Category: Economy and Markets
Sri Lanka will ensure resource utilization in sustainable manner: President
Apr 19, 2018 (LBO) – Our Government’s “Blue-Green” economic plan will ensure the full utilization of the ocean and other natural resources of Sri Lanka in an environmentally friendly and sustainable manner’, said President Maithripala Sirisena delivering the keynote address at the Commonwealth Business Forum, Wednesday. I call upon everyone present here to join hands […]
Sri Lanka imposes 15-pct tax on gold imports
Apr 19, 2018 (LBO) – Sri Lanka has imposed a 15 percent tax on gold to tackle possible smuggling to India, where it is more expensive, the finance ministry said. The tax came into effect midnight on Tuesday. Sri Lanka’s gold imports rose 72 percent to 15,750 kilograms in 2017 while in the first quarter of […]
Sri Lanka pledges support for Commonwealth small states trade finance facility
Apr 18, 2018 (LBO) – Sri Lanka pledged financial contribution to setup the Small States Trade Financial Facility, In order to help Small States get access to global markets. On the margins of the ongoing Commonwealth Heads of Government Meeting in the United Kingdom. Mangala Samaraweera, minister of finance signed this agreement on behalf of […]
Sri Lanka Govt to ensure continued progress of financial inclusion: Fin Min
Apr 18, 2018 (LBO) – Minister of Finance Mangala Samaraweera says it is important for the Sri Lankan financial system to have robust access and engagement with the global financial architecture. The challenge for countries like Sri Lanka is how to ensure continued progress of financial inclusion, he said. “One negative fall-out is “de-risking”, the scenario […]
Virtusa says 85-pct businesses plan to invest in digital transformation in 2018
Virtusa Corporation(NASDAQ GS:VRTU), a global provider of digital engineering and IT outsourcing services that accelerate business outcomes for its clients, announced the findings of The Digital Transformation Race Has Begun, a September 2017 study commissioned by Virtusa and conducted by Forrester Consulting, that reflects the digital maturity of firms worldwide. The study evaluates the state of […]
Sri Lanka’s CEB threaten TU action, Says not liable for inconvenience to public
Apr 17, 2018 (LBO) – Sri Lanka’s Ceylon Electricity Board Engineers Union (CEBEU), of the state owned electricity supplier Ceylon Electricity Board (CEB) is to take a trade union action from 20th April against its regulator Public Utilities Commission of Sri Lanka demanding the approval CEB’s power generation plan. The regulator amended and approved the […]
DFCC relaunches their credit cards
DFCC Bank relaunched their Credit Card range at a special event on 28 March at the Cinnamon Grand, Colombo amidst a large gathering of clients, prominent personalities, Directors, CEOs, top Executives and Business Leaders of the industry.Adding a nice twist to the event, a fashion show was staged depicting the variety of cards the Bank […]
South Asia regains growth lead, Still lags on jobs
Apr 17, 2018 (LBO) – South Asia has regained its lead as the fastest growing region in the world, supported by recovery in India. With the right mix of policies and reforms, growth is expected to accelerate to 6.9 percent in 2018 and 7.1 percent next year. The twice-a-year South Asia Economic Focus (SAEF) finds that the […]
Sri Lanka Central Bank issues warning on virtual currencies
Apr 17, 2018 (LBO) – The Central Bank has warned the pubic about the use of “virtual currencies”, commonly used to refer to digitally created representations of value that are issued by private developers and denominated in their own unit of account. “It is hereby notified to the public that CBSL has not given licence or […]
World Bank warns of reform slowdown amid challenging political environment
Apr 17, 2018 (LBO) – Sri Lanka’s growth is projected to rebound in 2018 and continue to be around 4.5 percent in the medium term, driven by private consumption and investment, the Wold Bank says in its latest report. “Inflation will stabilize at the mid-single digit level as the impact of natural disasters wears off, […]
SriLankan reports revenue of Rs.126.9Bn in 2017/18
Apr 16, 2018 (LBO) – National carrier SriLankan Airlines has achieved a un-audited annual passenger revenue of 126.9 billion rupees (US Dollars 830.7 million) for its just ended financial year of 2017/18. “This is the highest ever in the Company’s 38-year history,” the Airline said in a statement. The revenue comes on the back of recent […]
Govt. nod for three local companies for vehicle emission test certification
Apr 12, 2018 (LBO) – Sri Lanka’s government has given approval of the cabinet of ministers to award the contract for issuing Vehicle Emission Test Certificates to three local firms, a statement said. “In accordance with the recommendation of Cabinet Appointed Negotiating Committee, to M/s Laugfs Eco Sri. Pvt/Ltd, M/s Cleanco Lanka (Pvt) Ltd and […]