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Thread for News on CSE and SL Economy

Page 6 of 6 Previous  1, 2, 3, 4, 5, 6

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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Fri Jan 04, 2019 9:36 am

Sri Lanka plans 2019 budget with 3.5-pct deficit

ECONOMYNEXT - Sri Lanka's cabinet of ministers had approved plans by Finance Minister Mangala Samaraweera for a budget with a deficit of 3.5 percent of gross domestic product in 2019, the state information office said.

The finance ministry hoped to boost revenue over 17 percent of GDP and keep current spending below 15 percent of GDP.

Capital expenditure will be kept at 5.5 percent of GDP.

The objective is to keep debt to GDP ratio at 70 percent, the proposal had said.

The parliament has passed an interim budget or vote-on-account for four months, until April.

The full-year budget will incorporate the numbers. (Colombo/Jan04/2019)
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Re: Thread for News on CSE and SL Economy

Post by The Invisible on Fri Jan 04, 2019 9:37 am

Sri Lanka to get digital transit card for bus, rail transport

ECONOMYNEXT – Sri Lanka’s central bank is working to help introduce a digital transit card to be used in buses and trains and supporting infrastructure for ticketing and fare collection, its governor Indrajit Coomaraswamy said.

The initiative was part of future plans and policies to promote digital payment mechanisms to establish a “less-cash society”, he said while introducing central bank monetary and financial sector policies for 2019 and beyond.

“The Central Bank will focus on promoting digital payment mechanisms to establish a less-cash society with a view to reducing cash management costs while enhancing safety and convenience.”

Coomaraswamy said the central bank will facilitate the implementation of a ‘National Transit Card’ and infrastructure framework for ticketing and fare collection in bus and rail transport.

“We will also continue to adopt measures to promote the usage of digital payment mechanisms by way of encouraging financial institutions to enable digital payment methods and creating awareness among general public on digital payment options and their benefits,” he said.
(Colombo/January 03/2019)
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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Fri Jan 04, 2019 2:01 pm

ලක්ෂ විසිපහේ ඉලක්කය මඟ හැරේ. 2018 දී පැමිණි විදෙස් සංචාරකයින් සංඛ්‍යාව විසිතුන් ලක්ෂය ඉක්මවයි


January, 4, 2019




2018 වසරේ දී ශ්‍රී ලංකාවට පැමිණ ඇති සමස්ත විදෙස් සංචාරකයින් සංඛ්‍යාව 2,333,796 ක් බව ශ්‍රී ලංකා සංචාරක සංවර්ධන අධිකාරිය පවසයි. මෙය 2017 වසරේ දී පැමිණි මුළු විදෙස් සංචාරකයින් ප්‍රමාණය වූ 2,116,407 හා සැසඳීමේ දී සියයට 10.3 ක ඉහළ යාමකි.
නවතම වාර්තාවක් මඟින් මේ බව අනාවරණය කරමින් සංචාරක සංවර්ධන අධිකාරිය වැඩිදුරටත් කියා සිටින්නේ 2018 දෙසැම්බර් මාසයේ දී මෙරටට පැමිණ ඇති සංචාරකයින් ප්‍රමාණය 253,169 ක් බවයි. එය පසුගිය 2017 දෙසැම්බර් මාසයේ දී ශ්‍රී ලංකාවට පැමිණ ඇති සංචාරකයින් සංඛ්‍යාව වූ 244,536 ට වඩා 3.5% ක වර්ධනයකි.
මේ අතර පසුගිය දා කොළඹ දී සංචාරක සංවර්ධන අමාත්‍ය ජෝන් අමරතුංග මහතා පැවසුවේ, 2018 අවසාන භාගයේ දී රටේ සිදුවූ දේශපාලන අර්බුදකාරීත්වය හේතුවෙන් විසිපන්ලක්ෂයක සංචාරක ඉලක්කය සාක්ෂාත් කර ගැනීමට නොහැකි වූ බවයි.
2018 වසරේ දී ශ්‍රී ලංකාවට පැමිණි සංචාරකයින් සංඛ්‍යාව පිළිබඳ සටහන් කිහිපයක් පහතින් දැක්වේ. මෙහි ඇති විශේෂත්වය වනුයේ 2018 දෙසැම්බර් මාසයේ දී එක්සත් රාජධානියෙන් පැමිණි සංචාරකයින් ප්‍රමාණය 21,756 සිට 26,828 ක් දක්වා 23.3% ක කැපී පෙනෙන වර්ධනයක් වාර්තා කර තිබීමයි.



 

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Re: Thread for News on CSE and SL Economy

Post by ruwan326 on Fri Jan 04, 2019 8:42 pm

Colombo Bourse reports the ‘Lowest Daily Turnover’ in 10 years
January, 4, 2019


Sri Lanka’s Colombo Stock Exchange (CSE) reported the lowest Daily Turnover in the latest history today which was merely a Rs. 68.77 million with little over 3.14 million shares changing hands among traders as at the end of the trading day on 4th January 2018.

This is recorded to be the lowest daily turnover ever reported in the last 10 years history from April 2009 Levels. CSE reported the lowest in recently when the turnover was recorded to be Rs. 64.3 million on 28th April 2009 when it was just 20 days before Sri Lanka’s then government under President Mahinda Rajapaksa ended the 30 year war against terrorism.

