Category: Economy and Markets
Sri Lanka records 4-pct unemployment rate in 4Q 2017
The Department of Census and Statistics (DCS) Sri Lanka has released the results of the Sri Lanka labour force survey for the fourth quarter of 2017 (October, November, December).Labour Force Survey (LFS) is designed to measure the levels and trends of employment, unemployment and labour force in Sri Lanka. This survey has been conducted quarterly, […]
Coca-Cola CEO meets Prime Minister in Sri Lanka
Mar 29, 2018 (LBO) – President and CEO of Coca-Cola, James Quincey has met with Prime Minister Ranil Wickremesinghe during his maiden visit to Sri Lanka.Affirming the company’s commitment to Sri Lanka, the company and its bottling partner has committed to contribute 50 million dollars into the ecosystem of the country over the next 5 […]
Thumps up from US on GSP for Sri Lanka and others
Mar 29, 2018 (LBO) – Sri Lanka will be regaining the United States Generalised System of Preferences (GSP) trade concession which expired on December 31, 2017.When President Donald Trump signs the budget bill on Friday the the US government will be re-authorizing the process. Other countries will also be benifitting from this scheme.Nearly 3,500 different products from Sri […]
‘s revamped corporate website
Mar 29, 2018 (LBO) – The revamped corporate website of the Central Bank of Sri Lanka (CBSL) was launched by Governor Dr.Indrajit Coomaraswamy, Wednesday. The URL for the site is https://www.cbsl.gov.lk.The main features of the new website include additional content, more dynamic and interactive features with improved functionality, mobile compatibility and active social media integration.This […]
President gazettes Central Bank & SEC under Finance Minister
Mar 28, 2018 (LBO) – President Maithripala Sirisena has gazetted Central Bank and SEC under Finance Minister, few days ahead of the no-confidence motion against Prime Minister Ranil Wickremesinghe. Accordingly, Monetary Law Act and Securities and Exchange Commission Act has been classified as additional laws to be implemented by the Finance Minister. Central Bank and Securities and Exchange […]
‘s Orix sells Sri Lanka LOLC stake for Rs.12.8Bn
Mar 28, 2018 (LBO) – Sri Lanka’s LOLC Holdings, a firm controlled by Deputy Chairman Ishara Nanayakkara has purchased a 30 percent stake held by Japan’s Orix group for 12.8 billion rupees, Wednesday. The company bought 142,458,490 shares at 90 rupees per share, a company source said. The shares closed at 111.00 rupees on Tuesday. The […]
‘s Ideal Group in JV to assemble vehicles
Mar 28, 2018 (LBO) – Mahindra and Mahindra Ltd. (M&M) has announced the establishment of a Joint Venture (JV) with Ideal Motors Ltd. for assembling vehicles in Sri Lanka. M&M will invest up to 250 million rupees to form the joint venture, a statement said. The acquisition expected to be completed by April 2018 will see M&M […]
United Motors to dispose its shareholding in TVS Lanka
Mar 27, 2018 (LBO) – United Motors Lanka said its 50 percent shareholding in TVS Lanka is to be disposed for 1 billion rupees. United Motors in a stock exchange filing said they entered into a sale and purchase agreement with T.V. Sundaram Iyengar and Sons, India to dispose the entire shareholding of United Motors […]
Sri Lanka to raise USD1000mn via ETFF to finance budget expenses
Mar 27, 2018 (LBO) – Government says it intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in US Dollars or Japanese Yen or Euro or their combinations up to 1,000 million dollars or its equivalent in 2018.The FTFF is expected to be raised at a fixed rate or a floating rate, linked […]
CB requests CIFL depositors to submit their details of deposits
Mar 26, 2018 (LBO) – Sri Lanka’s Central Bank has requested all CIFL depositors to submit the details of deposits that they have placed with the finance firm and loans obtained from them in a bid to consider the repayment of insured deposits. Central Bank said the purpose of this is to obtain the details […]
‘s Port of Colombo: 13th best connectivity in world
Mar 26, 2018 (LBO) – Port of Colombo has been ranked the 13th best connectivity port, up five places in the Drewry Port Connectivity Index for the 4th quarter in 2017. According to the rankings the Port of Colombo is also the top best connectivity port in South Asia. The Index recently announced the top 20 ports […]
‘s residential and retail markets beyond 2019: JLL
Mar 26, 2018 (LBO) – Sri Lanka’s residential real estate sector, especially high end condominiums,faces over supply challenges, with the recent re-imposition of 15 percent VAT on condominium sales, denting sentiment while retail markets too demonstrate less sustainability, real estate consultancy Jones Lang La Salle (JLL) said. JLL recently announced the company’s predictions for Sri Lanka’s […]