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Opinion: Tax strategies to tackle shadow economy
By Rajul Awasthi Tax administrations in developing countries are increasingly concerned about the persistent problem of loss of tax revenues to the shadow economy, and they often deploy a range of strategies to plug tax leaks and augment revenues. The erosion of the tax base prevents governments from collecting the revenue it needs to provide essential […]
UN launches worldwide search for young leaders to achieve Sustainable Development Goals
The United Nations today launched a new initiative to recognize exceptional young people who are leaders in the effort to end poverty, combat climate change and reduce inequalities. Spear-headed by the Office of the UN Secretary-General’s Envoy on Youth, the UN Young Leaders Initiative will recognize on an annual basis 17 young leaders who are driving […]
‘s exit from Indian Reserve Bank rattles investors
June 20, 2016 (LBO) – India’s Central Bank Governor Raghuram Rajan said in a letter on Saturday that he won’t serve past his term which ends in September, a reflection of a tense relationship with the government and their attempt to push him out the door. Rajan becomes the first RBI governor since India’s economic […]
Asia stocks gain as Brexit fears ebb slightly, pound surges
June 20 (Reuters) – Asian stocks gained early on Monday as rising expectations of Britain voting to remain in the European Union lifted risk sentiment and the pound jumped against its peers. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 percent. Japan’s Nikkei climbed 1.5 percent, helped by a retreat in the recently […]
Anuradhapura hosts sacred Buddhist relics from Pakistan
The Most Sacred Relics of Lord Buddha from Taxila Pakistan are currently being exhibited for general public in Thanthirimalaya Rajamaha Viharaya, Thanthirimalaya, Anuradhapura for two days on the occasion of Poson Full Moon Poya Day. The sacred relics include two holy bone relics of Lord Buddha, a golden casket containing the relics and a stone […]
York Street Partners, Ikman.lk convene startup investor and entrepreneur forum
June 19, 2016 (LBO) – York Street Partners (YSP), Sri Lanka’s boutique investment bank, joined forces with Ikman.lk, the largest local online marketplace, to host Startup Investor and Entrepreneur Night. The event drew attention to the need for deepening relationships and understanding between entrepreneurs and investors, with the goal of increasing the flow of capital […]
‘s Dialog demonstrates internet speed of 1 Gbps
Jun 18, 2016 (LBO) – Sri Lanka’s Dialog telecom, a unit of Malaysia’s Axiata Group, said they established the capability to deliver super broadband connectivity that is 10 times faster than the fastest connection currently available. “Sri Lanka established yet another milestone on the region’s Broadband Technology landscape today with an exposition of South Asia’s […]
Opinion: Time for a better capitalism
By Henry Blodget Over the past few decades, the US economy has undergone a profound change. This change has helped rich Americans get richer. But it has also contributed to growing income inequality and the decline of the middle class. And, in so doing, it has fueled populist anger across the political spectrum and slowed […]
Sri Lanka’s Central Bank to sell USD250mn development bonds
June 17, 2016 (LBO) – The Central Bank will issue 250 million US dollars development bonds with a tenor of 1 year and 7 months, 2 years and 7 months and 4 years to local and foreign investors. The Debt Department said the subscription will be at a floating rate of 6 month LIBOR for […]
Sri Lankan rupee 1-wk forwards trade steady amid cbank moral suasion
June 17 (Reuters) – Sri Lankan rupee one-week forwards traded steady on Friday, but dealers said the local currency was under pressure due to lack of exporter dollar conversions and moral suasion by the central bank, which is holding the currency at current levels. One-week dollar/rupee forwards, which have been acting as a proxy for […]
EU lifts fishing ban, unofficial talks to finalize GSP+ application: PM
June 17, 2016 (LBO) – Sri Lanka has been removed from the list of third countries (countries outside the EU) not cooperating in the fight against illegal, unreported and unregulated fishing. The Council of the European Union adopted amendments to implementing decision 2014/170/EU establishing a list of non EU countries not cooperating in the fight […]
Sri Lanka port city becomes financial city, new deal by August: PM
June 17, 2016 (LBO) – Sri Lanka’s port city construction will be converted to a financial city with a new agreement which is expected to be signed by August with the China Harbour Engineering Company, the Premier said. Officially announcing the lifting of EU fishing ban, Prime Minister Ranil Wickremesinghe said the port city land […]