Category: Economy and Markets
President calls for proposals to solve problems in construction field
Apr 11, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena advised the Secretary for Ministry of Skills Development and Vocational Training to prepare a proposal for finding solutions to fill the shortage of workmen in construction field.The President further advised to form a special committee jointly headed by the Secretaries of Ministry of Skills Development […]
Sri Lanka targets USD2.5Bn in FDI in 2018, USD 5Bn by 2020:Fin Min
Apr 10, 2018 (LBO) – Sri Lanka’s government is looking at attracting up to US 2.5 billion dollars in Foreign Direct Investments (FDI) in 2018, and to double it to US 5 billion by 2020, a statement said. In 2017 the the highest FDI inflows came from China, followed by Hong Kong, India and Singapore, the […]
Sri Lanka’s debt burden is higher than Ethiopia, Uganda & Ghana
Apr 09, 2018 (LBO) – Sri Lanka’s government revenue as a share of GDP is lower than many peers, while the government debt-to-GDP ratio is much higher, Moody’s Investors Service said in a statement.Debt-to-GDP ratio in Ethiopia, Uganda and Ghana among other countries is lower than Sri Lanka even though revenue-to-GDP ratio in these countries […]
Sri Lanka trade deficit expands over USD1bn in January; imports USD2bn
Apr 09, 2018 (LBO) – Sri Lanka’s trade deficit has expanded in January surpassing 1 billion US dollars for the second consecutive month due to significant level of imports offsetting the increase in export earnings. While earnings from merchandise exports increased, expenditure on imports also increased significantly outweighing the performance in export earnings during the […]
Fitch Ratings doubles stake in Sri Lanka unit
Apr 05, 2018 (LBO) – Fitch Ratings has doubled its stake in itch Ratings Lanka Ltd. ,to approximately 89 percent through its acquisition of the equity interest of several shareholders. the Company said in a statement. “We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of […]
Sri Lanka CB cuts policy rate ceiling by 25bps
Apr 04, 2018 (LB0) – Sri Lanka’s central bank has decided to reduce the Standing Lending Facility Rate (SLFR), which is the upper bound of the policy interest rate corridor of the Central Bank, by 25 basis points, a statement said. The Monetary Board was of the view that the favourable developments in the economy […]
Blue Ocean Group of Companies has grown into versatile conglomerate
Blue Ocean Group of Companies Blue Ocean Group of Companies has grown into a versatile conglomerate over the years. The evolution of the group is significant because the Group has achieved growth and profit harmoniously and not by taking part in the aggressive competition in the field. Blue Ocean Group of Companies engage in Real […]
Sri Lanka targets pharmaceuticals self-sufficiency with new zone
Apr 03, 2018 (LBO) – Efforts to increase domestic and foreign investment in Sri Lanka’s pharmaceuticals industry is set to boost output, Oxford Business Group (OBG) said in its recent Sri Lanka economic update. OBG said latest measures will also broaden the sector’s product range, bringing the country closer to the government’s goal of self-sufficiency […]
Benefits of AWS Cloud Computing
Amazon Web Services(AWS) offers a secure cloud service platform, with ample compute power, database storage and myriads of other services that are vital to aiding a business scale and grow. To keep it short here’s why you need to join AWS and a few of the benefits it holds in store for your business.By the […]
New IR act most progressive in SA, Will bring in extra Rs.60Bn in revenue
Apr 03, 2018 (LBO) – Sri Lanka’s Finance ministry says the government expects to earn a an additional revenue of 60 billion rupees each year through the new Inland Revenue Act (IRA). “This year, we expect the government to rake in 30 billion rupees,” S.R. Attygalle, deputy secretary of the Finance and Mass Media Ministry said. […]
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 […]