This is the second time Colombo Stock Exchange reported the lowest Daily Turnover in the latest history of ‘Good Governance’ era lead by President Maithripala Sirisena and Premier Ranil Wickremesinghe coalition, which was earlier instance reported a Rs. 101.94 million Daily Turnover with little over 7 million shares changing hands among traders as at the end of the trading day on 16th April 2018.That time it was recorded to be the lowest daily turnover ever reported in a 4 year history from April 2014 Levels. CSE reported the lowest in 2014 when the turnover was recorded to be Rs. 90.93 million on 17th March 2014.

Today All Share Price Index (ASPI) rose 0.15%, whilst S&P SL20 Index rose 0.46%.



http://bizenglish.adaderana.lk/colombo-bourse-reports-the-lowest-daily-turnover-in-10-years/

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Fri Jan 04, 2019 9:32 pm

වසර 10 ක් තුළ කොටස් වෙළෙඳපොළේ අඩුම දෛනික පිරිවැටුම අද වාර්තා වෙයි

January, 4, 2019



කොළඹ කොටස් වෙළෙඳපොළ දෛනික ගනුදෙනු පිරිවැටුම අද (04) දිනය අවසානයේ දී රුපියල් මිලියන 68.77 ක් ලෙසින් වාර්තා විය.
රුපියල් මිලියන 64.3 ක් වශයෙන් 2009 අප්‍රේල් 28 දින වාර්තා වූ දෛනික පිරිවැටුමෙන් පසු, පසුගිය වසර 10 ක කාලය තුළ කොටස් වෙළෙඳපොළේ වාර්තා වූ අඩුම දෛනික පිරිවැටුම ලෙසින් මෙය වාර්තා වේ.
තිස් අවුරුදු යුධ සමයේ අවසාන භාගය වූ 2009 වසරේ අප්‍රේල් - මැයි කාලපරිච්ඡේදය තුළ දී, කොටස් වෙළෙඳපොළ ක්‍රියාකාරකම් පහළ මට්ටමක පැවතීම, 2009 අප්‍රේල් 28 දින ඉහත කී ආකාරයේ ඉතා පහළ මට්ටමක දෛනික පිරිවැටුමක් වාර්තා වීමට හේතු වුණු බව අප කළ විමසීමක දී කොටස් තැරැව්කාර සමාගමක ආයෝජන උපදේශකවරයෙකු විසින් සඳහන් කර සිටියේය. කෙසේ වෙතත් 2009 මැයි 19 දින රටේ පැවති යුධමය වාතාවරණය අවසන්වීමත් සමඟම 2009 වසර තුළ දී 126% කින් හා 2010 වසර තුළ දී 96% කින් කොළඹ කොටස් වෙළෙඳපොළේ දැවැන්ත වර්ධනයක් වාර්තා විය.
මේ අතර 2014 මාර්තු 17 දින ගනුදෙනු පිරිවැටුම රුපියල් මිලියන 90.93 ක් ලෙසින් සටහන් වූ අතර ඉන් පසු රුපියල් මිලියන 100 ට වඩා අඩු දෛනික පිරිවැටුමක් වාර්තා වූයේ අද දිනයේ දීය.
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Re: Thread for News on CSE and SL Economy

Post by ruwan326 on Sun Jan 06, 2019 7:19 am

Budget 2019: Finance Ministry to boost revenue by 17% of GDP
6 January, 2019




Finance Minister Mangala Samaraweera has said that Budget 2019 is aimed at increasing government revenue by more than 17% of GDP
* Extra focus on public spending
* CB confident of debt obligation

Economists, Chamber heads and Financial analysts in their expectations of the forthcoming budget, said the Budget should focus on Fiscal consolidation maintaiingn the recurrent and capital expenditure which are key factors to curtail the budget deficit.

Professor of Economics, University of Colombo, Sirimal Abeyratne said the country has issues regarding tax revenue since the government has been taking measures to increase tax revenue, which are not yet completely in place. Therefore, there would be certain loopholes in revenue collection.

The tax collection process was disrupted following the political turmoil in October last year and now tax-payers may be asking why should they pay taxes when politicians act irresponsibly. There were issues on the part of tax expenditure triggered by the political drama in October, as it supported making certain irregular proposals for handouts which may have resulted in an increase in government expenditure.

“Put together, tax collection and expenditure problem, there will be a budget deficit which will be reflected in the March and year-end budgets,” Prof. Abeyratne said, adding that the economic performance in the country has been far short of expectations considering the economic growth rate and growth in exports. He said fiscal management is in disarray and added that serious attempts should be made to achieve fiscal consolidation.

President, National Chamber of Commerce of Sri Lanka, Sujeiva Samaraweera said there should be greater attention paid on promoting value-added exports selecting three sectors which will help the country to concentrate on them.

He said driving innovation will be a key element to stay in the game and without a new product range the country will be behind others in the global market. Innovation will help bridge the import-export gap that has been widening over the years. Nothing could be sustained without care for the environment.

The Cabinet decided last week to present the Budget for 2019 in early March. The Appropriation Bill which is currently being prepared aims at increasing government revenue by over 17 per cent of GDP, reducing recurrent expenditure to 15 per cent of GDP, maintaining investments at 5.5 percent, slashing the budget deficit to 3.5 per cent of GDP and maintaining government debt at 70 per cent of GDP. The Appropriation Bill which was to be presented on November 5 was delayed due to the Constitutional crisis.

A Government official said the March Budget will focus more on public spending. Sri Lanka is in a position to repay the massive debt obligation during this year, according to the road map presented by the Central Bank Governor Dr. Indrajit Coomaraswamy.

