Friday, March 6

Tag: Capital

Inflation in Colombo rises to 6.2 percent for the month of February
29Feb By Team IndependentNo Comments
Business News

Inflation in Colombo rises to 6.2 percent for the month of February

Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) increased to 6.2 percent in February 2020 from 5.7 percent in January 2020, the Central Bank Statistics Department reported Friday. The CCPI for all items remained unchanged at 134.6 in February 2020 from the previous month. The increase in inflation was solely due to the statistical effect of the low base prevailed in February 2019, the Central Bank said in a statement. Food inflation (Y-o-Y) stood at 14.7 percent in February 2020, while Non-food inflation (Y-o-Y) recorded at 2.8 percent. The core inflation, which reflects the underlying inflation in the economy, increased to 3.2 percent in February 2020 from 3.0 percent in January 2020 on year-on-year basis. However, annual averag...
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SL gaining from improving global economy: CB Chief
7Dec By Faraz ShauketalyNo Comments
Business, Main Story

SL gaining from improving global economy: CB Chief

Revival of major economies results in good export earnings for SL in past five months Insists firms stand to gain from China’s massive capital outflow in the next 10-15 years Says Fiscal Responsibility Management Act needs more teeth  Predicts US Fed hike to be 25 basis points in December Cautions over rising cost of sovereign bonds with normalisation in major economies By Charumini de Silva Central Bank Governor Dr. Indrajit Coomaraswamy said the global economy had a number of tailwinds for Sri Lanka, while insisting on the need to focus on mitigating the negative impacts of international interest rates. Addressing the Financial Sector Investment Conference organised by Asia Securities, he asserted that the world economy seemed to be in better shape, providing a bet...
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Donald Trump: ‘Jerusalem is Israel’s capital’
7Dec By Faraz ShauketalyNo Comments
World

Donald Trump: ‘Jerusalem is Israel’s capital’

U.S. President Donald Trump has announced that the U.S. now recognises Jerusalem as Israel’s capital, overturning decades of official US policy. Trump described the move as “a long overdue step” to advance the Middle East peace process. The president’s announcement was met with celebrations by Israel and immediate fury from the Palestinians, who accused him of destroying any hope of a peace deal. In a short speech delivered at the White House, Trump directed the state department to start making arrangements to move the U.S. embassy from Tel Aviv to Jerusalem – a process that officials say will take at least three years. “My announcement today, marks the beginning of a new approach to the conflict between Israel and the Palestinians,” Trump said.
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People’s Leasing completes acquiring 51-pct of Bangladeshi finance firm
5Dec By Faraz ShauketalyNo Comments
Business

People’s Leasing completes acquiring 51-pct of Bangladeshi finance firm

People’s Leasing & Finance has completed the acquisition of 51 percent stake of the Bangladeshi finance firm, Alliance Leasing and Finance Company. People’s Leasing has acquired 51,000,000 ordinary shares of Bangladeshi firm, which carries on the finance business under the Financial Institution Act, 1993 of Bangladesh. People’s Leasing earlier said in a stock exchange filing that as the majority shareholder of the Bangladesh firm, People’s Leasing will have an entitlement to nominate a majority of the directors of Alliance Leasing and Finance. On 15 May 2016, People’s Leasing entered into an agreement with Alliance Leasing and Finance for the acquisition of 51,000,000 ordinary shares, being 51 percent of the total issued capital of Alliance Leasing and Finance.  ...
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Jordan urges US not to recognise Jerusalem as Israel capital
4Dec By Faraz ShauketalyNo Comments
World

Jordan urges US not to recognise Jerusalem as Israel capital

Jordan's foreign minister has warned the US of "dangerous consequences" if it recognises Jerusalem as the capital of Israel. Ayman Safadi said he had told US Secretary of State Rex Tillerson such a declaration would trigger great anger in the Arab and Muslim world. Speculation is mounting that President Donald Trump will announce the move soon, fulfilling an election pledge. Jared Kushner, Mr Trump's son-in-law, said no decision had yet been made. In a tweet, Mr Safadi said: "Spoke with #US Secretary of State Tillerson on dangerous consequences of recognising Jerusalem as capital of Israel. Such a decision would trigger anger across #Arab #Muslim worlds, fuel tension & jeopardise peace efforts." There was no public response from the US State Department. Palestinian Pres...
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Finance Minister says budget aims at fast tracking liberalization
17Nov By Faraz ShauketalyNo Comments
Business

Finance Minister says budget aims at fast tracking liberalization

Sri Lanka’s Finance Minister said they are aiming at fast tracking liberalisation with legislative reforms as they have identified bottlenecks to investment both domestic and foreign. Making a statement in Parliament at the second reading of the budget, Finance Minister Mangala Samaraweera said prime amongst these constraints include limitations in access to affordable and productive land, labour, and capital. “There are vast tracts of land in the country that are tied up in completely unproductive use or are in fact abandoned,” Samaraweera said. “The land legislative reforms we propose are with a view to freeing up this unproductive or unused land for productive use for investment, for enterprise.” Samaraweera said today’s labour laws dictate and restrict working hours of wome...
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