Category: Economy and Markets
‘s Finance Minister
Nov 21, 2016 (LBO) – The Minister of Finance has called on local and foreign entrepreneurs to seize the opportunity given by the government to invest in Sri Lanka, with incentives presented under the 2017 Budget. The Minister assured that all proposals would be implemented on time and some of the proposals have already come […]
IMF approves USD162.6mn disbursement to Sri Lanka
Nov 19, 2016 (LBO) – IMF Executive Board has completed its first review of Sri Lanka’s Extended Fund Facility (EFF) arrangement, which enables the disbursement of about 162.6 million US dollars. The IMF said in a statement, the reinstatement of the amendments to VAT will help boost revenues, while the 2017 budget proposal should strengthen […]
Sri Lankan rupee edges down on capital outflow fears
Nov 18, 2016 (Reuters) – The Sri Lankan rupee fell on Friday on persistent worries of capital outflows as incoming President Donald Trump’s policies are seen aiding higher U.S. interest rates and a strong dollar. Rupee forwards were active, with the spot-next trading at 148.70/95 per dollar, compared with Thursday’s close of 148.65/75. “The rupee […]
Dollar soars on U.S. yield gains,Asian shares wobbly
TOKYO, Nov 18 (Reuters) – The dollar vaulted to 13 1/2-year highs against a basket of major currencies as U.S. bond yields rose, leaving Asian stocks vulnerable to potential rotation out of emerging markets to the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent in early trade to hover […]
SEC eases minimum public float rule; 6-month grace period to comply
Nov 17, 2016 (LBO) – Sri Lanka’s securities regulator has decided to revise the minimum public float requirements to provide listed public companies with a wider range of options to comply with the rules without compromising the objective of the rule. A grace period of 6 months extending up to 30 June 2017 will be […]
CA Sri Lanka to implement new Audit Report from March 2018
Nov 17, 2016 (LBO) – Institute of Chartered Accountants of Sri Lanka is to implement the new Audit Report from March 2018, in keeping with its continuing efforts to ensure the country is in line with international standards. The new Audit Report by the International Auditing and Assurance Standards Board (IAASB) of International Federation of […]
JICA to lend Yen23Bn for water supply project
Nov 17, 2016 (LBO) – The Japan International Cooperation Agency (JICA) signed a loan agreement with the Government to provide a Japanese loan of 23 billion Yen as assistance for the Anuradhapura North Water Supply Project. This project will construct a water supply system in the northern part of Anuradhapura District to provide safe drinking […]
Sri Lanka budget signals continuity, but implementation key: CCC
Nov 17, 2016 (LBO) – Sri Lanka’s budget 2017 has signaled continuity in the economic policy priorities of the government, but successful implementation should be the benchmark against which it is measured, the island’s leading business chamber said. “Budget 2017 seeks to continue the government’s focus on modernizing the economy, inclusive growth, strengthening the middle class, […]
Verité identifies weakness in Sri Lanka’s public procurement
Nov 17, 2016 (LBO) – Verité Research, a private think tank, has identified three key weaknesses in public procurement in Sri Lanka. The study by the regional think tank has focused on the problems of public procurement, best practices of e-procurement followed in other countries, and the benefits for local businesses and the government. As […]
Dollar edges away from 13-year peak, Asian stocks slip
TOKYO, Nov 17 (Reuters) – The dollar edged away from a 13-year peak on Thursday, following an easing of the week-long surge in Treasury yields that was fuelled by hopes for the Trump administration’s economic policies, and Asian stocks slipped on Wall Street’s overnight dip. The dollar index, which measures the greenback’s strength against […]
Sri Lanka revenue reform a step toward stronger finances: Fitch
Nov 16, 2016 (LBO) – Sri Lanka’s budget 2017 proposed tax hikes will strengthen the revenue base although some of the revenue assumptions look optimistic and pose risks to projections, the Fitch rating agency said. “Sri Lanka’s budget for 2017 is broadly in line with the targets set out under its IMF programme, and contains […]
Access Engineering PLC opens trading at CSE
(PRESS RELEASE) – Access Engineering PLC (Access)rang the Opening Bell to commence trading at the Colombo Stock Exchange (CSE) today. The Bell Ringing ceremony was organized by the CSE as part of a series featuring companies included on the S&P Sri Lanka 20 Index. Sharing his remarks at the ceremony, Chairman of CSE Mr. Vajira […]