Author: lbostgadmin
Sri Lanka approves feasibility for 100MW solar park
Dec 21, 2016 (LBO) – Sri Lanka’s cabinet of ministers has approved a feasibility study for construction of a 100 megawatt solar park in Siyambalanduwa, Monaragala. “There is currently a global trend in generating electricity through renewable energy sources and a priority has been given to solar power,” the recently approved statement on cabinet decisions […]
Sri Lanka seeks Chinese loan for South expressway consultancy
Dec 21, 2016 (LBO) – Sri Lanka is seeking a loan of Renminbi Yuan 577 million from China to finance the consultancy services for design review and construction supervision of civil works for the extension of the southern expressway project. The Cabinet nod has been given to a proposal made by Finance Minister Ravi Karunanayake […]
Strong safeguards must accompany Asia’s infrastructure drive: ADB
Dec 21, 2016 (LBO) – Asia’s spending on growth-boosting infrastructure is set to get a tailwind from development financing while the safeguard systems used by the Asian Development Bank (ADB) and other development banks as conditions for their loans are under international scrutiny. More financing for infrastructure is becoming available from established and new lenders […]
Janashakthi to offer enhanced benefits to full option policyholders
Janashakthi General Insurance Limited (Janashakthi) signed a Memorandum of Understanding (MoU) with Associated Motorways Ltd (AMW) to offer special value additions to Janashakthi Full Option policyholders. As part of the agreement, in the event of an accident, Janashakthi Full Option policyholders are able to have their vehicles repaired and attended to at any of the […]
Sri Lanka Finance Minister Ravi Karunanayake sees stable rupee in 2017
Dec 20, 2016 (Reuters) – Sri Lankan Finance Minister Ravi Karunanayake said on Tuesday the rupee currency, which is under downward pressure, will recover and be steady next year with expected foreign inflows. The rupee, which has fallen 3 percent this year after a nearly 10 percent loss in 2015, is under pressure because of […]
India taking steps to promote digital, mobile transactions
Dec 21, 2016 (LBO) – India is taking steps to promote digital and mobile transactions in the country after its demonitisation program. After the cancellation of legal tender basis of old 500 rupee and 1,000 rupee notes there has been a surge in use of credit and debit cards, mobile phone applications and e-wallets in […]
Middle Eastern firm to repair Sri Lankan Airlines engines
Dec 20, 2016 (LBO) – TS&S Aerospace, a maintenance, repair and overhaul (MRO) provider for aircraft engines in the Middle East, has been selected by SriLankan Airlines to service the Trent 700 engine. The Rolls-Royce (R-R) Trent 700 is a three spool high bypass turbofan aircraft engine, commonly used in Airbus A330 and is the […]
‘s BoC to open subscription for Rs8 bn debenture
Dec 20, 2016 (LBO) – Sri Lanka’s state run Bank of Ceylon is opening the subscription list of its 8th listed Rupee debenture issue on 21st December 2016. Bank intends to utilize the proceeds of this issue to expand the loan book. During the first nine months of 2016 the loan book has grown by […]
Funds committed to fossil fuel divestment double in a year
Dec 20, 2016 (LBO) – The value of investment funds committed to selling off fossil fuel assets has doubled in just over a year, a new report states. The value of these funds doubled to 5.2 trillion dollars last year. The report, produced by Arabella investment advisors for the DivestInvest coalition, collated public pledges by […]
‘s Lagarde guilty of negligence
Dec 20, 2016 (LBO) – A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence in allowing the misuse of public funds, during her term as French finance minister. The judges did not question Lagarde’s decision to seek an out-of-court settlement with tycoon Bernard Tapie, but they said her failure to […]
‘s festive demand for rice: Ministry
Dec 20, 2016 (LBO) – Sri Lanka’s Ministry of Industry and Commerce will increase supply of freshly milled rice to meet a surge in demand during the festive season, a statement said. Sri Lanka will import 10,000 tonnes of rice, and buy 20,000 tonnes of paddy (both White Rice and Nadu) from the Paddy Marketing […]
Sri Lankan rupee edges down on mild importer dollar demand
COLOMBO, Dec 19 (Reuters) – The Sri Lankan rupee slipped on Monday on mild importer dollar demand, as the market braced for declines in the local currency with the central bank raising the spot reference rate following a hike in U.S. interest rates, dealers said. The U.S. Federal Reserve raised interest rate by 25 basis […]