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Sri Lanka new political setting makes bank consolidation uncertain: Rating agency
Mar 18, 2015 (LBO) -The recent change in Sri Lanka’s political setting adds to uncertainty over the fate of the earlier administration’s policies related to economic reforms, monetary policy, and banking sector consolidation, the Standard & Poor rating services said in a report published yesterday. The statement by Standard & Poor rating reproduced below:- The […]
JHU wants to amend the 19th amendment; breakaway PHU mulls court action
Mar 19, 2015 (LBO) – Sri Lanka’s government ally Jathika Hela Urumaya (JHU) on Thursday said they have put forward an observation paper to address the issues in the draft 19th amendment.JHU spokesperson and western provincial councilor Nishantha Sri Warnasinghe told LBO that the draft amendment has breached the consensus they arrived. “This gazette has […]
‘s new govt. tracing hidden funds in Dubai: Minister
Mar 19, 2015 (LBO) – Sri Lanka’s Cabinet spokesman Rajitha Senarathne said, that the government has information about accounts amounting to two billion US dollars which belong to a “top and important family” in the island.Senaratne said the government had information of the people who had hidden “billions of dollars” in foreign accounts.“We have found […]
Sri Lanka to publish committee report on the bond market investigation: Minister
Mar 18, 2015 (LBO) – Sri Lanka’s 100 day administration will publish the investigative report on the controversial bond issue, deputy secretary general of the United National Party Akila Viraj Kariyawasam told LBO. Attorney-at-law Gamini Pitipana, who headed the committee appointed by the Prime Minster to probe the matter said the report will be completed […]
‘s intervention over tender board baseless: PM
Mar 17, 2015 (LBO) – Sri Lanka’s Central Bank governor Arjuna Mahendran has taken leave since Monday until the investigations are over, Prime Minister Ranil Wickremesinghe said. “Charge against CB governor’s intervention over tender board is baseless. After that, tender board presented their recommendations. Those recommendations have been duly accepted by CB governor without any […]
Sri Lanka’s controversial bond issue report to be filed in the next two weeks: Committee Chair
Mar 16, 2015 (LBO) – Sri Lanka’s committee appointed to probe controversial bond issue, to file their report to the Prime Minister within the next two weeks, chairman of the Committee said. “We have already commenced work and had one sitting and will be having another today and will continue,†attorney-at-law Gamini Pitipana, chairman of […]
”’ rating despite tax change: Profits will suffer
Mar 13, 2015 (LBO)- Fitch Ratings has affirmed Sri Lanka based telecoms company Dialog Axiata PLC’s ,’AAA(lka)’ National Long-Term Rating with a stable outlook despite new government’s one-off tax of 250 million rupees on each mobile operator and “super gains” tax of 25 percent on profit. Press Release Reproduced below:- KEY RATING DRIVERS Stand-Alone Profile […]
India’s PM Modi says plans are not only to address problems but to look opportunities in Sri Lanka
Mar 13, 2015 (LBO) – Sri Lanka should be visited regularly by India as neighbors and collaborate in developing economic cooperation in both countries in order to get the advantage of ocean economy, Prime Minister of India Narendra Modi said at a gathering in Colombo. “This is how it should be between neighbours. We should […]
Lanka IOC and CPC agrees to develop Trinco upper oil tank farm
Mar 13, 2015 (LBO) – Lanka IOC and Ceylon Petroleum Corporation have agreed to develop the upper oil tank farm of the China Bay installation in the Trincomalee, addressing a gathering at the presidential secretariat Indian Prime Minister Narendra Modi said.The modality of the project which will be carried upon on mutually agreed terms is […]
India agrees to a USD 1.5bn currency swap; extends visa on arrival from Sinhala Tamil New Year
Mar 13, 2015 (LBO) – India has extended the facility of tourist visa on arrival electronic travel authorization scheme to Sri Lankan citizens from 14th April 2015, addressing a gathering at the presidential secretariat Indian Prime Minister Narendra Modi said. “India will soon start direct flights between New Delhi and Colombo,” Modi said. The reserve […]