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Asia stocks rally on US jobs relief, BoE looms
July 11 (Reuters) – Asian share markets enjoyed a relief rally on Monday as upbeat U.S. jobs data lessened immediate concerns about health of the world’s largest economy, though long-run fallout from Brexit kept sovereign yields near record lows. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.75 percent, While Australia added 1.3 percent. […]
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), […]
Will not allow any interference of foreign judges & courts: President
President Maithripala Sirisena emphasizes he will not allow any foreign court, judge or organization interfere into the internal administration and judiciary in the country in future too. “Though whatever views are expressed in various places regarding bringing of foreign judges and establishing of foreign military courts to take actions against the so called human rights […]
Chinese FM appreciates President for resumption of Port City work
President Maithripala Sirisena, expressing his gratitude for the efforts of the Chinese government to fight the CKDu in Sri Lanka by establishing a special hospital for Kidney patients said “Such goodwill measures will bring our two countries closer together”. He stated this when Chinese Foreign Minister Wang Yi called on him at his residence yesterday […]
Sri Lanka foreign reserves at USD5.3 billion by end June: Central Bank
July 08, 2016 (LBO) – Sri Lanka’s official reserves were 5.27 billion US dollars at the end of June, down from 5.64 billion US dollars end of May, latest Central Bank data showed. Foreign currency reserves were 4.25 billion dollars, and reserves in Gold were 0.94 billion dollars. Finance Minister Ravi Karunanayake however told Parliament […]
ADB to increase funding up to USD2bn in next three years
Jul 08, 2016 (LBO) – Asian Development Bank said it will scale up lending to Sri Lanka to 2 billion US dollars in loans and equity in 2017 through 2019, a senior official said. “ADB is re-orienting our operations internally and as a result have more capacity for lending programmes,” Wencai Zhang, Vice President (Operations […]
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 […]
Foreign Minister Mangala Samaraweera welcomes Chinese Foreign Minister
Foreign Minister Mangala Samaraweera welcomed Chinese Foreign Minister Wang Yi at the Foreign Ministry on his official visit to Sri Lanka.
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’s BOI and EDB explores areas for co-operation
A meeting was held recently between the Board of Investment of Sri Lanka and the Export Development Board, to explore areas of co-operation between the two key economic agencies and work closer towards achieving the nation’s economic goals. Both institutions now come under the Ministry of Development strategies and International Trade headed by Minister Hon. […]
Sri Lanka’s DIMO, Uni of Moratuwa unveils formula student race car
Jul 08, 2016 (LBO) – Diesel & Motor Engineering (DIMO), an automobile company together with the engineering students from the Mechanical Engineering Department of University of Moratuwa, unveiled “D-Mora P1,” a car to compete in world’s biggest student motorsport competition. “The University of Moratuwa is the one of the main hubs of engineering and technical […]