President, National Chamber of Exporters, Ramal Jasinghe said, “We are also confident that with a correct mechanism and correct strategies, the debt obligation could be met.”
The year’s debt obligation stands at US $ 5 billion and this should be serviced without creating a burden on the people, he said.

“The export sector could support the country’s development with a continuous drive to enhance export value and volumes. As we have achieved the targets set for last year despite political unrest in the last quarter, reaching this year’s target will not be an issue. We are expecting a 17 percent increase in exports this year and are confident of achieving it,” Jasinghe said.

However, the industrial sector recorded a dip. “We could take measures to increase the performance due to the resilience nature and move on. Along with the Balance of Payment and debt servicing we are optimistic that the increase in export performance in this process is vital as the country’s debt is high.

The cost-of-living has gone up as inflation in November shows an increase.
However, it is stabilising and will reach a mid single digit inflation regime.
The basket of goods consumed by the middle class may be different from the goods that the Central Bank is considering.
The inflation figure of 2-3 percent indicated by the Central Bank in reality may be different from what is in operation, he said.
There is a drop in motor vehicle registration due to the increase in the duty applicable. The move was to correct the BOP discrepancies.

“We are concerned that the upcoming budget will be a populist budget with more hand-outs. However, we need to be careful to protect long-term robust economic growth. We underline this need as a Chamber as we have to be cautious to make a balance between the people’s expectations and the country’s forward march.
“We expect the budget to be export-friendly in nature and effect tariff and taxes to enable its growth. Consideration should be given for an accelerated export drive.
“One of the concerns is the demurrage and certain steps should be taken to address this issue as exports and imports are becoming more expensive due to this.

“It is necessary to ensure ease of trade to drive exports,” he said. 

http://sundayobserver.lk/2019/01/06/business/budget-2019-finance-ministry-boost-revenue-17-gdp

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Jan 07, 2019 10:00 pm

මුළු ලංකාවෙම ක්‍රෙඩිට් කාඩ් ණය රුපියල් බිලියන 100 ඉක්මවයි

January, 7, 2019



මෙරට බලපත්‍රලාභී වාණිජ බැංකු විසින් නිකුත් කර ඇති ක්‍රෙඩිට් කාඩ්පත්වලට අදාළව 2018 නොවැම්බර් මාසය අවසාන වන විට පියවිය යුතු මුළු ණය වටිනාකම රුපියල් මිලියන 103,146 ක් ලෙසින් වාර්තා වේ. මෙම වටිනාකම පළමු වතාවට පසුගිය 2018 ඔක්තෝබර් මාසයේ දී රුපියල් මිලියන 100,000 සීමාව ඉක්මවා ගිය අතර ඔක්තෝබර් අවසානයේ දී එම අගය රුපියල් මිලියන 101,353 ත් ලෙසින් වාර්තා විය.
2018 නොවැම්බර් මාසය අවසානයේ දී මෙරට වාණිජ බැංකු විසින් නිකුත් කර තිබෙන මුළු සක්‍රීය ක්‍රෙඩිට් කාඩ්පත් ප්‍රමාණය 1,633,009 ක් ලෙසින් සටහන් වේ. මෙයින් 1,611,690 ක් ගෝලීය වශයෙන් ගෙවීම් පියවීම සඳහා ද, 21,319 ක් දේශීය වශයෙන් පමණක් ගෙවීම් පියවීම් සඳහා ද නිකුත් කර ඇත.
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Re: Thread for News on CSE and SL Economy

Post by ruwan326 on Tue Jan 08, 2019 8:22 pm

Sri Lanka for removal of trade barriers

January, 8, 2019


LAHORE: Sri Lanka has sought removal of non-tariff barriers (NTBs) and other issues to improve trade with Pakistan.

Addressing the Lahore Chamber of Commerce and Industry on Monday, High Commissioner of Sri Lanka to Pakistan Noordeen Mohamed Shaheid said that though the two countries signed Free Trade Agreement (FTA), certain issues including NTBs need to be resolved to improve trade between the two countries.

The envoy said Pakistan and Sri Lanka had signed the FTA in June 2005 under which the private sectors of both the countries were provided with greater opportunities to take trade and economic relations to next level. From 2005 onwards, there was significant increase in bilateral trade, he said. “But it is also a fact that the two countries could not succeed in fully exploiting the trade potential,” he added.

The Sri Lankan high commissioner said there was a vast scope for the expansion of bilateral between Pakistan and Sri Lank.

He urged that both countries should introduce new products for trade and make business-to-business contacts stronger. “Sri Lanka offers huge opportunities in various sectors of economy,” he added. He said though terrorism remained a big challenge for Sri Lanka, but today it a peaceful country. “We have defeated terrorism due to immense support of Pakistan,” he said.

Speaking on the occasion, LCCI President Almas Hyder said Sri Lanka was at the take-off stage and Pakistani business community should avail this great opportunity. “Both Pakistan and Sri Lanka are members of Saarc and enjoy friendly relations based on historical linkages.

Cooperation between two countries especially in defence sector has played major role in further strengthening the mutual ties,” he added.

