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India to turn Iranian port into transit hub bypassing Pakistan
May 24, 2016 (LBO) – India, Iran and Afghanistan have signed a tripartite agreement to turn the Iranian Chabahar port into a transit hub bypassing Pakistan, foreign media reported. The agreement will significantly increase the use of Chabahar port and connect India to Central Asia through Afghanistan and also provide Afghanistan access to India through […]
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Fitch Ratings has affirmed Sri Lanka’s Dialog Axiata PLC’s (Dialog) ‘AAA(lka)’ National Long-Term Rating, a statement said. The Outlook is Stable. KEY RATING DRIVERS We upgraded Dialog’s standalone credit profile to ‘AAA(lka)’ from ‘AA+ (lka)’, based on its improving financial profile backed by its continued market leadership in Sri Lanka’s growing mobile and pay-TV segments. […]
London Stock Exchange Group increases footprint in Sri Lanka
London Stock Exchange Group (LSEG) announced the signing of a landmark agreement with the government of Sri Lanka to set up their global Business Services arm in the technology-focused Tripoli Market precinct of Colombo. London Stock Exchange Group Sri Lanka will provide Business Services support to the Group’s operating entities across the globe. The new […]
Sri Lanka vehicle registrations down in April except for Cars and SUVs
May 24, 2016 (LBO) – Sri Lanka’s vehicle registrations except for Cars, SUVs and 3 wheelers were down last month due to April being a holiday month, JB Securities said in a research note. Motor car registrations recorded 3,618 units in April up from 3,326 units a month ago and significantly down from 5,116 units […]
Flood-hit Sri Lanka receives help from several countries
May 24, 2016 (LBO) – Sri Lanka has received a helping hand from several friendly countries to support the disaster affected people in the country. The Foreign Ministry has established a task force to coordinate emergency relief assistance from Diplomatic Missions in Colombo and Sri Lankan Missions overseas, with the relevant Ministries and Agencies in […]
Sri Lanka inflation accelerates 4.3-pct in April 2016
May 23, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose 4.3 percent in April from the 2.2 percent inflation reported a month earlier on year-on-year basis, data from the state statistics office showed. Year-on-year inflation of Food Group reported for the month of April 2016 was 4.9 percent […]
Sri Lanka flood water could take few days to recede: UN OCHA
May 23, 2016 (LBO) – Sri Lanka’s worst floods in 25 years may take few days to recede, with the increasing possibility of health issues in urban areas, UN’s Office for the Coordination of Humanitarian Affairs (OCHA) said in its situation report released on Sunday. “It is expected to take several days for floodwaters to […]
Sri Lankan business leaders discuss ‘Brexit’ with H.E. James Dauris
Top Sri Lankan business personalities met H.E James Dauris, the British High Commissioner to Sri Lanka and the Maldives, at a Horton Debate event in Colombo recently to discuss “Brexit,” the possible exit of Britain from the European Union. Among the attendees were Aelian Gunawardene, Reyaz Mihular, Sega and Sarala Nagendra, Hon. Tharaka Balasuriya, Sharm […]
EOIs called for geophysical surveys off Mannar, Cauvery Sri Lanka
May 23, 2016 (LBO) – Sri Lanka has called for expressions of interest from geophysical exploration companies to conduct gravity, gradiometry and magnetic surveys over the offshore Mannar and Cauvery basins of Sri Lanka. The Petroleum Resources Development Secretariat (PRDS) is seeking further data to strengthen its database of geophysical information on upstream petroleum sites […]
Twilight of the Petrostate and the rise of alternatives
May 23, 2016 (LBO) – Russian billionaire Petr Aven and two Moscow economists have published an article titled the “Twilight of the Petrostate” warning of alternative energy sources and cheaper extraction techniques that could hurt revenues of oil exporting nations. “The influence of the Petroleum Leviathan — the handful of producing countries with the ability […]