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Somawansa passes away; Anura K issues condolence message
Former leader of the JVP Somawansa Amarasinghe (73) has passed away and the JVP politburo has issued a special condolence message. The leader of the JVP Anura Kumara Dissanayake said the former leader will remain in their hearts as a leader who fearlessly faced the struggle especially during the period of 1970’s and 80’s. Dissanayake […]
Italian firm mulls Tyre manufacturing in Sri Lanka with USD75mn
June 15, 2016 (LBO) – An Italian firm has sought BOI approval to set up a radial and industrial Tyre manufacturing and retreading plant in Horana area as a joint project with the Ceylon Steel Corporation. The 100 acres of land which will be acquired through the UDA is to be allocated to Ceylon Steel […]
Huawei Y3II and Y5II to revolutionize entry range smartphone market in Sri Lanka
Reaches 23.3% Sri Lankan smartphone market share in Q1 2016 – GFK Reports Huawei, the fastest growing smartphone in Sri Lanka, announced the launch of two new entry level smartphones in Sri Lanka Y3II and Y5II from the Y Generation family of smartphones. The Y5II both 3G and 4G version is available from LKR 14,199 […]
100 day countdown to the international day of peace
Every year on the International Day of Peace, the United Nations calls on the peoples of the world to remember their common humanity and join together to build a future free of strife. It calls on all of us to observe a day of global ceasefire and non-violence, and to honour a cessation of hostilities […]
Sri Lanka cabinet approves reintroduction of capital gains tax
Jun 15, 2016 (LBO) – The cabinet committee on economic management has agreed to reintroduce the capital gains tax (CGT) to rectify the increase in the inequality of income distribution, a cabinet proposal said. “The cabinet also approved to draft a new capital gains tax regime,” it said. During the last few decades there has been a […]
Sri Lanka’s NBT should be abolished, minimal exemptions for VAT: IMF
June 15, 2016 (LBO) – International Monetary Fund’s latest staff report has suggested that Sri Lanka should minimize the exemptions provided under the Value Added Tax system, while abolishing the Nation Building Tax. The report has highlighted that the country needs an appropriate registration threshold and the degree of base erosion should be reviewed. Sri […]
Sri Lanka promises to reform Airline, public sector, fuel pricing to IMF
June 15, 2016 (LBO) – Sri Lanka has committed to reforming government finances and the public sector, in its letter of intent to the International Monetary Fund. Structural benchmarks include a “resolution strategy” for SriLankan Airlines by September 2016, in which it will take the loss-making airline off its books. Other reforms include enhancing oversight […]
Sri Lanka commences innovation portfolio measuring
June 15, 2016 (LBO) – Work on Sri Lanka’s long awaited national Innovation Index which is set to measure the islands innovation portfolio, began in Colombo, Tuesday. The UN agency tasked with world Intellectual Property (IP) development says in a statement that many new IP projects have been earmarked for Colombo in future. “In view of […]
‘s yuan hits weakest in more than 5 yrs after PBOC fix, MSCI disappointment
SHANGHAI, June 15 (Reuters) – China’s yuan slumped to its weakest level in more than five years against the dollar at Wednesday’s open, after the central bank set its official midpoint at its lowest level since January 2011. The yuan hit an intraday low of 6.6047 per dollar in early trade against Tuesday’s close of […]
DFCC Bank launches Sri Lanka’s first virtual payment system
Jun 14, 2016 (LBO) – Sri Lanka’s DFCC Bank launched the Vardhana virtual wallet, a mobile application that enables financial inclusion for its customers, Tuesday. The mobile app enables users to simplify the way they transact and stay in control of their finances. The banks customer base is around 300,000 to 400,000 and around a […]
Sri Lanka must get finances in order: IMF
June 14, 2016 (LBO) – Sri Lanka needs to put its fiscal house in order, the International Monetary Fund said, revealing details of the 1.5 billion dollar 36-month support programme. “There is a clear need to put tax revenues on an upward path as part of a growth-friendly phase of fiscal consolidation and debt reduction,” […]
Sri Lanka foreign reserves at USD5.6 billion end May
June 14, 2016 (LBO) – Sri Lanka’s official reserves were 5.62 billion dollars at the end of May, down from 6.07 billion dollars end of April, Central Bank data showed. Foreign currency reserves were 4.6 billion dollars, and reserves in Gold were 0.8 billion dollars. The IMF’s first disbursement of SDR 119.894 million (168.1 million […]