Category: Economy and Markets
PTL Watch: Minimal activity, market awaits bond auction
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Sri Lanka’s EDB called on to perform like private sector entity
Oct 23, 2015 (LBO) – Sri Lanka’s Export Development Board has been called upon to perform as a private sector entity to ensure a better performance from the country’s export.“The EDB should not behave like a laidback government institution,” Sujeewa Senasinghe, state Minister of Development Strategies and International Trade said while addressing officials of EDB […]
Tax concessions damage country’s tax base: Former Indian FM
Oct 23, 2015 (LBO) – Tax concessions are not an alternative to a poor investment climate and damages the tax base of a country, Former Finance Minister of India Palaniappan Chidambaram said. Chidambaram was delivering the 20th annual taxation oration at the Institute of Chartered Accountants of Sri Lanka Thursday.Former Finance Minister said Sri Lanka […]
Uber arrives in Sri Lanka
Oct 22, 2015 (LBO) – Uber, a global ride sharing company in over 340 cities in 60 countries, launched in Sri Lanka, a statement said. “At Uber, every city that we launch outperforms its predecessor and we expect nothing less from Colombo. In fact, for months now, we know that demand for Uber has been […]
Sri Lanka stocks close up 0.2-pct driven by retail activity
Oct 22, 2015 (LBO) – Sri Lankan stocks closed up 0.19 percent on Thursday for a third consecutive day driven by retail activity with gains in index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed higher 13.18 points at 7,068.85 higher 0.19 percent. S&P SL20 closed 10.24 points higher at 3,819.07 up […]
PTL Watch: Rs30 bn Sri Lanka treasury bonds on offer
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Finance Ministry to set up separate department for private sector from 2016
Oct 22, 2015 (LBO) – Sri Lanka’s Finance Ministry is to set up a separate department for the private sector development at the ministry from January 01, 2016, Minister Ravi Karunanayake said.Karunanayake said the upcoming budget will be a revolutionary one where the monopolistic approach of the government will be reduced with competitive element emerging […]
ADB to fund USD800mn for the 3rd phase of connecting rural in Sri Lanka
Oct 22, 2015 (LBO) – Sri Lanka to get financial assistance of 800 million US dollars from the Asian Development Bank (ADB) for the implementation of phase 3 of the Integrated Road Investment Programme, cabinet spokesman told reporters on Thursday.The programme is implemented with the view of improving the road connectivity within selected rural centres […]
Sri Lanka to introduce National Consumer Price Index
Oct 22, 2015 (LBO) – Sri Lanka is to introduce a new National Consumer Price Index to represent the national level changes in the inflation. The cabinet nod has been given to consider its base year as 2013 and from 21 November 2015 to declare the proposed index on 21st of each month. The current […]
Sri Lanka’s exports and imports declines in August 2015: Central Bank
Oct 22, 2015 (LBO) – Sri Lanka’s exports earnings recorded a decline of 19.5 per cent, year-on-year, to 799 million US dollars in August 2015, showing decreases in all major export categories, Central bank data showed. The lower earnings from tea, textiles and garments, transport equipment and rubber products mainly contributed to the overall decline […]
CEO Forum: Inter-ministerial task force to boost economy, says Harsha
Oct 22, 2015 (LBO) – Sri Lanka’s new government has formed an inter-ministerial task force to develop the economy by coordinating work of important ministries, the Deputy Foreign Minister Harsha de Silva said. Apart from the Foreign Affairs Ministry, the task force mainly works with the Development Strategies and International Trade Ministry and Industry and […]
CBSL accepts highest amount of bids in a T-bill auction in 5 months
Oct 21, 2015 (LBO) – Sri Lanka’s Treasury bill yields were up with highest amount of bids in a Treasury bill auction in over five months at Wednesday’s auction, data from the state debt office showed. The 3-month yield was down 6.71 percent with bids amounting to 28.8 billion rupees being received and it was […]