Author: lbostgadmin
Mawilmada to head Sri Lanka Megapolis investments
May 04, 2016 (LBO) – Nayana Mawilmada has joined Sri Lanka’s Western Region Megapolis Planning Project (WRMPP) as head of investments, leaving his role as director general of the Urban Development Authority. Aside from continuing to lead some of the planning efforts, Mawilmada will function as the primary interface between the Megapolis project and potential […]
50th Anniversary of Washington Buddhist Vihara
Washington Mayor Muriel Bowser attending the 50th Anniversary of the establishment of the Washington Buddhist Vihara on May 1, 2016 declared the day as “the Washington Buddhist Vihara Day”, recognizing in the Declaration that the District of Columbia is the home to the first Theravada Buddhist Temple in America and that the Vihara has been […]
New agencies to fast track Sri Lanka investment approvals
May 04, 2016 (LBO) – Sri Lanka’s government will fast track the approval of investment projects through the setting up of two new agencies, a state minister said in a statement. “Ideally the time frame for approval of projects should be about two months,” Sujeewa Senasinghe, state minister, Development Strategies and International Trade, said. “The Government is […]
Chevron plans to expand local and regional presence
May 04, 2016 (LBO) – Chevron Lubricants Lanka said that they have no immediate plans to go to new markets but will focus on growing local and regional presence, a senior official said. “Plans are to grow in the local and two export markets,” Kishu Gomes, chief executive of Chevron said. “Bangladesh is a huge […]
CSE to change methodology to calculate price multiples
May 04, 2016 (LBO) – Sri Lanka’s Colombo Stock Exchange (CSE) said it would use quarterly earnings to calculate price multiples from May 3, 2016. The new method would use quarterly earnings instead of sourcing earnings from the annual results and calculating the price-to-earnings (P/E) ratio, price-to-book value ratio (P/BV) and dividend yield (DY)., a […]
Ceylon Petroleum losses rise despite falling oil prices
May 04, 2016 (LBO) – State-owned Ceylon Petroleum Corporation (CPC) made a substantial loss of 18.4 billion rupee in 2015 compared with a marginal profit of 1.5 billion rupees in 2014, despite international oil prices falling sharply, according to provisional data released by the Central Bank. A significant reduction of domestic petroleum prices at the […]
Sri Lanka’s MPs clash in Parliament, one hospitalized
May 03, 2016 (LBO) – Sri Lanka’s Parliament on Tuesday adjourned following a tense situation that erupted in the chamber with parliamentarians in the joint opposition staging a protest against a statement made by Parliamentarian Sarath Fonseka. Fonseka made a statement on the withdrawal of Army security from former President Mahinda Rajapaksa’s security detail, while […]
Opinion: Sri Lankan IT industry leverages niche appeal
By Oxford Business Group Consistently ranked as a top global destination for business process outsourcing (BPO) and IT, Sri Lanka’s tech services industry has grown substantially in recent years, with high expectations and ambitious targets going forward. Challenges remain, notably in supplying the advanced IT graduates necessary to spur future growth; however, with fundamental infrastructure […]
Sri Lanka IMF agreement faces implementation risks: Fitch
May 03, 2016 (LBO) – Sri Lanka’s 1.5 billion US dollar three-year IMF programme eases near-term balance-of-payments risks but will require sustained commitment from the authorities to address long-standing weaknesses in external and public finances, Fitch Ratings said. The ratings agency said the IMF support therefore has no immediate impact on Sri Lanka’s ‘B+’/Negative sovereign […]
Fitch affirms Singer (Sri Lanka) at A-(lka); outlook stable
Fitch Ratings has affirmed Singer (Sri Lanka) PLC’s (Singer) National Long-Term Rating at ‘A-(lka)’. The Outlook is Stable. A full list of rating actions is at the end of this commentary. Singer’s rating is supported by our expectations that the company will be able to weather weakening demand because of its strong market leadership, extensive product and brand […]
Right to Information bill inconsistent with Constitution: Supreme Court
May 03, 2016 (LBO) – Sri Lanka’s Supreme Court has determined that certain clauses of Right to Information bill are inconsistent with the Constitution, Speaker Karu Jayasuriya revealed in Parliament today. Speaker Jayasuriya, delivering the Supreme Court determination at the opening of Parliament Proceedings today, said the bill needs a two-thirds majority to pass. Supreme […]
Xpressjobs.lk raises disability-friendly employment awareness
Sri Lanka’s Xpressjobs.lk is a startup that was launched in November 2015, to fill a vacuum between jobseekers and job-offerers. Pioneered by Chathum Henegama and Dr. Oshadie Korale the website is meant to provide a relevant platform for job seekers to connect with companies that require staff in a quick and effective manner. The online […]