Category: Economy and Markets
’s President cancels 16 foreign firms mining licenses
Mar 02, 2015 (LBO) – Sri Lanka’s new president has cancelled mining licenses which has been issued by the former regime to 16 foreign companies to engage in gem-mining a statement said.The Indian Ocean Island has 70 out of the 200 known gem minerals and has long been known as a rich source of stones, […]
Sri Lanka raises Rs10bn from 30-year bonds
Feb 27, 2015 (LBO) – Sri Lanka’s raised 10,058 million rupees from a 30-year bond which yield 11.73 percent at an auction today, data from the state debt office showed. Sri Lanka offered a billion rupees of 30-year bonds and had received bids of 20.708 million rupees. The bond was quoted in the secondary market […]
Sri Lanka JKH to terminate Fitch rating agreement
Feb 27, 2015 (LBO) – Sri Lanka’s John Keells Holdings has informed Fitch Ratings Lanka, a rating agency that it will terminate its rating agreement with the company with effect from 27 March 2015, the company said in a filing to stock exchange. John keels also said that it would consider an international rating when […]
Sri Lanka’s tax on liquor manufacturers to boost market share of Distilleries Corp: Fitch
Feb 27, 2015 (LBO) – Sri Lanka’s market leader in alcoholic beverage production Distilleries Corporation of Sri Lanka (DIST) would be able to expand its market share due to the large monthly tax imposed on liquor manufactures which ultimately discourages new players and smaller players, a rating agency said. Sri Lanka’s new administration proposed a […]
‘s inflation drops to 2.9-pct in Feb 2015: Central Bank
Feb 27, 2015 (LBO) –Sri Lanka inflation declined to 2.9 percent in February 2015 from 3.2 percent in January 2015, on a year-on year basis, as a result of the downward revision of fuel prices in the interim budget of the new administration, the Central Bank said in a media release. The data measured by […]
Sri Lanka raises Rs10bn from 30-year bonds
Feb 27, 2015 (LBO) – Sri Lanka’s raised 10,058 million rupees from a 30-year bond which yield 11.73 percent at an auction today, data from the state debt office showed.Sri Lanka offered a billion rupees of 30-year bonds and had received bids of 20.708 million rupees. The bond was quoted in the secondary market at […]
Sri Lanka Hayleys’s Rs2bn debt issue oversubscribed
Feb 26, 2015 (LBO) – Sri Lanka, Hayleys PLC’s issue of 20,000,000 senior unsecured listed redeemable rated debentures was oversubscribed today receiving applications for over two billion rupees, the company said in a filing to the stock exchange. The company issued 20, 00,000 debt at 100 rupees each. The issue would be closed at 4.30 […]
Sri Lanka Central Bank asked all banks to pay 15-pct interest to 60+ depositors
Feb 26, 2015 (LBO) – Sri Lanka’s Central Bank has asked all the banks to pay 15 percent interest for term deposits of up to a million rupees, held by depositors over 60 years of age, the bank said in a statement. Senior citizens who opened fixed deposits up to 2.5 million rupees before the […]
Sri Lanka port city project would create infrastructural and sewage disposal issues: Deputy Minister
Feb 26, 2015 (LBO) – Sri Lanka’s Chinese funded port city project would have infrastructural and sewage disposal issues once implemented, Deputy Minister of Highways, Higher Education and Investment Promotion said at an event held in Colombo. Much has been said in the recent weeks about the port city development in Colombo and I am […]
’s forex reserves down to US$7.26bn in Jan 2015: Central bank
Feb 26, 2015 (LBO) – Sri Lanka’s forex reserves fell to 7.261 million US dollars in January 2015, from 8.208 million US dollars in December 2015,official data showed. The Island’s foreign reserves were up in August 2014 at 9.2 billion US dollars amid weak credit growth and since then it was falling steadily as domestic […]
Sri Lanka to get World Bank support in implementing policies to reduce poverty
Feb 24, 2015 (LBO) – World Bank’s vice president for the South Asia Region Annette Dixon said the Bank would partner with the government to help shape and implement policies aimed at reducing poverty, improving shared prosperity and promoting sustainable growth. The Government has laid out an ambitious reform agenda aimed at improving governance, transparency […]
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Feb 20, 2015 (LBO) –The new government had to revisit the ‘deemed Value Added Tax’ where it was asked by the new administration to pay tax on ‘VAT-exempt’ items such as vegetables, seafood and rice by limiting the ability of companies to reclaim taxes, Sri Lanka’s Cargills Food City Chief Ranjith Page said in Colombo […]