Author: lbostgadmin
“Vista Rooms” now in Maldives, after launch in Sri Lanka
Oct 04, 2016 (LBO) – Vista Rooms, one of South Asia’s brand of budget stays, has launched in the Maldives, targeting the affordable accommodation segment. “These are exciting times for us. Following our initial success in India and Sri Lanka, Maldives seemed the natural next step owing to its location and its growing draw of […]
US EXIM Bank Chairman visits water reservoir project in Badulla
Chairman Fred Hochberg of the Export-Import Bank (EXIM) of the United States visited the Badulla site of the EXIM-funded water reservoir project yesterday. The approximately Rs. 9.4 billion ($64.9 million) project was funded in 2012 through a 12-year direct loan for this Integrated Water Supply System. The water-supply project will integrate new and rehabilitated treatment […]
SriLankan Airlines cancels Airbus deal with USD98 mln penalty
Oct 04, 2016 (LBO) – An order for four A350 aircraft that SriLankan Airlines was to take delivery of in 2016-2017 would be cancelled, the Finance Minister said Tuesday. “The loss of purchasing these four A350 air buses would have been 900 million rupees per month and if we did not reject this it would […]
Fitch places Melsta Regal Finance on rating watch negative
Fitch Ratings has placed Melsta Regal Finance Ltd’s (MRF) National Long Term Rating of ‘A+(lka)’ on Rating Watch Negative (RWN). KEY RATING DRIVERS NATIONAL RATINGS The rating action follows Fitch’s placement of the ‘AAA(lka)’ rating on previous ultimate parent Distilleries Company of Sri Lanka PLC (DIST) on RWN. DIST, a leading domestic alcoholic beverage manufacturer, is undergoing a restructuring that […]
No 100 percent tax waivers given to Beer Company: Finance Ministry
Oct 04, 2016 (LBO) – Sri Lanka’s Finance Ministry says there is no truth that a beer manufacturing company has been given concessions for imports which would result in a revenue loss of 6 billion rupees to the state. In a statement the ministry said a beer manufacturing company in the country which was fully […]
Sri Lanka’s Power Ministry rules out electricity tariff increase
Oct 04, 2016 (LBO) – Sri Lanka’s Power Ministry has informed the Public Utilities Commission that they are not expecting to increase electricity tariffs to cover up a possible increase of cost. The cost of electricity production for the six month period starting from this month is expected to increase due to drought and special […]
Sri Lanka plans to levy heavy penalties for tax defaulters in 2017
Oct 04, 2016 (Reuters) – The Sri Lankan government plans to impose heavy penalties for tax defaulters and expand tax offices across the country as it aims to increase the tax base by bringing to heel thousands of tax dodgers, Finance Minister Ravi Karunanayake said on Monday. The moves are expected to boost the island nation’s […]
Many economies yet to adopt good practices in PPP: WB
Oct 04, 2016 (LBO) – The World Bank has in a report set out new benchmarks for public-private partnerships (PPP) procurement across 82 economies. “Many economies are yet to adopt broadly recognized good practices to prepare, procure, and manage public-private partnerships (PPP),” the new World Bank Group’s Benchmarking PPP Procurement 2017 report stated. The report […]
‘s Global Competitiveness rank reflects exports, govt weakness: WEF report
Oct 04, 2016 (LBO) – Sri Lanka fell three notches to 71st in terms of the Global Competitiveness Index for 2016-2017 compiled by the World Economic Forum, with poor ratings on exports, debt to GDP and labour market flexibility. Sri Lanka came in at 110th in terms of exports as a percentage of GDP, 107th […]
Asian shares wobble, dollar firms after upbeat US data
TOKYO, Oct 4 (Reuters) – Asian shares wobbled on Tuesday after fading hopes for a reduced Deutsche Bank fine and rising expectations of a U.S. interest rate hike pressured Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was slightly higher in early trading, while Japan’s Nikkei stock index gained 0.6 percent as the […]
Fitch rates Commercial Bank subordinated debentures final AA-(lka)
Fitch Ratings Lanka has assigned Commercial Bank of Ceylon PLC’s (CB; AA(lka)/Stable) proposed Basel II-compliant subordinated debentures of up to LKR7bn a final National Long-Term Rating of ‘AA-(lka)’. The final rating is the same as the expected rating assigned on 3 August 2016, and follows the receipt of documents conforming to information already received. The […]
Sri Lanka’s CEB proposes tariff increase or subsidy to cover revenue gap
Oct 03, 2016 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has proposed that the power regulator approves a uniform tariff or a subsidy through the budget to ensure financial viability of the sector. In a letter to the Public Utilities Commission, the CEB said that in August, PUCSL requested an End User Tariff proposal […]