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.2017
Thursday, July 13, 2017
EXPOLANKA HOLDINGS - DIVIDEND ANNOUNCEMENT
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 and advisory services, the World Bank Country Director for Sri Lanka and Maldives Idah Z Riddihough, who called on the Minister of Finance Mangala Samaraweera, said.
A public sector efficiency project and country readiness for public private partnerships (PPP) are two projects proposed to be implemented by the ministry with this support.
The Country Director also discussed the progress of WB-assisted ongoing and proposed projects in the country.
She appreciated Sri Lanka’s economic performance despite significant challenges and said that it remained broadly satisfactory in 2016 and early 2017.
“The WB recognizes the corrective policy measures taken in 2016 following expansionary fiscal and monetary policies implemented in the previous year as early signs of stabilization,”
“A combination of increase in revenues and rationalization of expenditures helped reducing the fiscal deficit from a reported 7.6 percent in 2015 to a 5.4 percent of GDP in 2016.”
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 is to come up with a prioritized action plan.
“We are following the guidance of EDB, Ministry as well as the private sector to finalize this document by December,” Roberge said.
“We will also ensure that it is ready to be implemented with the new budget for 2018.”
The 5-year strategy implementation period lays emphasis on diversification of exports through strengthening of emerging sectors.
Their focus sectors are ICT, wellness tourism, spice concentrates, boat building, processed food & beverages and electronic & electrical machinery.
In addition, the strategy will ensure that all export sectors including mature sectors will benefit from the strengthening of trade support functions.
National quality infrastructure, innovation, R&D and logistics were shortlisted to achieve the National Export Strategy vision and strategic objectives.
More than 300 public and private sector representatives are expected to attend this month’s consultations in order to chart the next export growth cycle of the country.
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.2017
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 (IRD).
Sri Lanka’s Foreign Direct Investment dropped by 45.6 percent to a very low level of slightly over US 300 million dollars in 2016 from 658 million in 2015, official data shows, with the island experiencing a period of policy instability with inconsistent taxation.
Samaraweera said he was prepared to consider trade union concerns in order to enhance the tax revenue of the government.
The trade union representatives briefed Samaraweera on administrative and technical issues in the department.
The representatives cited the lack of local and foreign training opportunities for officers of the Inland Revenue Department and apprised the minister on issues faced by them with regard to the payment of incentives.
They also stressed the need for a new building for the head office of the department.
The government expects the Inland Revenue Bill will be a key aspect of the fiscal consolidation drive after weak tax collection in recent years, partly due to the complexity of the Act.
In May, the cabinet gave the go ahead to gazette and present in Parliament the new Inland Revenue Bill, as proposed in budget 2016.
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 told reporters Tuesday.
He was speaking at a media conference ahead of Sri Lanka’s second national symposium to be held this week to develop a national export strategy.
“With the GSP+ concessions, at least 18 billion dollars export earnings by 2020; we think it as a victory.”
Last year, earnings from exports of 10.3 billion dollars reflected a decline of 2.2 percent, from 10.5 billion dollars in 2015, with declines in agricultural and industrial exports.
Sri Lanka’s international trade performance has been lackluster especially during the last decade, regressing to levels that were seen during the pre-liberalization era.
In 2016, Sri Lanka’s trade openness was 36.5 percent, while exports relative to GDP reduced to a level of 12.7 percent.
Malaysia had an export to GDP ratio of 67.5 percent in 2015, while Thailand was 54.2 percent and Vietnam 83.7 percent.
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 billion rupees.
All Share Price Index is up by 8.35 percent while S&P SL 20 Index is up by 11.67 percent in terms of year to date figures.
Last year, net foreign inflow to the Colombo bourse was 383.5 million rupees while in 2015 the market recorded a net outflow of 5.37 billion rupees.
Tuesday, July 11, 2017
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