Category: Economy and Markets
Elusive global outlook requires urgent policy response, says OECD
Feb 19, 2016 (LBO) – Achieving strong growth in the global economy remains elusive, with only a modest recovery in advanced economies and slower activity in emerging markets, according to the OECD’s latest Interim Economic Outlook. “The world economy is likely to expand no faster in 2016 than in 2015, its slowest pace in five […]
Sri Lanka to collect corporate taxes online from next month
Feb 19, 2016 (LBO) – Sri Lanka’s state tax collector will gradually move out of manual tax administration by launching the first phase of RAMIS next month. Starting from March, six tax types namely VAT, SVAT, CT, NBT, PAYE and WHT will be collected under the Revenue Administration Management Information System (RAMIS). The Inland Revenue […]
Perpetual Treasuries lead sponsor Investment Summit in Singapore
Feb 18, 2016 (LBO) – Sri Lankan primary dealer Perpetual Treasuries said it will be one of the lead sponsors of the Sri Lanka Investment Summit to be held in Singapore on March 15. This inaugural summit presented by FinanceAsia will be conducted with the objective of enhancing the image of Sri Lanka as a […]
‘s Orient Finance IPO backed by Janashakthi
Feb 18, 2016 (LBO) – Sri Lanka’s Orient Finance initial public offering was backed by Janashakthi Insurance given the trying market conditions for raising capital, a senior official said. “The biggest investor was the parent company (Janashakthi Insurance) because the way the restructuring went; during the amalgamation the parent had a cash out of their […]
PTL Watch: Yields dip slightly ahead of policy meeting
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One-fourth of Sri Lanka’s population will be over 60 by 2050: WB
Feb 18, 2016 (LBO) – Sri Lanka will witness dramatic impacts on aging and urbanization contrary to the demographics of most South Asian economies, the World Bank said in a recent report. By 2050, it is projected that more than 25 percent of the population will be over 60, up from 13.4 percent in 2015. […]
Everjobs to expand job opportunities to smaller Sri Lanka towns
Feb 18, 2016 (LBO) – Everjobs, a Rocket Internet company subsidiary, wants to expand beyond Sri Lanka’s main cities this year and encourage more local firms and job seekers to opt for cost effective options. “The cost of online recruitment is only about 10 percent of the cost of an offline option,” the company said, […]
Crowdfunding platform Crowdisland.lk launched for Sri Lankan start ups
Feb 18, 2016 (LBO) – Sri Lankan start ups will be able to utilize a new crowdfunding platform, crowdisland.lk, launched on Wednesday with the backing of an experienced group of investors famiiiar with Sri Lankan companies, its founders said. Crowdfunding is the process of raising money to fund a project or business venture through many […]
Sri Lanka’s Sampath Bank net up 15-pct in Dec quarter
Feb 17, 2016 (LBO) – Net profits at Sri Lanka’s Sampath Bank group rose 15 percent to 1.5 billion rupees in the December quarter from a year earlier, interim accounts showed. The group reported earnings of 8.91 rupees for the quarter against 7.74 rupees per share last year. For the year ended December the group […]
Sri Lanka stocks close down 0.5-pct
Feb 17, 2016 – Sri Lanka’s stocks closed down at 0.53 percent with low investor activity due to economic and policy uncertainty, brokers said. The Colombo benchmark All Share Price Index (ASPI) closed 33.34 points down at 6,220.82 down 0.53 percent. The S&P SL20 closed 0.43 points down at 3,242.31 down 14.00 percent. Turnover was […]
Laugfs Power acquires Pams Power for 2MW mini hydro
Feb 17, 2016 (LBO) – Laugfs Power, a wholly-owned subsidiary of Laugfs Gas PLC, announced the acquisition of Pams Power (Pvt) Ltd for 200 million rupees to set up a 2MW mini hydro power plant in Ginigathhena in the Nuwara Eliya district. The plant, expected to be commissioned in early 2017 with a total investment […]
Sri Lanka’s Dialog Axiata net down 58-pct in December quarter
Feb 17, 2016 (LBO) – Profits at Sri Lanka’s Dialog Axiata group, which has interests in mobile, fixed and pay television, declined 58 percent to 620 million rupees from a year earlier in the December 2015 quarter, interim accounts showed. Revenues grew 16 percent to 20 billion rupees in the December quarter from a year […]