Category: Industry
‘s cabinet approval
July 13, 2016 (LBO) – Sri Lanka’s Cabinet has approved the introduction of a National Payment Platform (NPP) to facilitate digital commerce and online transactions, a post-cabinet statement said. The Information and Communication Technology Agency (ICTA) has been directed to implement the NPP, with the Central Bank of Sri Lanka facilitating its implementation With NPP, […]
PTL Watch: Yields ease ahead of sovereign bond issue
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Sri Lankan rupee trades weaker ahead of sovereign bond sale
July 11 (Reuters) – The Sri Lankan rupee fell as importers and banks bought dollars, speculating that foreign holders of the country’s sovereign debt might sell them in order to invest in the higher-yielding dollar bonds the government launched on Monday, dealers said. The new dual-tranche dollar bond float, which could result in some foreign […]
‘ Union says back and forth on coal vs LNG wasteful
July 11, 2016 (LBO) – The Ceylon Electricity Board Engineers’ Union says a continuous “back and forth” on whether to construct further power plants using coal or LNG is a costly delay that Sri Lanka cannot afford. Coal is not substantially more environmentally polluting than LNG, and preparations for coal-fired power has been in existence […]
ADB assures support for Sri Lanka including capital market reforms
Jul 11, 2016 (LBO) – The Asian Development Bank (ADB) says that Sri Lanka can aim for higher growth by boosting its private investments, connectivity and capital market reforms. “The government’s public finance management reform initiative will help maintain macroeconomic stability, which is important to the country,” Wencai Zhang, vice president, Asian Development Bank (ADB), […]
Maximum retail prices of VAT excluded essential goods to be re-gazetted
July 08, 2016 (LBO) – Sri Lanka’s cabinet is scheduled to meet next Tuesday to decide on the maximum retail prices of VAT excluded essential goods, Minister of Industry and Commerce said. Minister Bathiudeen, addressing the Parliament today, said VAT is applied to certain commodities, though no VAT component is applied for essential food items. […]
‘ dollar sales
July 8 (Reuters) – The Sri Lankan rupee ended firmer in one-week forwards on Friday, as foreign banks sold dollars on behalf of offshore investors to buy local bonds, dealers said. The spot rupee is tightly managed by the central bank and market participants use the forward market levels for guidance on the currency. Dealers […]
Brexit won’t have major impact on Sri Lankan apparel: Colombo Chamber
July 08, 2016 (LBO) – Sri Lanka needs to develop a strong local economy that is not vulnerable to changes caused by international incidents, president of Colombo Chamber of Commerce, Dr. Amila Kankanamge said expressing his views on Britain leaving the European Union. Even though Brexit may not have a large impact on the Sri […]
Sri Lanka power regulator warns CEB on long term generation plan
Jul 07, 2016 (LBO) – Sri Lanka’s Public Utilities Commission (PUCSL) has warned that immediate action was necessary and that the Ceylon Electricity Board needs to expedite its submission of the Least Cost Long Term Generation Expansion Plan (LCLTGEP) 2015 – 2034 with the relevant changes. “You are required to submit the LCLTGEP 2015 -2034 […]
Sri Lanka up two notches in Networked Readiness Index 2016
July 07, 2016 (LBO) – Sri Lanka has been ranked 63rd among 139 countries in the 2016 Networked Readiness Index showing a marginal improvement on its previous 65th place rank in 2015. The island nation ranked 76th in 2014 and 69th in 2013 in the Networked Readiness Index. The index measures how economies use the […]
Sri Lanka to improve vehicle registration system with E-Motoring
July 07, 2016 (LBO) – Sri Lanka’s cabinet has approved a proposal to improve the vehicle registration process at the Motor Traffic Department with the introduction of an E-Motoring Project. Ministerial Committee on Economic Management has recommended the cabinet to implement the project as a build, operate and transfer project.The project is expected to introduce […]
‘s One Account to meet long felt need in banking, wealth management
July 07, 2016 (LBO) – Sri Lanka’s NDB Bank recently launched “One Account” to meet a need in the retail affluent segment, a bundled offering of a current account together with a credit card and a high-yielding money market fund. Given the disjointed products currently offered to consumers in the banking industry, with inadequate returns, […]