Category: Economy and Markets

IMF

IMF urges Sri Lanka govt to narrow fiscal deficit

Feb 05, 2016 (LBO) – The International Monetary Fund urged the Sri Lankan government to narrow the fiscal deficit after a staff mission to Colombo this week to discuss economic developments. “The mission has advised the government to urgently make a stronger effort to narrow the fiscal deficit and put the public finances on a […]

Central Bank of Sri Lanka Logo

Central Bank relaxed restrictions on remitting foreign currencies

Feb 05, 2016 (LBO) – The Central Bank has relaxed restrictions on remitting and transacting foreign currencies with immediate effect. With this new decision, foreign currencies can be remitted out of NRFC, RFC and RNNFC (Resident Non National Foreign Currency) accounts and FEEA (Foreign Exchange Earners’ Account) for any purpose and prior approval need not […]

Colombo Stock Exchange CDS partners with LankaPay

Colombo Stock Exchange CDS partners with LankaPay

Feb 05, 2016 (LBO) – The Central Depository System (CDS), a fully owned subsidiary of the CSE, has partnered with LankaPay, the national payment network, to provide a fully-fledged digital experience to its settlement banks via the CDS – Digitalized Settlement Schedule Signing (DS3) online portal. This solution was enabled via LankaPay’s service arm, LankaSign, […]

traffic-road-vehicle

Megapolis plan aims for flexible working hours

Feb 05, 2016 (LBO) – Sri Lanka’s recently unveiled Megapolis plan of development envisages flexible working hours as one aspect of transport demand management to address Colombo traffic congestion. “Flexible working hours can be introduced in public and private institutions to spread peak load of traffic flow,” the Megapolis masterplan states. “Employees can adjust their […]

Harsha-De-Silva

Interview: Sri Lanka needs to be brave and open up, says Harsha

Feb 03, 2016 (LBO) – Sri Lanka’s Deputy Minister of Foreign Affairs said that closing boarders in fear will not help small countries like Sri Lanka to move forward. “Look at Vietnam they are opening up and signing the Trans Pacific Partnership – they brought in close to 15 billion dollars in foreign direct investments […]

profit

Textured Jersey Lanka net up 79-pct in Dec quarter

Feb 03, 2016 (LBO) – Profits at Textured Jersey Lanka, a fabric maker, rose to 672 million rupees in the December 2015 quarter up 79 percent from a year earlier, the firm said. Textured Jersey reported earnings of 1.02 rupees per share for the quarter in accounts filed with the Colombo Stock Exchange. In the […]

Ceylon-chamber-of-commercejpg

Ceylon Chamber Investor Forum attracts foreign interest

Feb 03, 2016 (LBO) – The upcoming ‘Sri Lanka Investment & Business Conclave 2016,’ organized by the Ceylon Chamber of Commerce is getting interest from international parties, the Chamber said in a statement. Over 30 investors from countries such as Australia, Bangladesh, China, Egypt, Germany, Georgia, Kuwait, Pakistan and Singapore have registered to take part […]

India rates tied to fiscal discipline, Rajan signals Modi

India rates tied to fiscal discipline, Rajan signals Modi

Feb 03, 2016 (LBO) – India held interest rates unchanged on Tuesday with Reserve Bank of India Governor Raghuram Rajan sending a message to Prime Minister Narendra Modi that continued fiscal discipline was necessary for further interest rate cuts. “The Indian economy is currently being viewed as a beacon of stability because of the steady […]

‘s most valuable company

‘s most valuable company

Feb 02, 2016 (LBO) – Google’s parent company, Alphabet has reported fourth quarter earnings driving up the company’s shares by over 8 percent, foreign media reported. Alphabet shares jumped after the strong earnings report, making Google worth roughly 544 billion US dollars though Apple’s market capitalization stood at 534 billion US dollars. That has made […]

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