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 on to point out six proposals that could be harmful for the islands future economic stability.He made these comments while speaking at an event held at the Abhayarama Temple in Colombo...
Monday, November 30, 2015
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, it would be credit positive, Moody’s further said.The statement is reproduced...
Sri Lanka's Nawaloka Holdings enters the FMCG sector
Nov 30,2015 (LBO) – Nawaloka Holdings, a diversified conglomerate in Sri Lanka, entered the FMCG sector through its recent acquisition of East West Marketing (EWM), the company said in a statement.“Nawaloka has always been associated with quality. We have proven this over and over again in the past 70 years. And with the recent acquisition of EWM we continue in this great tradition of supplying quality products to the market at affordable prices.” Jayantha Dharmadasa, chairman of Nawaloka Holdings said.EWM is a leading...
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 in October 2015 to 5.2 percent in November 2015 while Nonfood Group increased by 0.8 percent to 1.1 percent during this period.For...
Saturday, November 28, 2015
Stocks: Three reasons Euro area stocks are compelling
By Steve BriceThe volatility in recent months shattered the relative calm that had prevailed in global financial markets for nearly four years. Almost all major equity markets corrected more than 10 per cent during the summer and many emerging markets entered a bear market. October’s rebound came as welcome relief, helping make up most of the earlier losses in the US while recouping some of the draw downs elsewhere. What to expect from here?To allay the biggest fear first, we do not believe the recent volatility was a precursor...
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 non-payment or any act which is taken to avoid payment of Casino Industry Levy introduced in Interim Budget,” the text of the budget speech 2016 said.Sri Lanka charges 100 US dollars per person who enters casinos, according...
Friday, November 27, 2015
Colombo International Financial Centre requires right talent: experts
Nov 27, 2015 (LBO) – Sri Lanka’s plans to set up an international financial district bodes well for financial sector development and should be set up with the right talent in place, experts said. “We have talked about this for many years, but this is a budget where we have heard for the first time a policy to create a Dubai Financial Centre type financial hub,” Ravi Abeysuriya, the chief executive of the Candor group of companies, said approving of the policy. In the budget proposals for 2016, plans were announced for a specific...
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