Author: lbostgadmin
Coming Together
Two years after the process started, NDB and its commercial banking arm NDB Bank announced the companies will merge next month, after parliament amended the NDB Act.Two years after the process started, NDB and its commercial banking arm NDB Bank announced the companies will merge next month, after parliament amended the NDB Act. The NDB […]
” Tape
A fishing community in Kirinda, in Southern Sri Lanka, could lose their livelihood as their harbor is filling up with sand brought in by the tides. A fishing community in Kirinda, in Southern Sri Lanka, could lose their livelihood as their harbor is filling up with sand brought in by the tides. A dredger that […]
This For That
Government is likely to lose up to Rs.7 billion in VAT collections after the Cabinet decided to remove the tax from diesel imports.Government is likely to lose up to Rs. 7 billion in VAT collections after the Cabinet decided to remove the tax from diesel imports. The VAT removal legitimizes the Treasury policy towards the […]
‘s the Fuss?
Sri Lanka’s cash strapped Treasury will forego Rs. 7 billion in revenue as the government scraps the value added tax component on diesel with immediate effect, officials said.Sri Lanka’s cash strapped Treasury will forego Rs. 7 billion in revenue as the government scraps the value added tax component on diesel with immediate effect, officials said. […]
Hurdle One
Newly minted power sector reforms that sailed through Cabinet on Wednesday, may take about a year to implement, and if the government can scrape together enough votes. Newly minted power sector reforms that sailed through Cabinet on Wednesday, may take about a year to implement, and if the government can scrape together enough votes. That […]
Blushing Bride?
Sri Lanka’s first listed dotcom is raising cash for expansion, amidst talk of a possible take-over by a company in the medical sector.Sri Lanka’s first listed dotcom is raising cash for expansion, amidst talk of a possible take-over by a company in the medical sector. Each day hundreds of Sri Lankans use www.echannelling.com to make […]
Off The Table
Sri Lanka plans to draw up laws to prevent key state-run companies from being privatised, Finance Minister Sarath Amunugama said Friday.Sri Lanka plans to draw up laws to prevent key state-run companies from being privatised, Finance Minister Sarath Amunugama said Friday. Top on the list is loss making government utilities, Ceylon Electricity Board and Ceylon […]
‘s rating
Fitch Ratings Lanka has upgraded Hatton National Bank or HNB to A (sri) from A-(sri), as its financial health is on the mend. Fitch Ratings Lanka has upgraded Hatton National Bank or HNB to A (sri) from A-(sri), as its financial health is on the mend. A (sri) rating denotes a low expectation of credit […]
Pension Scam
Authorities have bared a massive scam that drained millions from the Sri Lankan government pension system, by submitting falsified documents.Authorities have bared a massive scam that drained millions from the Sri Lankan government pension system, by submitting falsified documents. Officials say in one case, a person purporting to be resident in Canada had claimed two […]
‘s use of market based instruments
A member of the Monetary Board of Sri Lanka, representing the Treasury has criticized the use of market based monetary policy instruments.Treasury Secretary Dr P B Jayasundera said he had no faith in the efficiency of Sri Lanka’s financial system and said the country was blindly following market based monetary policy instruments. “Despite many financial […]
China revalues yuan; repegs to basket of currencies
China Thursday revalued its currency for the first time in about a decade, scrapping the peg to the dollar in favour of a basket of currencies.China Thursday revalued its currency for the first time in about a decade, scrapping the peg to the dollar in favour of a basket of currencies. The currency is now […]
Malaysia scraps dollar peg, ringgit now under managed float: official
KUALA LUMPUR, July 21 (AFP) – Malaysia has scrapped the ringgit currency’s seven-year-old peg to the dollar and will move to a managed float, central bank governor Zeti Akhtar said Thursday shortly after China revalued the yuan.KUALA LUMPUR, July 21 (AFP) – Malaysia has scrapped the ringgit currency’s seven-year-old peg to the dollar and will […]