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Janashakthi gross written premiums up 19-pct in 2015
Janashakthi Insurance PLC (Janashakthi) reported a consolidated Gross Written Premium (GWP) of Rs.10.664 billion for the year ended 31st December 2015, a growth of approximately 19% over the same period in 2014. The insurer posted a Profit Before Tax (PBT) of Rs.1,024 million for the period under review. The Company’s life insurance business recorded a […]
South Korea won at six-year low, possible swap deal with US, China
Feb 29, 2016 (LBO) – South Korea’s Finance Ministry is to resume a possible currency swap deal with the United States and China following the won’s recent fall. The won closed at a fresh six-year low of 1,238.8 won against the US dollar last week after its record-breaking decline since the first two months of […]
Popular international stocks take a beating, say analysts
Feb 29, 2016 (LBO) – Popular stocks are taking a beating this year due to redemptions by sovereign and wealth funds, analysts say. These companies are victims of their own success as investors sell winners to meet redemptions, according to BNP Paribas Investment Partners. For instance, Amazon.com Inc. is down 18 percent in 2016 after […]
Investrust says its money market fund outperformed in 2015
Feb 29, 2016 (LBO) – Investrust Wealth Management Ltd, a member of Investrust Holdings Ltd, said its money market fund was the best performing for the year ended 2015. The Investrust Money Fund delivered a net after fee return of 8.60 percent p.a. while outperforming the Money Market Funds available in the market, according to […]
Sri Lanka to go to markets after IMF meetings
Feb 29, 2016 (LBO) – Sri Lanka may go to international markets to raise up to 1.5 billion dollars this year after gauging the outcome of meetings with the International Monetary Fund, a central bank official said. Sri Lanka will hold discussions with the IMF in March and April on a support facility for its […]
Hapag-Lloyd Lanka walks away with Best Customer Service Award
Hapag-Lloyd Lanka (Pvt) Ltd, a subsidiary of Aitken Spence PLC and the local representation of German operator Hapag-Lloyd Kreuzfahrten was awarded the “Best Customer Service” laurel for the Europe sector at the recently concluded awards ceremony organized by the Institute of Chartered Shipbrokers – UK (Sri Lanka branch). The win comes following a similar achievement […]
Sri Lanka explores possibility to join TPP: Foreign Minister
Feb 26, 2016 (LBO) – Sri Lanka’s government is currently exploring the possibility of applying to join the Trans-Pacific Partnership very seriously, Foreign Minister Mangala Samaraweera said. “A leading government think tank is preparing a feasibility study and we will be continuously evaluating developments on this front,” Samaraweera said. He was addressing a gathering at […]
Sri Lanka fetes 68th independence in South Korea
The Sri Lanka Embassy in Korea organized a series of events in Seoul and Gimhae from end-January to early-February 2016, to celebrate the 68th anniversary of the country’s independence. The Embassy on 3 February organized a grand reception at the Millennium Seoul Hilton hotel which was attended by over 400 dignitaries that included Ambassadors and the diplomatic corps, Korean […]
Sri Lanka’s megapolis plan a challenge, needs experts to make it successful
Feb 26, 2016 (LBO) – Sri Lanka’s Megapolis development project’s success depends on the establishment of a separate authority to govern the project while social change would also be a key, the president of the Chamber of Construction Industry said. “The Megapolis Authority with the right expertise is a must if this project is to […]
Capital gains tax may kill stock market: Ravi Abeysuriya
Feb 26, 2016 (LBO) – Sri Lanka’s government should not impose a capital gains tax on the stock market as the market still runs on low trade volumes, Group CEO of Candor Group, Ravi Abeysuriya said. Capital gains are profits realized on a sale of a non-inventory asset that was purchased at a cost that […]
Sri Lanka no longer a poor country, discussions with IMF constructive: CB Governor
Feb 26, 2016 (LBO) – Sri Lanka is no longer a poor country, and must rely on markets for its funding needs, Central Bank Governor Arjuna Mahendran said. An endorsement of the IMF, in this regard, would be valuable, he added. “We have had very constructive discussions with the IMF,” Mahendran said. “The government and […]
COPE to obtain Auditor General Report on bond issue
Feb 26, 2016 (LBO) – The Committee on Public Enterprises (COPE) has decided to obtain a report from the Auditor General regarding the controversial bond issue. JVP Parliamentarian Dr. Nalinda Jayatissa said that they have also decided to conduct the inquiry through the main committee of the COPE. “We decided to obtain the observations of […]