Category: Economy and Markets
Sri Lanka Insurance gets a new chairman
Feb 16, 2015 (LBO) – Sri Lanka’s new administration has appointed Hemaka Amarasuriya, an accounting professional, who served for Singer Sri Lanka group for a long period as chairman of Sri Lanka Insurance Corporation.Amarasuriya an accounting professional, is the former Senior Vice President of Singer Asia Limited, Vice President of Retail Holdings Limited USA and […]
Sri Lanka’s Cargills gets US$20mn of IFC investment
Feb 16, 2015 (LBO) – International Finance Corporation (IFC), a unit World Bank has invested 20 million US dollars in Sri Lanka’s Cargill Food Company, the group said in a filing to stock exchange.The group said that IFC subscribed to an eight percent stake in the share capital of Cargills Food Company, wholly owned subsidiary […]
Sri Lanka to attract Indian investments
Feb 13, 2015 (LBO) – Sri Lanka’s new administration plans to attract Indian Investments in to the Indian Ocean Island, and to develop strong relationship with India with the proposed visit of President Sirisena’s to India in mid – February. We have only got loans with high interest under the previous regime but not investments, […]
Sri Lanka Aitken Spence December 2014 net down 19-pct
Feb 12, 2015 (LBO) – Profits at Sri Lanka’s Aitken Spence group fell 19 percent to 869 million rupees in the December 2014 quarter, interim accounts showed.The group reported earnings of 2.14 rupees per share for the quarter.For the nine months to December 2014, the firm reported earnings of 5.41 rupees per share on profits […]
‘s BOI companies not exempted from the super gain taxation: Government
Feb 11, 2015 (LBO) – Sri Lanka’s projects approved under the board of investment law will have to pay the one-off super gain tax, a government minister said.“We have to charge them also. They never paid taxes.†said, Dr. Harsha de Silva, deputy minister of policy planning and economic affairs. Silva speaking at a local […]
Sri Lanka Treasury bill yields up
Feb 11, 2015 (LBO) – Sri Lanka’s Treasury bill yields moved up on Wednesday’s auction with the 12-month yield increased to 6.10 percent, data from the state debt office showed. 6-month yield was also moved up to 5.98 percent from 5.90 percent in last week and 5,355 million rupees were accepted from 9.430 million rupees. […]
’s senior appointments to be decided by Constitutional Council: Deputy Policy Planning
Feb 09, 2015 (LBO) – Sri Lanka’s new government would take steps to appoint a Constitutional Council including senior respected people and ministers from government and opposition to decide senior appointments, Deputy Policy Planning and Economic Affairs Minister Dr. Harsha de Silva said. He made this comment at LBR LBO CEO Forum, answering a question […]
Sri Lanka revises mansion tax rules: Report
Feb 09, 2015 (LBO) – Sri Lanka’s proposed Mansion Tax was amended imposing on houses larger than 10,000 square feet, which is twice as large as originally propose in an interim budget 2015, a media report said quoting Finance Minister Ravi Karunanayake. Accordingly the report, the Mansion Tax would be levied on houses where the […]
’s economic relations with India to play a crucial role in making Island an economic hub: Chamber CEO
Feb 09, 2015 (LBO) – Sri Lanka’s economic relations with India will play a crucial role in making Sri Lanka an international logistic hub, Chief Executive of the Ceylon Chamber of Commerce said in a statement. Sri Lanka needs to appreciate the unprecedented opportunity that is emerging in India and within South Asia, Mangala P. […]
‘s interim budget 2015 passed by parliament
Feb 08, 2015 (LBO) – Sri Lanka’s parliament has passed the interim budget 2015 presented by new administration.It was passed with 164 votes in the 225 member parliament, while an independent legislator Ajith Kumara had voted against the budget, a report said.
’s Port City project to go ahead; China may get the land: Minister
Feb 06, 2015 (LBO) – Sri Lanka’s Port City project would go ahead as the appointed committee to review the project had now found that an Environment Impact Assessment (EIA) had been conducted on the reclamation, Cabinet Spokesman Rajitha Senaratne said. Senarathne said the EIA had been conducted by Sri Lanka’s Moratuwa University. Sri Lanka […]
Sri Lanka sealed the $750,000 Strauss-Kahn deal
Feb 06, 2015 (LBO) – Sri Lanka’s new government has wrapped the deal with former IMF Chief Dominique Strauss-Kahn after paying USD 750,000 for being an advisor to set up International Finance Center to attract foreign investors to the island. Cabinet Spokesman Rajitha Senarathne said the Cabinet had decided to terminate the servicers of Khan […]