle East and last week prices were […]