Earlier, National Assembly Deputy Speaker Qasim Khan Suri also visited the LCCI and said the government was making all-out efforts to overcome the inherited economic crisis. “The business community has a key role in economy and economic challenges will be tackled with their cooperation,” he said.

http://bizenglish.adaderana.lk/sri-lanka-for-removal-of-trade-barriers/

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Re: Thread for News on CSE and SL Economy

Post by ruwan326 on Wed Jan 09, 2019 8:51 pm

Sri Lanka finance minister to Washington to get IMF facility back
Jan 09, 2019

Sri Lanka’s Minister of Finance and Mass Media Mangala Samaraweera will leave for Washington on Friday, January 11 for talks on getting the IMF External Fund Facility (EFF) back on track. 

Samaraweera is expected to signal the government's intention to continue with IMF reform program, a finance ministry statement said. 

He will be meeting Christine Lagarde, IMF Managing Director, Mitsuhiro Furusawa, Deputy Managing Director, Chanyong Rhee, Director, Asia Pacific Department, Manuel Goretti, Team Leader and other members of the IMF Sri Lanka Team. 

“A key objective will be to negotiate the trajectory of continued fiscal consolidation while accommodating policies to support growth and strengthen the social safety net,” the statement said.

Sri Lanka had just completed talks with the IMF on getting the next tranche of its loan in October 2018 when a political crisis triggered by President Maithripala Sirisena sacking Prime Minister Ranil Wickremssinghe interrupted the process. 

Samaraweer’s delegation to the IMF will include the Governor of the Central Bank, Secretary to the Treasury and other key officials of the Central Bank and the Treasury.  

https://economynext.com/Sri_Lanka_finance_minister_to_Washington_to_get_IMF_facility_back-3-13097-1.html

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Thu Jan 10, 2019 11:57 pm

සංචිත ඉහළ නැංවීම සඳහා විනිමය හුවමාරු පහසුකම යටතේ ඉන්දීය සංචිත බැංකුවෙන් එක්සත් ජනපද ඩොලර් මිලියන 400ක්


January, 10, 2019




දකුණු ආසියාතික කලාපීය සහයෝගීතා සංවිධානයේ (සාර්ක්) සාමාජික රටවල් අතර පවත්නා විනිමය හුවමාරු පහසුකම යටතේ එක්සත් ජනපද ඩොලර් මිලියන 400ක් ශ‍්‍ර‍්‍රී ලංකා මහ බැංකුව වෙත ලබා දීමට ඉන්දීය සංචිත බැංකුව එකඟ වී ඇත.
මීට අමතර ව එක්සත් ජනපද ඩොලර් බිලියනයක් ලබා ගැනීම සඳහා ඉන්දීය සංචිත බැංකුව සමග ද්විපාර්ශ්වික ගිවිසුමකට එළඹීම සඳහා ශ‍්‍ර‍්‍රී ලංකා මහ බැංකුවෙන් කරන ලද ඉල්ලීම ද සලකා බැලෙමින් පවතී.
ආනයන සහ ණය සේවාකරණය සම්බන්ධ මුදල් ගෙවීම් සිදුකරමින්, අවිධිමත් ගැලපීම් වලක්වා අවශ්‍ය විටෙක දී ව්‍යවහාර මුදල් තත්ත්වය මනාව පවත්වා ගැනීමෙන් දළ විදේශ සංචිත ප‍්‍ර‍්‍රමාණවත් පරිදි පවත්වා ගැනීමෙන් ද ආයෝජන විශ්වාසය ඉහළ නැංවීමෙහි ලා ඉන්දීය සංචිත බැංකුවෙන් ලැබුණු කඩිනම් සහයෝගය මහෝපකාරී වනු ඇත.
මෙම එකඟතාවට එළඹීමේ දී ඉන්දීය මධ්‍යම රජයත්, නව දිල්ලියේ ශ‍්‍ර‍්‍රී ලංකා මහ කොමසාරිස් කාර්යාලයත්, කොළඹ ඉන්දීය මහ කොමසාරිස් කාර්යාලයත් දැක්වූූ ක‍්‍ර‍්‍රියාශීලී සහයෝගය ශ‍්‍ර‍්‍රී ලංකා මහ බැංකුව අගය කරයි.
රටේ පැවති දේශපාලන වෙනස්වීම් නිසා ඇති වූූ ප‍්‍ර‍්‍රමාදයන් අවසන් වීමත් සමග ශ‍්‍ර‍්‍රී ලංකා රජයත්, ශ‍්‍ර‍්‍රී ලංකා මහ බැංකුවත් විසින් පහත සඳහන් ක‍්‍රියාවලීන් පිළිබඳ ව විමර්ශනය කෙරෙමින් පවතී.
(i) ජාත්‍යන්තර ස්වයිරීත්ව බැඳුම්කර නිකුත් කිරීම
(ii) කාලීන ණය ලබා ගැනීම
(iii) රාජ්‍ය බැංකු හරහා ණය ලබා ගැනීම සම්බන්ධයෙන් ශ‍්‍ර‍්‍රී ලංකා රජය වෙනුවෙන් සාකච්ඡා කිරීම
මෙම කටයුතු 2019 වසර් පළමු කාර්තුවේ දී නිමා වීමට නියමිත ය.
එසේ ම, විස්තීරණ අරමුදල් පහසුකම සම්බන්ධයෙන් ජාත්‍යන්තර මූූල්‍ය අරමුදල හා කෙරෙන සාකච්ඡා නැවත ආරම්භ කිරීම සඳහා මුදල් සහ ජනමාධ්‍ය අමාත්‍ය මංගල සමරවීර මහතා වොෂින්ටන්හි සංචාරයක නිරත වීමට නියමිත ය.
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nihal123
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Re: Thread for News on CSE and SL Economy

Post by ruwan326 on Fri Jan 11, 2019 7:21 am

Sri Lanka defends feel-the-pain carbon tax as eco-tax trigger riots in France
Jan 10, 2019 

Sri Lanka is to go ahead with a carbon tax, which is being charged on a peculiarly unjust basis targeting older, poorer vehicle owners while allowing richer arguably high use owners of new cars get off lightly.

