Category: Economy and Markets
Business suspension of Perpetual Treasuries extended
Jan 06, 2020 (LBO) – Monetary Board of the Central Bank of Sri Lanka has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a primary dealer for a period of six months. The extension came with effect from yesterday in order to continue the investigations […]
Business as usual isn’t the future of Ecommerce
Ecommerce is an ever-expanding world and there are many contradictory articles online regarding the future of Ecommerce. Whilst many discuss the proliferation of Ecommerce, there are a few articles predicting its death, in 2018 Harvard Business Review for example said” no industry is failing faster than retail”. The rise of global consumers with escalating purchasing […]
Sri Lanka tea exports up in Nov 2019
Jan 02, 2020 (LBO) – Sri Lanka tea exports for November 2019 totalled 21.9 M/kgs, showing a marginal gain of 0.6 M/kgs vis-à-vis 21.3 M/kgs of November 2018, a new report showed. Packeted tea has shown a growth YOY, whilst bulk tea has remained static, Forbes and Walker Tea Brokers said in their monthly report. […]
New inclusions & exclusions of MBSL MIDCAP Index 2020 announced
Jan 02, 2020 (LBO) – New inclusions and exclusions of the MBSL MIDCAP Index 2020 have been announced. Accordingly, HNB Assurance, Sanasa Development Bank, Union Assurance, Commercial Bank, Dunamis Capital, Expolanka Holdings, Odel, Singer (Sri Lanka), Access Engineering and Ril Property have been excluded from the index. Seylan Bank, Pan Asia Banking Corp, First Capital […]
Sri Lanka bans Ethanol importation for liquor production
Jan 01, 2020 (LBO) – Sri Lanka’s Ministry of Finance and Planning has decided to suspend the importation of Ethanol from other countries. The Finance Ministry said the import of Ethanol for liquor production will be suspended from today (1st January) on the directives of Prime Minister Mahinda Rajapaksa as the Minister of Finance. This […]
IRD issues circular to banks about new Withholding Tax structure
Jan 01, 2020 (LBO) – Sri Lanka’s Inland Revenue Department has issued a new circular to banks and financial institutions detailing the new Withholding Tax structure which will be effective from today to 31 March 2020. According to the circular, for the period from today to 31 March, aggregate interest income from all the accounts […]
Inland Revenue Dept. issues the list of VAT registration deactivated persons
Jan 01, 2020 (LBO) – Sri Lanka’s Inland Revenue Department has published the complete list of persons & businesses whose taxable supply has never exceeded 75 million rupees for any taxable period ended prior to 31 December 2019. Such inactivated persons are not permitted to collect VAT on the supplies made on or after today […]
CSE indices comparison for 2019: ASPI up 1.3-pct, S&P SL20 down 6.3-pct
Dec 31, 2019 (LBO) – Colombo Stock Exchange ended the year 2019 on Tuesday with a positive note, rounding up the gain of All Share Price Index (ASPI) by 1.27 percent to 6,129 as compared to the beginning of the year. The ASPI is the broad market index of the CSE and is designed to […]
ICICI Bank & Axis Bank to close down business operations in Sri Lanka
Dec 31, 2019 (LBO) – Sri Lanka’s Central Bank has permitted Axis Bank Ltd and ICICI Bank Ltd to close down their business operations in Sri Lanka, subject to certain conditions, at the request of their parent banks. Accordingly, these two banks are currently not permitted to carry on banking business, including accepting deposits from […]
Weekly AWPR declines to single-digit levels after April 2016: Central Bank
Dec 30, 2019 (LBO) – Sri Lanka’s Central Bank says that the weekly Average Weighted Prime Lending Rate (AWPR) has declined to single-digit levels by 27 December 2019, the first time since 29 April 2016. According to the Central Bank, the overall weekly AWPR has declined by 230 basis points from 12.24 percent as at […]
First Capital Research trims down its rate cut probability to 50-pct
Dec 24, 2019 (LBO) – Considering the recent major policy changes, First Capital Research has trimmed down its rate cut probability to 50 percent from the previous expectation of 100 percent probability, specifically due to the tax benefits, moratorium on loans and easing of capital adequacy to stimulate the consumer demand and revive growth in […]
‘s Central Bank
Dec 24, 2019 (LBO) – Professor W D Lakshman has been appointed as the new Governor of Central Bank of Sri Lanka. An official at the Central Bank told LBO that he assumed duties as the Governor of Central Bank today morning. Deshamanya Weligamage Don Lakshman commonly known as W D Lakshman is a Sri […]