Category: Economy and Markets
JO MP Balasuriya critical of active liability management bill
April 02, 2018 (LBO) – In a recent speech in Parliament, JO MP Tharaka Balasuriya highlighted some problematic technicalities in the Active Liability Management Bill. The bill has encountered some controversy, with the Supreme Court finally having to weigh in through a verdict confirming that the bill is in fact constitutional. Balasuriya highlighted that this […]
Sri Lanka post ushers money orders into the digital age with Sampath Bank
Apr 02, 2018 (LBO) – Sri Lanka’s Department of Post with Sampath Bank unveiled e-Pay Mobile Cash, a service that leverages the wide spread network of post offices, sub-post offices and Sampath Bank ATMs around the island to enable real time money transfers in a secure and convenient manner.“With 4,610 post offices and sub-post offices […]
Invest more in people, or risk extinction: Oracle’s Dalal tells SLASSCOM Summit
Apr 02, 2018 (LBO) – No matter how successful companies are today, they may risk extinction if they fail to invest in their employees and won’t transform with changing times, Head of HCM Cloud Applications (Asia Pacific) at Oracle Corporation, Yazad Dalal recently warned companies and business leaders. He advised companies to invest in the […]
Central Bank to continue exchange of altered currency notes
Mar 30, 2018 (LBO) – Central Bank has decided to continue the service of exchange of willfully mutilated, altered and defaced currency notes from CBSL until further notice.The decision has been made considering the difficulties faced by the general public in exchanging willfully defaced currency notes after 31 March, 2018.After 31 March, general public can […]
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 […]