France has been shaken by violent protests against an eco-tax by yellow-vest wearing motorists, who say they regretted voting for President Emmanuel Macron, and have called for his resignation.

Citizens of France came out against eco-taxes as they are viciously unjust, goes against principles of good governance have nothing to do with raising revenue, which should be the only purpose of taxation but are insitead designed to hurt.

Eco-taxes were promoted by European green parties and illiberal interventionists going against time honoured principles of taxation and of liberalism of causing least hurt and are designed to make payers 'feel the pain'.

In good governance taxes are expected to be levied as a bee takes honey from a flower, making payers hardly feel the burden. Originally from South Asia, the principle was adopted by Western liberals but has been violated by interventionists.

Critics who attempt to psycho-analyse promoters of European echo taxes have charged that they are acting in the same way as religious zealots of Middle Ages who wanted to make 'carbon' sinners pay 'penance' to the church of environmentalism with Mother Earth as the deity.

Promoters of 'sin' taxes whether alcohol or sugar, quell opposition by making the payer feel guilty. However French yellow vest protestors refused to submit meekly to interventionism.

Economic analysts say Sri Lanka's eco-taxes should be a case study for students of public finance on how not to do fiscal policy.

Sri Lanka's eco-taxes are peculiarly painful as they have to be paid just when people have to fork out money for revenue licenses as well as an eco test and sometimes also insurance, making them 'feel it'.

The taxes make no distinction between diesel and petrol, despite diesel containing higher volumes of carbon and other impurities, emits more polluting by products, some of which could be carcinogenic.

The carbon-tax opposed by yellow-vest protests in France at least makes a distinction petrol and diesel. 

In another peculiar basis, cars newer than 5 years are charged 50 cents per cubic centimetre of engine capacity while cars between 5 and 10 years are charged twice that. Cars over 10 years are charged three times.

But all cars - except classic cars - have to pass an emission test, making a mockery of the basis. Cars that do not pass the test have to tune the engine or repair it.

Older cars are generally owned by poorer and older people, who hardly use it, making Sri Lanka's carbon tax peculiarly iniquitous. Many retirees keep an older car for weekend shopping or to go the doctor.

Meanwhile hybrid cars are charged only 25 cents a cubic metre if they are less than 5 years old. 

Arguably new cars are bought by richer people. Arguably they would go around more. Again no distinction is made between petrol and diesel, making a mockery of the 'carbon tax' claim.

In another laughable basis, electric cars have been made exempt, though about half or more of Sri Lanka's electricity is made out of coal and furnace oil, both of which have high carbon contents.

The only distinction made is on engine capacity.

The state could collect the same volume of tax by charging about a few cents per litre of fuel, which will would be completely fair as high users will end up paying more and it will also be spread out over the period of salary or pension.

But critics say such a tax will not satisfy architects of eco-taxes who want payers to 'feel the pain'. 

Meanwhile the taxes were passed by legislators in parliament who get tax free cars, while ordinary citizens are forced to pay rates of over 200 percent. The tax collecting state workers also get tax slashed cars. 

https://economynext.com/Sri_Lanka_defends_feel_the_pain_carbon_tax_as_eco_tax_trigger_riots_in_France-3-13114-1.html

ruwan326

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Re: Thread for News on CSE and SL Economy

Post by ruwan326 on Fri Jan 11, 2019 7:40 am

ruwan326 wrote:Sri Lanka defends feel-the-pain carbon tax as eco-tax trigger riots in France
Jan 10, 2019 

Sri Lanka is to go ahead with a carbon tax, which is being charged on a peculiarly unjust basis targeting older, poorer vehicle owners while allowing richer arguably high use owners of new cars get off lightly.

France has been shaken by violent protests against an eco-tax by yellow-vest wearing motorists, who say they regretted voting for President Emmanuel Macron, and have called for his resignation.

Citizens of France came out against eco-taxes as they are viciously unjust, goes against principles of good governance have nothing to do with raising revenue, which should be the only purpose of taxation but are insitead designed to hurt.

Eco-taxes were promoted by European green parties and illiberal interventionists going against time honoured principles of taxation and of liberalism of causing least hurt and are designed to make payers 'feel the pain'.

In good governance taxes are expected to be levied as a bee takes honey from a flower, making payers hardly feel the burden. Originally from South Asia, the principle was adopted by Western liberals but has been violated by interventionists.

Critics who attempt to psycho-analyse promoters of European echo taxes have charged that they are acting in the same way as religious zealots of Middle Ages who wanted to make 'carbon' sinners pay 'penance' to the church of environmentalism with Mother Earth as the deity.

Promoters of 'sin' taxes whether alcohol or sugar, quell opposition by making the payer feel guilty. However French yellow vest protestors refused to submit meekly to interventionism.

Economic analysts say Sri Lanka's eco-taxes should be a case study for students of public finance on how not to do fiscal policy.

