Category: Economy and Markets
Sri Lanka plans new import controls for non essential goods
Oct 17, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena has instructed the Finance Ministry to study the current imports and submit a report on goods of which the imports can be temporarily restricted. President has made these remarks at the 20th session of the National Economic Council, which was held at the Presidential Secretariat […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
Pharma industry withdraws 11 drugs from market: Importing not commercially viable
Oct 17, 2018 (LBO) – The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) in a statement to media said that despite persistent appeals, the Government has failed to address the issue of a fair and proper pricing mechanism for pharmaceutical products in light of the sharply depreciating Sri Lankan Rupee against the US Dollar. “With over […]
Only 8-pct of Sri Lanka’s 2018 budget promises progressing on track: Verité
Oct 16, 2018 (LBO) – Sri Lanka’s private think tank Verité Research has found out that only 8 percent of promises announced in the 2018 budget are progressing on track through the end of the first six months of this year. The research firm has also found out that progress on 33 percent of proposals […]
Controversial investor Nimal Perera discloses stock market positions in DailyFT report
October 16, 2018 (LBO) – In a high profile report in the DailyFT, controversial Colombo Stock Exchange (CSE) investor Nimal Perera disclosed his stock positions amounting to approximately Rs2bn. The report claimed that most of the positions were purchased recently. The positions disclosed in the report under the name of his firm NP Capital are […]
JKH shares trade Rs1.3bn for the day, most transactions at 126-127/share
October 16, 2018 (LBO) – Shares of recently sinking market bellwether John Keells Holdings (JKH) have transacted close to Rs1.3bn (US$7.5mn) worth of shares today, with transactions done in several blocks through the day. Most of the shares were done at a price of Rs126-127, multiyear lows for the stock. Late in the trading day […]
‘s growth to recover and remain at 4-pct : World Bank
Oct 16, 2018 (LBO) – Sri Lanka’s economic growth is projected to recover from the effects of last year’s weather disruptions, which negatively affected agriculture, and to remain around 4 percent in the next two years, says the World Bank in its twice-a-year regional economic update. Growth will be robust in most South Asian countries, except […]
Foreign outflow from the CSE $ 10mn on the day, $ 50mn for 2018
October 15, 2018 (LBO) – Foreign outflow out of the Sri Lankan stock market topped Rs1.7bn (US$10mn) on the day as the former owner of Singer Sri Lanka (SINS) disposed of their last 9.47% stake in the company. The buyer was highly leveraged Hayleys (HAYL) who bought control of the CSE listed Sri Lankan retailer […]
SAARC looks to go high tech to boost regional trade : Minister
Oct 15, 2018 (LBO) – Despite low trade within the region, there is potential for using information and communication technologies to contribute to social and economic progress across South Asian countries, Minister of Industry and Commerce said. “Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment […]
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]
Central Bank introduces whistleblowing policy & code of conduct for employees
Oct 15, 2018 (LBO) – Sri Lanka’s Central Bank said a whistleblowing policy and a new code of conduct for all employees have been introduced as part of the execution of recommendations included in the bond commission report. Releasing a statement on the progress they made with regard to the recommendations of the bond commission […]
Amalgamation of Janashakthi General with Allianz Insurance completed
Oct 15, 2018 (LBO) – Allianz Insurance Lanka Limited (Allianz Lanka) said, the acquisition of Janashakthi General Insurance in February 2018, has now been successfully completed with the amalgamation of the two firms. The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister […]