Category: Economy and Markets
Sri Lanka’s John Keells Holdings gets Dialog’s Hans on board
Oct 04, 2016 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings said Dialog Group Chief Executive Hans Wijayasuriya has been appointed to their board with effect from today. The company said Wijayasuriya who has been appointed as an independent non-executive director, does not have a relevant interest in the shares of the company as […]
No 100 percent tax waivers given to Beer Company: Finance Ministry
Oct 04, 2016 (LBO) – Sri Lanka’s Finance Ministry says there is no truth that a beer manufacturing company has been given concessions for imports which would result in a revenue loss of 6 billion rupees to the state. In a statement the ministry said a beer manufacturing company in the country which was fully […]
Sri Lanka plans to levy heavy penalties for tax defaulters in 2017
Oct 04, 2016 (Reuters) – The Sri Lankan government plans to impose heavy penalties for tax defaulters and expand tax offices across the country as it aims to increase the tax base by bringing to heel thousands of tax dodgers, Finance Minister Ravi Karunanayake said on Monday. The moves are expected to boost the island nation’s […]
Many economies yet to adopt good practices in PPP: WB
Oct 04, 2016 (LBO) – The World Bank has in a report set out new benchmarks for public-private partnerships (PPP) procurement across 82 economies. “Many economies are yet to adopt broadly recognized good practices to prepare, procure, and manage public-private partnerships (PPP),” the new World Bank Group’s Benchmarking PPP Procurement 2017 report stated. The report […]
‘s Global Competitiveness rank reflects exports, govt weakness: WEF report
Oct 04, 2016 (LBO) – Sri Lanka fell three notches to 71st in terms of the Global Competitiveness Index for 2016-2017 compiled by the World Economic Forum, with poor ratings on exports, debt to GDP and labour market flexibility. Sri Lanka came in at 110th in terms of exports as a percentage of GDP, 107th […]
Asian shares wobble, dollar firms after upbeat US data
TOKYO, Oct 4 (Reuters) – Asian shares wobbled on Tuesday after fading hopes for a reduced Deutsche Bank fine and rising expectations of a U.S. interest rate hike pressured Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was slightly higher in early trading, while Japan’s Nikkei stock index gained 0.6 percent as the […]
Sri Lankan shares hit 5-week high; rupee edges up
Oct 03, 2016 (Reuters) – Sri Lankan shares edged up on Monday, hitting their highest in five weeks, led by blue chips as hopes of some improvement in macroeconomic fundamentals boosted investor sentiment, dealers said. Sri Lankan shares were headed for a fifth straight session of gains, with the benchmark Colombo stock index rising 0.41 percent […]
Asia stocks start Q4 with gains, sterling stumbles
SYDNEY, Oct 3 (Reuters) – Asian shares got the new quarter off to a firm start on Monday, while sterling tumbled as Britain set a March deadline to start divorce proceedings from the European Union. Risk sentiment had benefited on Friday from reports Deutsche Bank was negotiating a much smaller fine with the U.S. Department […]
PTL Watch: Yields decline after auction, longer-end down sharply
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Sri Lankan rupee edges up as tight liquidity prompts dollar sales
Sept 30, 2016 (Reuters) – The Sri Lankan rupee traded slightly firmer on Friday, after four straight sessions of losses, as tight rupee liquidity triggered dollar sales by some banks, dealers said. The spot rupee was at 146.75/90 per dollar at 0556 GMT, compared with Thursday’s close of 146.90/147.00. The rupee has fallen 0.58 percent […]
Sri Lanka adds more taxes for smokers
Sep 30, 2016 (LBO) – Sri Lanka’s Cabinet has approved a 15 percent Value Added Tax (VAT) and 5.00 rupees production tax on cigarettes as well as an increase of cess on the import of “beedi” leaves, a statement said. “Cabinet has decided to impose 15 percent VAT on cigarettes again, increase the current production […]
‘s ministries should be aligned to be more effective
Sep 30, 2016 (LBO) – Sri Lanka’s budget allocations for national road development are high, but it needs to be attuned to needs, and ministries should be properly allocated, a senior official said. “The problem is that we have fragmented systems, especially transport and highways are two different ministries so it is very difficult for […]