Category: Featured
‘s Financial Intel Unit signs MOU with Singapore authority
Sept 22, 2016 (LBO) – The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU) has entered into a memorandum of understanding with the Suspicious Transaction Reporting Office of Singapore (STRO) to facilitate exchange of information on money laundering and terrorist financing. The MOU has been entered into “within the framework of each […]
Infrastructure: Port city to transform Colombo, boost facilities
Sep 22, 2016 (LBO) – Sri Lanka’s planned Port City project says its vision is to offer a modern and sustainable lifestyle without comprising services delivered to attract high net-worth individuals in the region. Several hectares of public parks will increase facilities available to the public and the amount of commercial office space in Colombo […]
New markets needed to offset Sri Lanka Tea downturn: OBG
Sept 21, 2016 (LBO) – Adverse weather conditions, combined with rising costs and greater competition, threaten to weaken Sri Lanka’s position in the global tea industry, though efforts to develop new markets could help offset downturns in exports and revenue, the Oxford Business Group said in a note on the economy. Flooding in mid-May struck […]
Sri Lanka committee to look in to Norochcholai environmental issues
Sep 21, 2016 (LBO) – Sri Lanka’s Public Utilities Commission (PUCSL) has appointed a 7 member committee to look at the environmental damage allegations that have been leveled against the Norochcholai power station. “We have received several complaints about this so we appointed a committee that is qualified to look into this matter,” Damitha Kumarasinghe, […]
No liberalization of professionals under upcoming FTAs: Kelegama
Sept 20, 2016 (LBO) – Sri Lanka’s bilateral free trade agreements that are currently being considered have no liberalization of professionals, a senior official confirmed. Sri Lanka is currently negotiating with India to deepen the existing Indo-Lanka FTA via Economic and Technology Cooperative Agreement (ETCA), and is talks with China and Singapore to sign bilateral […]
Interview: Sri Lanka stock earnings +6 pct in June quarter, valuations improve
Sept 20, 2016 (LBO) – Sri Lankan listed companies posted earnings of 49.9 billion rupees in the quarter to June, up six percent from the same quarter last year, according to Acuity Stockbrokers. Together with a depressed market, this means valuations have improved. Lanka Business Online spoke to Chethana Ellepola, head of research at Acuity […]
Sri Lanka should add 1275MW to grid by 2020: PUCSL
Sep 19, 2016 (LBO) – Sri Lanka’s power regulator Public Utilities Commission (PUCSL) has given the nod for the Ceylon Electricity Board’s (CEB) to add 1,275 megawatts of power to the national grid during next four years through the least cost long term generation expansion plan (LCLTGEP) 2015 – 2034. “The plants listed in the […]
Sri Lanka vehicle registrations rebound from July lows: JB
Sept 19, 2016 (LBO) – Sri Lanka vehicle registrations saw a rebound in August from the July lows in the categories of small cars, three-wheelers, two-wheelers and mini trucks, JB Securities said. Motor car registrations in August were 3,011 units, up from 2,596 units the previous month, although significantly down from a high of 14,544 […]
Sri Lanka GDP expands 2.6-pct in second quarter 2016
Sept 15, 2016 (LBO) – Sri Lanka’s economy expanded 2.6 percent in the second quarter of 2016 from a year earlier, led by services activities, the state statistics office said. The Gross Domestic Product of Sri Lanka for the second quarter of 2016 at constant price reportedly reached up to 2,130,240 million rupees against 2,075,805 […]
Sri Lanka revises VAT threshold for wholesale & retail trade
Sept 14, 2016 (LBO) – Sri Lanka’s cabinet has approved a new draft bill revising the VAT liable threshold for wholesale and retail trade, a cabinet decision said. Under the new amendments, the threshold for VAT liability on wholesale or retail supply of goods has been revised to 12.5 million rupees for a quarter, or 50 […]
Sri Lanka budget deficit to be 4.7-pct in 2017, FinMin tells IMF
Sep 14, 2016 (LBO) – Sri Lanka’s Finance Minister said that the island plans on reducing the budget deficit to 4.7 percent in 2017. “We had a budget deficit of 6.7 percent of the GDP last year and this year’s target will be 5.4 percent. it will be further reduced to 4.7 percent in 2017,” […]
Sri Lanka’s cabinet approves VAT increase: State Finance Minister
Sept 13, 2016 (LBO) – Sri Lanka’s Cabinet has approved the VAT increase in principle as required by the Supreme Court judgment, State Finance Minister Lakshman Yapa Abeywardena said. The Supreme Court issued an interim order in July preventing the government from implementing the 4 percent VAT increase until the consent of the cabinet and […]