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Sri Lanka cabinet approves purchase of fighter aircraft
Aug 11, 2016 (LBO) – Sri Lanka’s cabinet has approved the purchase of new fighter aircraft following a proposal by President Maithripala Sirisena who is also the defense minister, reports said. “The fighter aircrafts of the Sri Lanka Air Force have been aging and it is required to maintain them updated due to the importance […]
Sri Lanka’s HNB net up 41-pct in June quarter amid income growth
Aug 11, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank surged 41 percent to 3.3 billion rupees in the June 2016 quarter from a year earlier amid strong income growth, interim accounts showed. The group reported basic earnings of 8.56 rupees per share for the quarter, up from 6.19 rupees per share […]
Sri Lanka to get Singapore technical assistance for Megapolis
Aug 11, 2016 (LBO) – Sri Lanka’s government will sign a Memorandum of Understanding with Singapore’s International Enterprise Singapore to get assistance for the Megapolis project. “Some of the projects are complex and technically sophisticated projects and require the support of international experts,” a statement on cabinet decisions said. Therefore, considering the importance of exchanging […]
Sri Lanka Tanzania Investment Chamber launched in Dar es Salaam
Aug 11, 2016 (LBO) – Sri Lanka and Tanzania look set to expand business and investment promotion between the two countries with the launch of the Sri Lanka Tanzania Investment Chamber in Dar es Salaam, Tanzania last week. The chamber was inaugurated by Minister of Tourism Development, Christian Religious Affairs and Lands, John Amaratunga. “With […]
Sri Lanka’s Distilleries June net up 10-pct with beverage revenues
Aug 11, 2016 (LBO) – Profits at Sri Lanka’s Distilleries group, the island’s largest alcohol maker, rose 9.55 percent to 1.9 billion rupees in the June 2016 quarter from a year earlier, interim accounts showed. In the June quarter, net revenues rose 35 percent to 25.9 billion rupees and sales related costs rose 25 percent […]
‘ rising streak, oil slips
HONG KONG, Aug 11 (Reuters) – Asian shares fell on Thursday, reversing recent gains as investors took profits after Wall Street declined overnight, and oil prices tumbled on news of a surprising jump in U.S. government stockpiles. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early Asian trade. It hit a […]
Sri Lanka’s Financial City to build client deposit base 10-pct of GDP
Aug 10, 2016 (LBO) – Sri Lanka’s proposed Financial City aims to attract a client deposit base worth 10 percent of the island’s GDP within a period of 5 years, a cabinet approved proposal said. Cabinet Spokesman Rajitha Senaratne said it has also been decided to commence the initial operations of the Financial City after […]
Sri Lanka cabinet approves Special Deposit Account Act for foreign nationals
Aug 10, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve the Special Deposits Account Act to grant residency visas for foreign individuals who bring a large amount of foreign exchange into the country, a statement on cabinet decisions said. “Under the proposed act individual who remits 300,000 US dollars will be granted 10 […]
Sri Lankan rupee trades steady on state bank dollar buying
Aug 10, 2016 (Reuters) – The Sri Lankan rupee traded steady on Wednesday as exporter dollar sales were offset by purchases of the U.S. currency by state-run banks, dealers said. The spot rupee was trading at 145.60/63 per dollar at 0653 GMT, hardly changed from Tuesday’s close of 145.60/65. The spot rupee is usually managed […]
No more aircraft for Sri Lankan; reports not submitted: COPE
Aug, 10, 2016 (LBO) – The Committee on Public Enterprises (COPE) of Sri Lanka’s parliament has recommended that SriLankan airlines officials not to go ahead with the purchase of new aircraft while also calling them to submit several other reports on irregularities. “The transaction of purchasing new aircrafts without conducting a cost basis analysis should […]
Pakistan’s Air Chief meets Sri Lankan President
Aug 10, 2016 (LBO) – Pakistan’s Chief of Air Staff, Air Chief Marshal Sohail Aman called on President of Maithripala Sirisena at his official residence in Colombo on Tuesday. Pakistan’s Air Chief said that Pakistan and Sri Lanka are historically bonded in a relationship of trust, mutual respect and deep friendship. He added that the […]
Brandix bags 11 awards at Presidential Export Awards, ranked Sri Lanka’s top exporter in 2014 & 2015
(PRESS RELEASE) – The Brandix Group won a remarkable 11 awards including the Exporter of the Year awards for 2014 and 2015 at the Presidential Export Awards last evening, taking the top honours at this prestigious event conducted by the Export Development Board (EDB). The awards presented by President Maithripala Sirisena at the BMICH recognise […]