Category: Economy and Markets
GAAM: Stocks up 0.5pct for week, Rs1 bln foreign inflow
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Sri Lanka Eco Summit to discuss ‘Walking the Talk’ for Greener Growth
July 03, 2017 (LBO) – The Importance of Sri Lankan businesses aligning its growth plans with greener practices to help develop a ‘sustainable era,’ will be discussed at the upcoming Sri Lanka Economic Summit 2017. The topic will be discussed at a thematic session titled, ‘Realizing a Greener Growth Path – Walking the Talk’, with […]
Sri Lanka’s new revenue law to help credit profile: Moody’s
July 03, 2017 (LBO) – Sri Lanka’s new Inland Revenue Act will contribute to increasing the country’s very low level of government revenues, a key constraint on the sovereign credit profile, Moody’s said. Last month, the government made public a new income tax bill that will replace the existing law with a more efficient, modern […]
Sri Lanka enters USD34mln financing for smallholder agribusiness
July 03, 2017 (LBO) – International Fund for Agricultural Development (IFAD) and the Government of Sri Lanka have signed a financial agreement for the implementation of the Smallholder Agribusiness Partnership (SAP) Program. The programme will provide a platform for 57,500 poor rural households to increase their income and food security by expanding livelihood and business […]
GSP Plus could add USD350 mln in export revenue, improve FDI: Min
July 03, 2017 (LBO) – GSP plus eligibility could add 350 million dollars in export revenue to Sri Lanka, while increasing potential for FDI, the minister for industry and commerce said. “The enhanced market access that Sri Lanka gets from EU GSP+ is very significant,” said Minister Rishad Bathiudeen. “In fact, according to the Department […]
Sri Lanka licensed banks to adopt minimum capital standards from July
Commencing 01 July 2017, licensed banks in Sri Lanka will adopt minimum capital standards based on the Direction issued by the Central Bank of Sri Lanka in late 2016. This Direction is in line with the Basel III guidelines issued by the Bank for International Settlements (BIS) related to capital, leverage and liquidity in order […]
Sri Lanka’s Watawala Plantations to separate tea business
June 30, 2017 (LBO) – Sri Lanka’s Watawala Plantations is planning to set up a separate company relating to the tea business segment of the company by segregating its operational assets and liabilities. The firm said in a stock exchange filing that the said assets and liabilities will be vested in the new limited company […]
Sri Lanka CCC appoints Rajendra Theagarajah as new chairman
June 30, 2017 (LBO) – The Ceylon Chamber of Commerce appointed Rajendra Theagarajah as its new Chairman during its 178th AGM held in Colombo, Thursday. Theagarajah, a veteran banker, succeeds the outgoing Chairman Samantha Ranatunga, who led the Chamber during the past two years. He functioned as the Vice Chairman, Deputy Vice Chairman, Board Member […]
Reforms in Sri Lanka urgent but need to limit cost to the poor: WB
June 30, 2017 (LBO) – Sri Lankan government led reforms to improve competitiveness, maintain macro-fiscal stability and strengthen institutions, with broad support in the country, are key to robust economic growth, job creation and poverty reduction, a new World Bank report said. The Sri Lanka Development Update launched Thursday said that the economy and its […]
PTL Watch: Bond yields ease, buying in longer tenors
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Revised rules on minimum public holding takes effect from July: SEC
The Securities and Exchange Commission of Sri Lanka (SEC) has instructed the Colombo Stock Exchange (CSE) to commence enforcement in respect of its November-2016 Revision of Rules on Minimum Public Holding Applicable to All Listed Public Companies. The enforcement measures were developed by the CSE under the direction of the SEC and are due to […]
Siyapatha Finance to raise Rs1bn in listed debt
June 29, 2017 (LBO) – Sri Lanka’s Siyapatha Finance is planning to raise as much as one billion rupees from a public offer of debentures which will be quoted on the Colombo Stock Exchange. Siyapatha Finance said in a stock exchange filing that the company wants to sell 10 million listed rated unsecured subordinate redeemable […]