Category: Economy
Sri Lanka PM calls on middle class to invest in stock market
Dec 03, 2015 (LBO) – Sri Lanka’s Prime Minister Ranil Wickramasinghe said that the island’s mid income earners should be confident and not afraid to invest in the Colombo Stock Exchange.“The middle class must have a bigger stake in the shareholding in this country,” he said. “Over the last five years, there has been a […]
We are in ‘Nonagathaya,’ New Year is on the way: Prime Minister
Dec 03, 2015 (LBO) – Sri Lanka is still in the period of making strategies to move forward and the country might have to generate additional revenue next year to pay contingent liabilities, Prime Minister Ranil Wickremesinghe said.“The budget is very much like a Sinhalese new year. Before the New Year comes you give a […]
Sri Lanka state sector asked to generate revenue for national economy: PM
Dec 03, 2015 (LBO) – Sri Lanka’s state-owned enterprises have to perform better towards contributing to the national economy, Prime Minister Ranil Wickremesinghe said.“Our first focus is on the state enterprise and we will ensure that there is better performance in the state enterprises in the coming few years,” he said. “We are keeping the […]
Sri Lanka’s Prime Minister shows green light for port city after long haul back
Dec 02, 2015 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe today said the country plans to have a ‘unique financial and business district’ in Colombo when the sea reclamation project by a Chinese firm is resumed.“Hopefully if the Port City projects get underway, I think there will be some sort of landfill there that […]
Sri Lanka to consider IMF option next year: PM
Dec 02, 2015 (LBO) – Sri Lanka will consider a stand-by facility from the IMF next year, Prime Minister Ranil Wickremesinghe told parliament. “Next year will present a difficult economic environment. Sri Lanka could face an impact of the ISIS in the Middle East, in case the region is destabilized,” Wickremesinghe said “I think it […]
PM awaits proposals from Central Bank and EPF on EPF, ETF merger
Dec 01, 2015 (LBO) – Sri Lanka’s Prime Minister Ranil Wickramasinghe told Parliament Tuesday that they have decided to obtain proposals from Central Bank governor and superintendent of EPF with regard to the management of EPF. “During the discussions, unions said it is appropriate to maintain these two funds separately. They also said the EPF […]
Single party owns 95 pct of govt securities available to foreign investors
Dec 01, 2015 (LBO) – A single foreign party owns 95 percent of Sri Lanka’s government securities available to foreign investors, raising questions about risk-management practices of the Central Bank.Funds of Franklin Templeton held around 290 billion rupees in government securities, out of 304 billion rupees of securities available to foreign investors, according to published […]
Colombo inflation accelerates to 3.1-pct in November
Nov 30, 2015 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 3.1 percent in November 2015 from a year earlier, up from 1.7 percent in October with the inflation index rising 1.4 percent in the month, the state statistics office said. Year on year inflation of Food Group has increased from 2.7 percent […]
Sri Lanka’s continued high fiscal deficits are credit negative: Moody’s
Nov 30, 2015 (LBO) – Sri Lanka’s fiscal consolidation would further delay if the government increases spending on education, health and infrastructure and add to the government’s already high debt, a credit negative, Moody’s credit out look said. However, if the perception of greater openness to foreign direct investment translates into actual increases in investment, […]
“Serious concerns” in Sri Lanka budget 2016: Former President
Nov 30, 2015 (LBO) – Sri Lanka’s former President Mahinda Rajapakse in a recent speech said that the new government’s maiden budget seeks to make certain radical changes which raise serious concerns. Rajapakse said that the gross fiscal irresponsibility displayed in the mini-budget earlier this year has continued in this budget as well and went […]
China stocks fall 5.4 pct on brokerage probes
Nov 27, 2015 (LBO) – China equities closed down 5.4 percent on Friday on the back of investigations by China’s securities regulatory body into brokerages for breaking regulations.The Shanghai Composite closed 5.48 percent lower. Chinese brokerages plunged with Citic Securities, Founder Securities, and China Merchants closing 10.1, 10, and 9.98 percent lower on news of […]
Sri Lanka removes casino entrance fee, but taxes tightened
Nov 27, 2015 (LBO) – Sri Lanka is to remove the casino entrance fee imposed in the last budget and plans to increase the annual levy imposed on the business of gaming, other than rujino, to 400 million rupees. “I also propose to amend the Finance Act to make directors and shareholders personally liable for […]