Category: Economy and Markets
Banks to cease leasing from June, charges on cash withdrawal: Budget 2016
Nov 20, 2015 (LBO) – Sri Lanka’s banks have been asked to cease leasing activities from 01st of June next year while pawning should be limited to five percent of total loan portfolio, Finance Minister Ravi Karunanayake said in Parliament. “Honourable Speaker, I propose that licensed banks should concentrate on their core banking activities,” Karunanayake […]
Sri Lanka to allow tea imports within regulatory framework: Fin Min
Nov 20, 2015 (LBO) – Sri Lanka plans to liberalize the tea industry through allowing tea to be imported into the country within a regulatory framework, Finance Minister Ravi Karunanayake said delivering the budget 2016 speech at the Parliament. “Tea has remained a key export of our country but the value addition is not as significant […]
Budget 2016 Coverage – Proposals and Full Speech
Nov 20, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake commences the 2016 budget speech in Parliament. Key points: Proposals Micro, small and medium enterprises – Micro, small and medium enterprises find it hard to raise equity and debt financing with reluctance of financial institutions to lend to them. Advisory committee to develop SME […]
PTL Watch: Lower foreign holding for bonds in budget
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Sri Lanka to increase bursary payment for university students
Nov 20, 2015 (LBO) – Sri Lanka’s Higher Education and Highways Ministry has taken steps to minimize the gap between Mahapola Scholarship holders and bursary payment holders by increasing the monthly bursary payment from 2,500 rupees to 4,000 rupees to enable university students to continue their studies without any economic difficulties, media spokesman said. Approximately, […]
Wake up call for business community tomorrow: Finance Minister
Nov 19, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake on Thursday pledged business community that the 2017 budget will be a wake-up call for all businesses.“You are in safe hands now, you made that decision on January 8th and I’m sure you’ll see risk free dividends will be given tomorrow and with that […]
Sri Lanka stocks close up 0.5-pct: JKH gains
Nov 19, 2015 (LBO) – Sri Lankan stocks closed up at 0.55 percent on Thursday with gains in John Keells Holdings and some banking and finance sector stocks, brokers said. The Colombo benchmark All Share Price Index closed up 38.21 points at 7,020.18 up 0.55 percent. S&P SL20 closed 31.13 points higher at 3,795.35 up […]
Sri Lanka to draft legislation to abolish Executive Presidency, improve electoral system
Nov 19, 2015 (LBO) – Sri Lanka plans to draft legislations to abolish the Executive Presidency and to transfer the powers to the Parliament while introducing a more democratic electoral system, the cabinet spokesman told reporters today. Powers of the Executive Presidency could not be reduced as was expected earlier by the 19th amendment to […]
‘s representation to be amended
Nov 19, 2015 (LBO) – Sri Lanka is to amend the local authorities act so as to increase women’s representation in local authorities. Although about 51 percent of Sri Lankan population is women, only about 5 percent from the total members elected to the parliament, provincial councils and local government institutions are women. Sri Lanka’s […]
Harsha Calls for Evidence Based Policy Making
Nov 19, 2015 (LBO) – Sri Lanka Deputy Minister of Foreign Affairs Harsha de Silva articulated the need for evidence based policy making in the complex world of today where there is no room for policy blunders. He said while delivering the keynote address at the 5th South Asia Regional Conference of the Think Tank […]
PTL Watch: Yields tick up, low activity ahead of budget
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Poll: Sri Lanka market evenly divided on possible US rate change
Nov 19, 2015 (LBO) – Sri Lanka market participants are evenly divided on whether the U.S. will hike interest rates or not this year, with half the participants polled by Lanka Business Online saying they expect no change. Out of 14 market participants polled by Lanka Business Online, seven said they expect around a 25 […]