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Sri Lanka needs reforms to bloated govt sector to drive growth: Eran
Aug 11, 2015 (LBO) – Sri Lanka’s bloated state sector, which comprises 1.5 million employees who are paid from ordinary people’s money, needs reforms to drive growth, a minister said.“The problem in this county is not with the institutions, but with the human resources,” Deputy Minister of Highways, Higher Education and Investment Promotion, Eran Wickramaratne […]
Aitken Spence updates plans for tourism sector
Aug 11, 2015 (LBO) – Sri Lanka’s diversified conglomerate Aitken Spence recently disclosed their future plans with regard to one of their core segments, the tourism sector.Aitken Spence has several large resort construction projects taking place in Negombo, Kalutara and Ahungalla that are expected to add around 750 rooms to the sector. Aitken Spence Deputy […]
Sri Lanka stocks close up 1.2-pct
Aug 11, 2015 (LBO) – Sri Lanka’s stocks closed up 1.20 percent on Tuesday, with gains seen across the board on hopes of political stability after the August 17 parliamentary elections and better corporate earnings in the April-June quarter, brokers said. The Colombo benchmark All Share Price Index closed 88.87 points higher at 7,466.81 up […]
Sri Lanka gets Rs.26bn JICA loan to uplift national power grid
Aug 11, 2015 (LBO) – Sri Lanka’s government will get a 26 billion rupee concessional loan from the Japanese government through the Japan International Cooperation Agency, JICA to develop its national power transmission and distribution network, a statment said.The agreement was signed, Tuesday on behalf of the Sri Lankan govenment by R.H.S. Samarathunga, secretary, Ministry […]
China devalues yuan by 1.9 pct against dollar
Aug 11, 2015 (LBO) – Calling it a one-time fix, China’s central bank devalued its tightly-controlled currency, the yuan, by 1.9 percent on Tuesday. The midpoint for the yuan is now set at 6.2298 against the dollar, compared with 6.1162 yuan on Monday, the lowest rate for the yuan against the US dollar in almost […]
Greece and creditors agree on new euro bailout deal
Aug 11, 2015 (LBO) – Greece and its international creditors have agreed on a new multi-billion euro bailout deal, Tuesday following continued talks, foreign media reports said. “Greece and its international lenders were locked in talks overnight to seal a multibillion-euro bailout deal, racing against a countdown to European Central Bank (ECB) debt repayments falling […]
Google to become a subsidiary of Alphabet under major restructuring plan
Aug 11, 2015 (LBO) – Google is to restructure their operations making it cleaner and more accountable for the company, its co-founder and CEO Larry Page said in a blog post. The company is creating a new company, called ‘Alphabet’ which is mostly a collection of companies; the largest of which is Google. Today’s news […]
Sri Lanka’s ex-President Rajapaksa ready to catch few to form a new government
Aug 11, 2015 (LBO) – Sri Lanka’s former President Mahinda Rajapaksa said there are people in other political parties to support them in the event of a shortage to form a new government. “I’m quite confident of getting 117 seats, but if it is less than 113 seats, there are people in other political parties […]
Sri Lanka Red Cross clarifies loaning a “Defender” to Siriliya foundation
Aug 11, 2015 (LBO) – Sri Lanka Red Cross Society says it is unaware of the activities and maintenance of the Land Rover Defender that was loaned to Siriliya Saviya Foundation following an official request.The vehicle is now in the possession of the Criminal Investigation Department probing the murder of rugby star Wasim Thajudeen, the […]