Category: Economy and Markets
Ceylinco Life’s net profit surges 95-pct to Rs.6Bn
(PRESS RELEASE) – Ceylinco Life has posted net profit of Rs 6 billion for the year ending 31st December 2017 while reaffirming its market leadership in Sri Lanka’s life insurance industry for the 14th successive year, with premium income of Rs 15.7 billion. The company posted profit before tax of Rs 6.3 billion reflecting a remarkable70 […]
‘s 3rd phase
Feb 21, 2018 (LBO) – The Government has given the go ahead to award the contract for construction of 3rd phase of Central Expressway to M/S Taisei Corporation of Japan. “Tokyo Mitsubishi Bank of Japan has agreed to provide funds of Japanese Yen 100 billion and it was decided to award the contract to M/S Taisei […]
Frontier Research outlines salient features of new Forex Act
Feb 21, 2018 (LBO) – Sri Lanka’s new Foreign Exchange Act came into effect last year after the Parliament passed it with amendments. The new law removed criminalisation of violations of the exchange control act and associated prison sentences. New Act covers matters including classes of capital transactions, opening and maintenance of accounts, permitted investments […]
Sri Lanka President promises new Economic programme
Feb 21, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena said a new economic programme of the government will be finalized by the National Economic Council (NEC) by next week. Chairing a meeting at the Presidential secretariat the President held detailed discussions on the rapid changes required in the country, Tuesday. He said that short term […]
‘s Liability Management Bill presented to Parliament
Feb 20, 2018 (LBO) – The new Active Liability Management Bill, to improve public debt management, was presented to Parliament for the first reading, Monday. Through this new bill Sri Lanka’s public debt sustainability is to be managed at a national level. To avoid any possible risk, appropriate reform methods are to be followed. Following […]
Sampath Bank reports PAT of Rs12Bn
(PRESS RELEASE) – Sampath Bank posted a Profit After Tax (PAT) of Rs 12.1 Bn for the year ended 31st December 2017, an impressive 32.7% YoY growth compared to Rs 9.1 Bn recorded int he previous year. Similarly, Profit Before Tax (PBT) too grew by 31.8% YoY to reach Rs 16.6 Bn for the period under […]
‘s small businesses
Feb 16, 2018 (LBO) – Sri Lanka has decided to obtain an additional financing through a loan of US 75 million dollars from the Asian Development Bank to scale up the ongoing Small and Medium Enterprise (SME) line of credit project, the Finance Ministry said. The Government had earlier obtained ADB financial assistance of US […]
Insurance Industry records 15.5-pct growth in 3Q of 2017
Feb 16, 2018 (LBO) – Sri Lanka’s insurance industry was able to report a growth of 15.53 percent (3Q, 2016: 16.97 percent ) in terms of overall Gross Written Premium (GWP), at the end of third quarter of 2017, recording an increase of 15,862 million rupees when compared to the same period in 2016. The […]
Construction sector challenged by continued labour shortage: report
RIU report 2018 – The construction industry is worth approximately USD 8 Bn and is already under strain owing to rising construction costs.This industry is challenged by a shortagein skilled construction workers due to two factors; firstly, there is a large number of potential labour who seek employment as trishaw drivers and secondly, due to worker […]
Piramal Glass Ceylon gross profit crosses Rs1Bn
For the nine months ended Dec 31, 2017 the overall turnover of Piramal Glass Ceylon was on par with the previous year’s sales of Rs.5 billion mark. The domestic sale for the period was Rs.3,375 million as against the previous year’s Rs. 4,065 million depicting a drop of 17%, whilst the export market showed a […]
CB keeps policy rates unchanged: Economy currently operating below potential
Feb 15, 2018 (LBO) – Sri Lanka will keep policy rates unchanged in February as the economy is stabilizing with improvements in trade figures, the islands central bank said. “The decision of the Monetary Board is consistent with the objective of maintaining inflation at mid-single digit levels over the medium term and thereby facilitating a sustainable growth […]
Sri Lanka needs to create an environment that rewards investment: Harvard economist
Feb 14, 2018 (LBO) – Sri Lanka should move towards a simpler tariff structure, and implement direct taxes on things like income and property to maintain revenue, Harvard economist Robert Lawrence says. “90 percent of your tariffs should be in the simple schedule, and then there may be some exceptions,” Lawrence, faculty chair of the Practice of […]