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Sands Active to manufacture pharmaceutical products under new BOI deal
The Board of Investment of Sri Lanka signed an Agreement with Sands Active (Private) Limited to set up a project for the manufacture of pharmaceutical products for the local market to meet the current National requirement of imports substitution of medicinal drugs. The agreement was signed on behalf of the BOI by Mr. Susantha Ratnayake, […]
Five forensic audits completed at a cost of Rs275mn: Central Bank
Jan 21, 2020 (LBO) – Sri Lanka’s Central Bank says that out of the six forensic audits initiated, five forensic audits have been completed so far at a cost of 275 million rupees. Issuing a statement, the Central Bank said the procurement process of the sixth forensic audit is currently underway. The procurement of the […]
‘s forensic audit report
Jan 21, 2020 (LBO) – Speaker of the Parliament of Sri Lanka, Karu Jayasuriya has decided that it is appropriate to table the forensic audit report on the issue of Treasury Bonds issued by the Central Bank. Making a statement, the Speaker said that it will also address the fundamental right of access to information […]
Cabinet nod to amend Inland Revenue Act; to be presented to Parliament
Jan 21, 2020 (LBO) – Sri Lanka’s Cabinet of Ministers have approved the proposal to amend the Inland Revenue Act to reflect new tax proposals introduced by the government. The proposal has been made by Prime Minister Mahinda Rajapaksa in his capacity as the Finance Minister to fulfill a promise made by the government to […]
Trans Asia Hotels (TRAN) revenue down 6%, results show tourism bouncing back
January 21, 2020 (LBO) – December quarter results from Colombo Stock Exchange listed Trans Asia Hotels (TRAN) were buoyant, showing signs that Sri Lanka’s tourism industry recovery is well under way after 2019’s Easter Sunday terror attacks. TRAN reported revenue of Rs753mn, down just 6% year over year.Profits came in at Rs107mn, down just 5% […]
Discussion on Belt and Road Initiative, challenges & way forward
The Ceylon Chamber of Commerce together with the Pathfinder Foundation will hold an informative discussion on the Belt and Road Initiative (BRI) on 27 January 2020. The BRI program initiated by the Chinese Government aims to connect Asia with Africa and Europe through land and maritime networks along six corridors with the aim of improving […]
‘s Central Park
If you’ve been to New York, you’ve probably visited Central Park. But there’s a part of its story you won’t see. It’s a story that goes back to the 1820s, when that part of New York was largely open countryside. Soon it became home to about 1,600 people. Among them was a predominantly black community […]
Commercial Bank celebrates 100 years of banking in Sri Lanka
Jan 21, 2020 (LBO) – The dreams of the future and the history of the past were interwoven when more than 4,000 staff members from all over Sri Lanka came together in Colombo in January to celebrate the 100th anniversary of the Bank and its forerunners. The staff gathering that united employees of the country’s […]
Norway to host panel discussion on clean energy investments in Sri Lanka
The Norwegian Embassy in Colombo in partnership with the University of Jaffna and the Western Norway University of Applied Sciences is hosting an expert panel discussion titled “A new Decade: Investing in Clean Energy in Sri Lanka – Drivers and Barriers” on Tuesday, 21st of January 2020 at Galle Face Hotel. Both Norway and Sri […]
Startup XpressJobs receives Rs100mn investment from Emerging Media
Jan 20, 2020 (LBO) – Emerging Media, a location-based digital advertising company has invested 100 million rupees in XpressJobs in exchange for a 25 percent stake of the company. The company said in a statement that Emerging Media’s tie with XpressJobs aims to further expand the company’s operational capabilities and also greatly increase visibility for […]
EU Ambassador visits Northern Province
Jan 20, 2020 (LBO) – Ambassador of the Delegation of the European Union (EU) to Sri Lanka, Denis Chaibi, visited the Northern Province from 15 to 17 January 2020. Ambassador Chaibi launched an EU-funded demining project implemented by HALO Sri Lanka during a visit to the Muhamalai minefield on 17 January 2020. The EUR 2.5 […]
Debt moratorium for SMEs, credit negative for banks, unlikely to support economic recovery
Jan 20, 2020 (LBO) – Sri Lanka’s debt moratorium for SMEs is credit negative for Sri Lankan banks and the sovereign because it risks increasing SMEs’ risk appetite and relaxing their attitude toward debt repayments, Moody’s Investors Service said. In an analysis, the service said that this move, in turn, will undermine banks’ asset quality […]