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China to help upgrade Sri Lankan hospitals, Japanese assistance for coast guard
May 12, 2016 (LBO) – Sri Lanka’s Cabinet has approved to use funds granted China amounting 85 million US dollars to develop the healthcare sector. “The scope of the project is to purchase essential equipment and to construct buildings in selected hospitals including provincial hospitals,” a statement on cabinet approvals said. The .proposal was made […]
Joint Opposition MP imports first tax-free vehicle for this year
May 11, 2016 (LBO) – A Parliamentarian aligned with the joint opposition has imported a brand new Range Rover under the tax-free vehicle scheme of the Parliament, further widening the burden to taxpayers. The former Minister who usually shouts against the policies of this government is the first Parliamentarian who has cleared the vehicle from […]
Sri Lanka to reform Bankruptcy laws
May 11, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve amending the Companies Act No. 7 of 2007 for introduction of new laws in institutional bankruptcy that suit present day needs. “It has been witnessed that provisions of the Insolvency Ordinance No 24 of 1884 are not sufficient in dealing with issues related […]
Sri Lankan rupee edges down on importer dollar demand
COLOMBO, May 11 (Reuters) – The Sri Lankan rupee was marginally weaker in early trade on Wednesday on importer dollar demand, but its decline was limited as banks sold the greenback to facilitate buying of local government securities by offshore investors, dealers said. Downward pressure on the local currency would likely ease on expected fund […]
PTL Watch: Yields tick higher, 6-mth T-bill drops
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MasterCard announces new platform to enhance processing capabilities
May 11, 2016 (LBO) – MasterCard launched MasterCard Integrated, a payments processing services platform that powers it’s payment transaction services, the company said in a statement. “The platform enables issuers and acquirers to launch secure payments programs to their customers with greater speed and convenience,” a statement said. The card will now offer fully-integrated hosted processing […]
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By Arosha Jayasundera According to the Hakett Group, USA, there is a strong correlation between consistent use of business best practices and the ability to operate at lower cost and deliver greater value. In fact, World Class Organizations are notable by their high level of “Efficiency” and “Effectiveness.” These are not measures that can be […]
Interview: Sri Lanka Petroleum Act to parliament by July
May 11, 2016 (LBO) – The new Petroleum Resources Development Act is expected to bring in far-reaching changes and will be enacted soon, a senior Sri Lankan government official told Lanka Business Online. “The bill is currently awaiting certification from the Attorney General’s department prior to being taken up in Cabinet and is expected to […]
Japan’s Sony and Fujisoft ink deal with Sri Lanka’s Smart Metro
May 10, 2016 (LBO) – Smart Metro, a Sri Lankan based software development company signed two separate agreements with Sony Corporation and Fujisoft Inc, Tuesday. The company will be the new sole agent for the distribution and application of Sony’s Near Field Communication (NFC) Technology widely known as ‘FeliCa’ and Fujisoft ‘s Finger-vein Biometric Authentication […]
OTT services, threat to Sri Lankan Telco revenues and state taxes: Dialog Chief
May 10, 2016 (LBO) – Sri Lanka’s telco industry may face a threat of increasing severity arising from revenue erosion due to the impact of Over the Top (OTT) communication services, a telecom operator said. As OTT companies like Netflix, Skype, Whatsapp, and Google encroach on the telecom industry, operators need to find ways to […]