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London swears in first Muslim Mayor
May 09, 2016 (LBO) – The United Kingdoms Labour party candidate Sadiq Khan was sworn in as London’s first Muslim mayor last weekend. Having won 1,310,143 votes, Khan received the largest personal mandate of any politician in UK history. New mayor Khan said he will “put London first” as he looked to move on from the […]
Structures of a nation at war still in place, say UN Rapporteurs
May 09, 2016 (LBO) – Sri Lanka needs to remove many of its war time practices that are still in place that limit freedoms and rights of the populace, a United Nations special rapporteur said in Colombo. “Sri Lanka is at a crucial moment in its history. While the armed conflict has ended after more […]
‘s trade gap narrows 9.1-pct in January 2016
May 06, 2016 (LBO) – Sri Lanka’s exports fell 2.5 percent to 893.9 million US dollars in January 2016 from a year earlier while imports fell at a faster 5.5 percent to 1,589.1 million US dollars, official data showed. The deficit in the trade account contracted in January 2016, by 9.1 percent from a year […]
Sri Lanka’s Nestlé unit net up 10-pct in March 2016 quarter
May 06, 2016 (LBO) – Nestlé Lanka, a unit of a Swiss-based food group, said net profits rose 10 percent to 1.27 billion rupees in the March 2016 quarter from a year earlier. The firm reported earnings of 23.74 rupees per share for the quarter against 21.56 rupees reported a year earlier. The stock closed […]
‘s subordinated debt BBB+(lka)(EXP)
Fitch Ratings has assigned Seylan Bank PLC’s (A-(lka)/Stable) proposed Basel II-compliant subordinated debenture issue of up to LKR5bn a National Long-Term Rating of ‘BBB+(lka)(EXP)’. The debentures will have tenors of five and seven years and carry fixed and floating coupons. The debentures are to be listed on the Colombo Stock Exchange and the bank plans […]
PTL Watch: Bond yields tick higher for a second day
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Saudi agrees to share employment status of Lankan workers: Harsha de Silva
May 06, 2016 (LBO) – Saudi Arabia has agreed to periodically share employment details of Sri Lankan workers during their stay in Saudi Arabia. The decision was made during a visit by Deputy Foreign Minister Harsh de Silva to Saudi Arabia recently. This would enable the Embassy to speedily reach out to Sri Lankan employers […]
No one solution to reform SOEs, says Dep Minister at Advocata launch
May 06, 2016 (LBO) – Sri Lanka’s state-owned enterprises need individually crafted approaches for reforming them and one solution may not suit every enterprise, Deputy Minister Eran Wickramaratne said. Wickramaratne was speaking at the launch of Advocata Institute, a new independent policy think tank based in Colombo, and its report on SOEs. The institute will […]
Sri Lanka to build LNG power plant in Kerawalapitiya: Power Ministry
May 06, 2016 (LBO) – Sri Lanka will build a new 300MW Liquefied Natural Gas (LNG) power plant in Kerawalapitiya adjoining the existing power plant there, the Ministry of Power and Renewable Energy said. “The plant will be built on a 10 acre land in Kerawalapitiya utilizing LNG which minimizes environmental pollution,” the ministry said […]
Sri Lanka wants LNG-driven power, to shift away from coal: Govt official
May 06, 2016 (LBO) – Sri Lanka wants more power generation from Liquefied Natural Gas (LNG), because natural gas is attractively priced in international markets, and will rely less on coal, a government official said. “It is a very compelling case to start gasifying Sri Lanka using, initially, imported LNG, and then at some point […]