Sri Lanka's eco-taxes are peculiarly painful as they have to be paid just when people have to fork out money for revenue licenses as well as an eco test and sometimes also insurance, making them 'feel it'.

The taxes make no distinction between diesel and petrol, despite diesel containing higher volumes of carbon and other impurities, emits more polluting by products, some of which could be carcinogenic.

The carbon-tax opposed by yellow-vest protests in France at least makes a distinction petrol and diesel. 

In another peculiar basis, cars newer than 5 years are charged 50 cents per cubic centimetre of engine capacity while cars between 5 and 10 years are charged twice that. Cars over 10 years are charged three times.

But all cars - except classic cars - have to pass an emission test, making a mockery of the basis. Cars that do not pass the test have to tune the engine or repair it.

Older cars are generally owned by poorer and older people, who hardly use it, making Sri Lanka's carbon tax peculiarly iniquitous. Many retirees keep an older car for weekend shopping or to go the doctor.

Meanwhile hybrid cars are charged only 25 cents a cubic metre if they are less than 5 years old. 

Arguably new cars are bought by richer people. Arguably they would go around more. Again no distinction is made between petrol and diesel, making a mockery of the 'carbon tax' claim.

In another laughable basis, electric cars have been made exempt, though about half or more of Sri Lanka's electricity is made out of coal and furnace oil, both of which have high carbon contents.

The only distinction made is on engine capacity.

The state could collect the same volume of tax by charging about a few cents per litre of fuel, which will would be completely fair as high users will end up paying more and it will also be spread out over the period of salary or pension.

But critics say such a tax will not satisfy architects of eco-taxes who want payers to 'feel the pain'. 

Meanwhile the taxes were passed by legislators in parliament who get tax free cars, while ordinary citizens are forced to pay rates of over 200 percent. The tax collecting state workers also get tax slashed cars. 

https://economynext.com/Sri_Lanka_defends_feel_the_pain_carbon_tax_as_eco_tax_trigger_riots_in_France-3-13114-1.html


For last 70 years politicians/media and clergy made Sri lanlan people slaves and robbed their hard earned money in every possible way.
Last 51 days of political crisis showed how deep this politicians can go to get back power to robbed citizens in this country.
When you pushed innocent people to the wall there will be a reaction and it is gonna be a history changing one I guess this time.

Time has come to break the shackles and free your self from the slavery we went through for last 70 years...........
Do we really need to waste our hard earned money for these 9099 politicians any more or get back all the money they robbed form us for last 70 years and make a better future for the coming generation ?????????





ruwan326

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Join date : 2016-09-29

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Sat Jan 12, 2019 2:01 am

[size=40]ඉතුරුම් ගිණුම් වල පොලිය මත අයකළ බදු සීමාව ඉහළට[/size]



(රංජන් කස්තුරි)

ජ්‍යෙෂ්ඨ පුරවැසියන්ගේ ඉතුරුම් ගිණුම්හි පොලිය මත අයකළ රඳවා ගැනීමේ බදු සීමාව ඉහළ නංවා තිබේ.

ජ්‍යෙෂ්ඨ පුරවැසියන්ගේ ඉතිරිකිරීම් ගිණුම් වලට ලැබෙන මාසික පොලී ආදායම රුපියල් 125000 දක්වා වන තෙක් රඳවා ගැනීමේ බද්දෙන් නිදහස් කර තිබූ අතර එය පොලී ආදායම රුපියල් 250,000 දක්වා දෙගුණයක් බවට පත්කර තිබෙන බවද මුදල් අමාත්‍යාංශය සඳහන් කරයි.

ඒ අනුව ජ්‍යෙෂ්ඨ පුරවැසියන්ගේ ඉතුරුම් ගිණුම්වලට සියයට 5 ක් වන රඳවා ගැනීමේ බද්ද අයකරනු ලබන්නේ මාසික පොලී ආදායම රුපියල් 250,000 වඩා වැඩි වුවහොත් වැඩිවන ප්‍රමාණයට පමණක් වන බවද එම අමාත්‍යාංශය කියයි.

ඇතැම් රාජ්‍ය ආයතන වල හා පෞද්ගලික ආයතන වල සේවකයින් විශ්‍රාම යෝජනා ක්‍රම යටතේ විශ්‍රාම ගන්නා අතර එහිදී ඔවුන්ට ලැබෙන මුදල් ඉතිරිකිරීමේ ගිණුමක තැන්පත් කිරීමට වැඩි අවස්ථාවක් සලසාදීමේ අරමුණින් එම පියවර ගත් බවද මුදල් අමාත්‍යාංශය කියයි.

රඳවා ගැනීමේ නව බදු සීමාවන් අප්‍රේල් මස 01 වැනිදා සිට ක්‍රියාත්මක කෙරේ.
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Re: Thread for News on CSE and SL Economy

Post by ruwan326 on Mon Jan 14, 2019 12:31 pm

Chinese loans not main source of debt trap, says think tank
2019-01-14




    *Funds borrowed through ISBs at higher rates outweigh loans from China*ISB debt growth caused by shift from concessional debt to commercial debt *Price of debt  more crucial than quantity of debt- Verité Research

Sri Lanka getting caught in a debt trap and finding itself in a precarious position has less to do with its borrowings from China but more to do with its participation in international bond market activities, according to Colombo-based economic think tank Verité Research.


