July 18, 2017 (LBO) – The Executive Board of the International Monetary Fund (IMF) has completed the second review of Sri Lanka’s economic performance under the program supported by a three-year Extended Fund Facility (EFF) arrangement, a statement said. “Completion of the review enables the disbursement of the equivalent of SDR 119.894 million (about US$ 167.2 million), bringing total disbursements under the arrangement to the equivalent of SDR 359.682 million (about US$ 501.5 million).”“In completing the review, the Executive...
Tuesday, July 18, 2017
Sri Lanka stock market records 8-pct gain in 1H
July 18, 2017 (LBO) – The benchmark All Share Price Index of the Colombo Stock Exchange (CSE) recorded an 8.23 percent gain year-to-date, a noteworthy turnaround in the first half of this year, having started the year on the back of a slow-moving 2016.The S&P SL 20 index, which features the CSE’s 20 largest and most liquid stocks, has also improved consistently, making an 11.03 percent gain year-to-date.The CSE said the growth of the indices in 2017 reflects a reversal of the declining trend from a 9.66 percent and 5.54...
Dumindra Ratnayaka appointed chairman of BOI: Reports
July 18, 2017 (LBO) – Dumindra Ratnayaka has been appointed as the chairman of the Board of Investment (BOI) of Sri Lanka, media reports said.He is the only member from the previous board that has been reappointed to the new board. Others in the previous board were Upul Jayasuriya, Buddhi Keerthi Athauda, Manoj Cooray and M.A. Neeth Udesh.Ratnayaka is the current Chairman of Martin & George limited and the former CEO of Etisalat Sri Lanka.Media reports further said two new Directors have also been appointed to the Board...
CHEVRON LUBRICANTS - DIVIDEND ANNOUNCEMENT
CHEVRON LUBRICANTS LANKA PLC Company ID: - LLUB Date of Announcement: - 18.Jul.2017 Rate of Dividend: - Rs. 2.00 per share / Second Interim Dividend Financial Year: - 2017 Shareholder Approval: - Not Required XD: - 27.Jul.2017 Payment: - 08.Aug.2017 &nb...
Monday, July 17, 2017
Sri Lanka prepares for 7th session of FTA talks with China
July 17, 2017 (LBO) – Sri Lanka is preparing for a seventh session of talks with China on a Free Trade Agreement, the Ministry of Industry and Commerce said.Minister Rishad Bathiudeen, speaking at the product exhibition by China’s Guangxi Zuang Autonomous Region at SLECC in Colombo, said FTA talks with China were progressing smoothly. “The sixth round of talks were successfully concluded this March in Beijing. We are working for the seventh FTA round next.”The ministry said 42 percent of Sri Lanka’s total imports in 2016 came...
New revenue Bill should be implemented from April 2018: Ceylon Chamber
July 17, 2017 (LBO) – Ceylon Chamber of Commerce says it is their view that the new Inland Revenue Bill, once enacted, should ideally be implemented from 1st April 2018.The chamber says it will give a longer transitional period for both the tax payer and the Department of Inland Revenue to become fully conversant with the provisions of the law.The new Inland Revenue Bill, which was gazetted on 16th June 2017, was tabled in Parliament on 05th July 2017. Once passed by Parliament, this Bill will replace the existing Inland Revenue...
ORIENT FINANCE - DIVIDEND ANNOUNCEMENTS
ORIENT FINANCE PLC Company ID: - BFN Date of Announcement: - 17.Jul.2017 Rate of Dividend: - Rs. 0.25 per share / Final Dividend Financial Year: - 2016/2017 Shareholder Approval: - Required Dates to be notifi...
Friday, July 14, 2017
Tax reforms would help SL rating outlook back to stable: Moody's
July 14, 2017 (LBO) – Evidence of effective implementation of reforms that leads to significant and lasting improvements in tax collection, and more stable external financing conditions, would support a return of Sri Lanka’s rating outlook to stable, Moody’s said.Moody’s Investors Service said signs that planned fiscal consolidation measures are less effective than Moody’s currently expects or that the authorities’ commitment towards such...
Thursday, July 13, 2017
EXPOLANKA HOLDINGS - DIVIDEND ANNOUNCEMENT
EXPOLANKA HOLDINGS PLC Company ID:- EXPO Date of Announcement:- 13.Jul.2017 Rate of Dividend:- Rs. 0.15 per share / Interim Dividend Financial Year:- 2017/2018 Shareholder Approval:- Not Required XD:- 24.Jul.2017 Payment:- 02.Aug.2...
World Bank doubles assistance to Sri Lanka over next three years
July 13, 2017 (LBO) – Sri Lanka will receive US1,340 million dollars in financial and technical assistance through a transitional support facility of the International Development Association (IDA), a member of the World Bank group, over the next three year period starting from July, the finance ministry said.Previously Sri Lanka received US 660 million dollars IDA support for the period from year 2014 to 2017.The facility comes as financial assistance for development projects and technical assistance for analytical...
National Export Strategy to be implemented with budget 2018: Advisor
July 13, 2017 (LBO) – Sri Lanka’s proposed National Export Strategy will be implemented with the budget of 2018, a senior official at the International Trade Center said.The International Trade Ministry and Export Development Board, together with the help of the International Trade Center, is currently conducting the second round of consultations to chart a national export strategy for Sri Lanka.Trade Strategy and Competitiveness Advisor of the International Trade Center Charles Roberge told reporters in Colombo that their objective...