While Sri Lanka is being made the poster child of falling into the Chinese debt trap, where it is largely perceived that the nation’s sovereignty and geo-political space is compromised, the latest insights by Verité Research narrate a different story. 
Of Sri Lanka’s total external debt, Verité Research identifies that less than 15 percent is from China. Although the share of debt to that country cannot be considered low, it is certainly is not the main source of the debt trap, according to Verité Research Executive Director and Head of Research Nishan de Mel.


Acknowledging that Sri Lanka’s debt exposure to China has increased from 2 percent and has grown fast, de Mel pointed out that it is not the monopolizing source of debt. 
According to him, the dominating source of the debt trap is the debt to international financial and bond markets, where the rate of borrowing is almost three times higher.
Analysis by Verité Research showed that almost 50 percent of Sri Lanka’s debt liabilities are to international financial and bond markets, which have grown from almost zero percent since 2007—the year the country started issuing international sovereign bonds (ISBs). 


This source of debt picked up at a fast pace as Sri Lanka lost access to bilateral concessional debt in 2005 and 2006. De Mel said that the shift from concessional debt to commercial debt is what has essentially forced this growth. 
In addition to Sri Lanka borrowing at over 6 percent, the other aspect of ISBs is that it is short term and has to be refinanced every seven years on average. 
When compared with the debt from China post-2012, such loans were extended at a concessionary rate of 2 percent and are to be refinanced approximately in 19 years. 


“Looking at it from a Sri Lankan perspective, it is important to recognize that there are significant to simple financial advantages in borrowing from China at 2 percent and having 19 years to sort that out than borrowing from international financial markets at over 6 percent and having only 7 years to recycle that,” explained de Mel.
“That has a significant implication to Sri Lanka as the cost of the commercial debt is quite high compared to the cost of multilateral and bilateral debt.” 
He elaborated that with the ISBs having a weighted average of 6.29 percent, the rate is high and it is getting too expensive to borrow from such sources. Although it’s a decade since the end of the war, Sri Lanka’s risk premium too has not declined as much as it should, de Mel noted.


“Our thought process is that even though people talk about the quantity of debt, it is not necessarily the fundamental problem. It is the price of debt; placing our monetary position at risk is the price we are paying,” he said. 

http://www.dailymirror.lk/article/Chinese-loans-not-main-source-of-debt-trap-says-think-tank-161047.html

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Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Jan 14, 2019 10:20 pm

භාණ්ඩාගාරය භාර ගන්න සූදානම් – ධම්මික මුල්වරට හෙළි කරයි


January, 14, 2019




රටේ ජනාධිපතිවරයා වුවහොත් එය වසර 5 ක ධුර කාලයක් බවත්, එම කාලය පුරාවට දිනකට පැය 8 බැගින් කාර්යයේ යෙදුණහොත්, සතියකට දින 5 ක් බැගින් සමස්ත වසර 5 ටම වැඩ කිරීමට ඇත්තේ පැය 10,400 ක් පමණක් බවත් මෙරට ප්‍රකෝටිපති ව්‍යාපාරික ධම්මික පෙරේරා මහතා පවසයි. ඒඅනුව දේශපාලඥයෙකු වී පැය 10,400 කින් රටක් දියුණු කරනවාට වඩා ප්‍රතිපත්ති සම්පාදකයෙකු බවට පත් වී කාර්යාලයක් තුළ පමණක් සිට ප්‍රතිපත්තිවලින් පමණක් රට වෙනස් කිරීමට එම පැය 10,400 ප්‍රමාණවත් බව ඔහු පැවසීය.
“ඒක නිසා මම වැඩියෙන්ම කැමති, ප්‍රතිපත්ති සම්පාදකයෙකු වනවා මිස දේශපාලඥයෙකු වීමට නොවෙයි“
“Treasury Secretary වගේ එකකට ආවෝත්, මුළු ලංකාවේම ඉන්න ministries ටික එතනට එන්නේ. එතකොට policies හදන එක විතරයි තියෙන්නේ. පැය 10,400 ක් කියන්නේ, එක පැයකට එක decision එකක් ගත්තත් , decisions 10,400 ක් වෙන කොට අවුරුදු 5 ඉවරයි.“
“ඉතිං මම හිතනවා, ඒ වගේ එකක් කරන්න පුළුවන් ගෝල් එකක් ආවොත්, මම ඇත්තටම කැමැත්තෙන් භාර ගන්නවා. ඒ ඇරෙන්න දේශපාලනමය වශයෙන් මම ඒ ගැන හිතන්නේ නැහැ. ඒ වගේ අවස්ථාවක් උදා වුණොත් ඒ වගේ තනතුරක් ගන්නවා.“
මෙහිදී ඕනෑම රජයක, ඕනෑම පක්ෂයක් යටතේ, ඕනෑම ජනාධිපතිවරයෙකු යටතේ භාණ්ඩාගාර භාර ගන්න සූදානම් දැයි ඇසූ පැනයට පිළිතුරු දෙමින් ධම්මික පෙරේරා මහතා මෙසේ අවධාරණය කළේය.
“මගේ කලර් එක රට, එතකොට මට පාට, පක්ෂ කිසි භේදයක් නැහැ. මට එහෙම පාට, පක්ෂ භේදයක් තියෙන එක්කෙනෙක් නෙමෙයි. රට වෙනුවෙන් ඕන වෙලාවක මම ඒකට ලැහැස්තියි.“
අද දෙරණ සමඟ කළ විශේෂ සම්මුඛ සාකච්ඡාවක දී ධම්මික පෙරේරා මහතා මේ බව අනාවරණය කළ අතර මෙම කතාබහ පහතින් නැරඹිය හැකිය.
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Re: Thread for News on CSE and SL Economy

Post by ruwan326 Today at 8:54 am

CSE expresses optimism amidst headwinds

16 January 2019
CSE bosses say political and stability, and fast-tracking economic growth key to draw foreign investors
Urges return of captive funds such as EPF, NSB, SLIC; opines it was a miracle market survived without them for 4 years
Colombo remains one of the most attractive based on price multiples among regional peers
Rs. 99.3 b raised via CSE in 2018 was highest since 2016; domestic investor purchases up Rs. 15 b

Despite the challenging times ahead, the county’s capital market is optimistic that the progressive line-up measures will continue anticipating sizeable investments to take-off ground this year.
Outlining the key elements of the Colombo Stock Exchange (CSE) wish-list for 2019, its Chairman Ray Abeywardena said reinstating political stability, currency and fast-tracking economic growth were some of the priorities they believed that the Government together with all stakeholders would attend to, to retain and attract new foreign investors.

“Ensuring political stability, exchange rate and getting the economy back on the track are essential in order to attract foreign investors as these are key factors they look into when they explore markets,” he told the Daily FT.

Abeywardena also called on the Government to bring back captive funds which had been kept away for the past four years. “It is a miracle that our market survived without those captive funds, which includesEPF, ETF, NSB and SLIC.

Four years is a long enough to create a framework for these institutions. It is time that the Government made it a reality,” he stressed.

Noting that trade unions had been actively engaged in this matter and hadn’t opposed, he said the market was now eagerly waiting for the Government to take steps through either the Central Bank or the Finance Ministry.

In terms of performance, he said although in 2018 the market had closed on a negative note, CSE still remained one of the most attractive based on price multiples among regional peers, adding that contribution to total market turnover by local institutional investors had increased by 6% compared to a year earlier.

“Both indices ended on negative note with All Share Index -4.9% and S&P Sri Lanka 20 Index -14.6%. However, a negative trend was evident among regional peers,” Abeywardena noted.

According to him almost all Asian markets have ended on a negative note, including India, Hong Kong, Malaysia, Indonesia, Pakistan, Korea, Philippines, Shanghai,Singapore, Taiwan and Thailand. The ASI is in fourth place in terms of regional market indices performance.

“Although the ASI has ended 2018 on a negative note, considering the regional context, other regional indices have shown a much greater decline. In terms of performance, frontier and emerging markets at large have underperformed compared to US high-yield in 2018,” he added.

CSE Chief also highlighted that in terms of capital raising, the market had fared better than in the two previous years, noting that Rs.99.3 billion had been raised through IPOs, debt issues, rights issues and private and placements. In 2017 CSE raised Rs.73.5 billion and in 2016 it was Rs.85.6 billion. Domestic investor purchases had increased by Rs.15.1 billion to Rs. 122.5 billion compared to Rs.107.4 billion in 2017.

He stated that the net foreign outflow of both primary and secondary market wasRs.15. 6 billion last year.Total foreign investor contribution in 2018 declined marginally from 46.9% to 44.5%.

“Foreign participation remained more or less the same as in 2017, but what is significant is that foreign purchases increased from Rs.112.2 billion to Rs.268.2 billion. Foreign investors have continued to engage in our market amid a challenging year for Sri Lanka on the macro front and tightening global financing conditions,” Abeywardena said.

Asked about the game plan to turnaround the foreign outflow in the backdrop of the US being likely to announce more rate hikes, CSE Chief Executive Officer Rajeeva Bandaranaike said market should not be unduly concerned as these funds would return as the CSE was still at attractive multiples.

“All stock markets experience foreign inflows and outflows and these are hot money flows which are dependent on a number of external factors. A strengthening US economy, interest rates and US Dollar havethe potential to affect investment flows into markets in general. However, we anticipate that attractive valuations in the Sri Lankan stock market, especially compared to regional and frontier peers, will place us as a noteworthy market in our segment,” he added.

Asserting that frontier market focused fundsconstitute a large portion of our foreign investments, he said it had the mandate to look at investment opportunities outside the US and go by the investment case of the particular market.

“Especially in this context, it leaves Sri Lanka well placed when attracting frontier funds, should the macro outlook offer signs of stability. We therefore will continue to engage frontier market focused investors in 2019 as well,” Bandaranaike said.

Given the slow growth in the economy, asked about CSE’s plans to make the capital market more attractive particularly to local investors, Bandaranaike stressed that they had provided an opportunity for the entire spectrum of the corporate sector to raise equity and debt capital.

“The Main Board for the larger companies both in the State sector and the private sector, the Diri Savi Board for the medium-sized companies, the SME Board for the SMEs with different listing criteria, and multi-currency board for foreign companies wishing to list and trade dollar-denominated securities. We believe that we have a wide base of investors, both local and foreign, that companies can tap into and we have put the necessary regulatory and governance framework in place. We stand ready to support and guide any company. It is upto the State sector and private sector companies to avail themselves of these opportunities,” he emphasised.

With 2019 being an election year, he said they expected the market to feature volatile behaviour, which was natural. “Sometimes elections result in some amount of speculation on the part of investors. There may be some volatility but volatility also proves opportunity for investors. We actually may see more volumes this year,” Bandaranaike asserted.

http://www.ft.lk/top-story/CSE-expre...inds/26-670922

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