Wednesday, July 12, 2017
LANKA MILK FOODS - DIVIDEND ANNOUNCEMENT
LANKA MILK FOODS (CWE) PLC Company ID: - LMF Date of Announcement: - 12.Jul.2017 Rate of Dividend: - Rs. 2.50 per share / First & Final Dividend Financial Year: - 2016/2017 Shareholder Approval: - Required AGM: - 24.Aug.2017 XD: - 25.Aug.2017 Payment: - 06.Sep.2...
Sri Lanka's new Inland Revenue Act will be investor friendly: Finance Minister
July 12, 2017 (LBO) – Sri Lanka’s Finance Minister says the main objective of the new Inland Revenue Bill is to simplify the tax system in order to create an investor friendly environment to attract more foreign investments.“The new Inland Revenue Bill will broad-base the tax system and incorporate globally accepted new tax principles to deal with international cross border relations,” Finance Minister Mangala Samaraweera said.He was speaking at a meeting with representatives of the trade unions of the Inland Revenue Department...
Sri Lanka cuts export earnings target to USD18bn by 2020
July 12, 2017 (LBO) – Sri Lanka is currently looking at a target for export earnings of 18 billion US dollars by 2020, State Minister of International Trade Sujeewa Senasinghe said.In 2015, Sri Lanka originally expected a 50 billion dollar export target by 2020 and later reduced to 20 billion dollars amid sluggish export performance in the country.“We can speak of large numbers; but we don’t want to talk about impractical things,” Senasinghe...
CSE records second highest yearly foreign inflow
July 12, 2017 (LBO) – Sri Lanka’s Colombo Stock Exchange has recorded the second highest-ever yearly net foreign inflow of 22.8 billion rupees, the exchange said.The highest net foreign inflow of 38.6 billion rupees was recorded in 2012.On Monday, foreign investors bought 127.4 million rupees worth of shares while selling 26.3 million rupees worth shares.Total net foreign inflow for both the primary and secondary market by Monday was 32.42...
Tuesday, July 11, 2017
ACL PLASTICS PLC - DIVIDEND ANNOUNCEMENTS
ACL PLASTICS PLC Company ID:- APLA Date of Announcement:- 11.Jul.2017 Rate of Dividend:- Rs. 6.00 per share / Interim Dividend Financial Year:- 2016/2017 Shareholder Approval:- Not Required XD:- 20.Jul.2017 Payment:- 31.Jul.2017
...
KELANI CABLES PLC - DIVIDEND ANNOUNCEMENTS
KELANI CABLES PLC Company ID:- KCAB Date of Announcement:- 11.Jul.2017 Rate of Dividend:- Rs. 3.50 per share / Interim Dividend Financial Year:- 2016/2017 Shareholder Approval:- Not Required XD:- 20.Jul.2017 Payment:- 31.Jul.2017
...
KELANI TYRES PLC - DIVIDEND ANNOUNCEMENTS
KELANI TYRES PLC Company ID:- TYRE Date of Announcement:- 11.Jul.2017 Rate of Dividend:- Rs. 2.50 per share / Interim Dividend Financial Year:- 2017/2018 Shareholder Approval:- Not Required XD:- 20.Jul.2017 Payment:- 31.Jul.2017
...
Monday, July 10, 2017
SriLankan Airlines, CEB, CPC record Rs30bn loss in first 4 months
July 10, 2017 (LBO) – State-owned carrier Sri Lankan Airline, main power supplier Ceylon Electricity Board and Ceylon Petroleum Corporation together have recorded a loss of 30 billion rupees in the first four months of this year, a treasury report showed.
Sri Lankan Airlines
The total loss of Sri Lankan Airlines increased by 55 percent to 9.52 billion in first four months compared to loss of 6.12 billion recorded in the same period last year.
The accumulated losses and the negative net worth of the airline as at the end of...
Sri Lanka's foreign debt USD25.6bn by April: Mid Year Fiscal Report
July 10, 2017 (LBO) – Sri Lanka’s total outstanding external debt was 25.61 billion US dollars (Rs3,886bn) by the end of April 2017, up from 23.1 billion dollars during the same period last year, the Mid-year Fiscal Report revealed.
Government’s total debt service payments for the first four months of this year amounted to 713.4 million dollars, of which, 332.9 million has been paid for principal repayments and the balance 313.3 million has been paid for interest payment.
Last year, total debt service payments amounted to...
Sunday, July 9, 2017
Sri Lanka foreign reserves up 3-pct in June
July 07, 2017 (LBO) – Sri Lanka’s official foreign reserves climbed three percent (USD193.9mn) to 6.9 billion dollars in June, official Central Bank data showed.Foreign currency reserves were 5.99 billion dollars and reserves in gold were 0.89 billion dollars.Central Bank’s Treasury bill holdings were down from 214.35 billion rupees in May to 144.38 billion rupees in June.During the year, up to Friday, the Sri Lanka rupee has depreciated...
India will move on ETCA at a pace set by Lanka: envoy
Assuaging fears that India is set to “impose” an Economic and Technical Cooperation Agreement (ETCA) on Sri Lanka, the Indian High Commissioner in Sri Lanka, Taranjit Singh Sandhu, has said that India is ready to move on the ETCA at a pace Sri Lanka is comfortable with.
“The proposed Economic and Technical Cooperation Agreement is in mutual interest. However, I would like to reiterate that we are ready to move at a pace Sri Lanka is comfortable...
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