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Sri Lanka to accelerate issue of licenses for micro finance
July 25, 2016 (LBO) – Sri Lanka’s Cabinet Committee on Economic Management has decided to accelerate the license issuing process for Micro Finance Institutions (MFIs). Though the recently passed Micro Finance Act gives a grace period for NGO’s to obtain a license, the committee has decided to issue licenses well before the grace period lapses. […]
Sri Lankan rupee edges up on bank dollar sales; stocks slip
July 25, 2016 (Reuters) – The Sri Lankan rupee edged up on Monday as dollar selling by a state-run bank surpassed importer demand for the greenback, dealers said. One-week rupee forwards, which have been acting as a proxy for the spot rupee, were at 146.05/20 per dollar at 0623 GMT, compared with Friday’s close of […]
Sri Lanka’s LAUGFS to resume LPG purchases from Iran
July 25, 2016 (LBO) – Sri Lanka’s listed LAUGFS Holdings says the company is planning to resume import of liquefied petroleum gas (LPG) from Iran. Speaking to Iran’s petroenergy information network on the sidelines of a Ministerial meeting between two countries oil Ministers, LAUGFS Managing Director W.K.H. Wegapitiya has expressed satisfaction over the removal of […]
Sri Lanka to resume Iran oil imports; USD251mn oil debt to Iran
July 25, 2016 (LBO) – Sri Lanka is planning to resume oil imports from Iran following the removal of anti-Tehran sanctions, Iran’s petroenergy information network reported. The network said following a meeting with Iranian Petroleum Minister in his Tehran office on Sunday, Sri Lanka’s Petroleum Minister Chandima Weerakkody has expressed hope that Colombo will resume […]
Sri Lanka’s NDB cancels EGM on concerns over required votes
July 25, 2016 (LBO) – Sri Lanka’s National Development Bank has cancelled its scheduled extraordinary general meeting on fears that it may not obtain the required number of votes at the meeting. The scheduled EGM was convened by the Directors of NDB for the purpose of obtaining approval of the shareholders to amend Articles 36 […]
”s Holcim for USD400 Mln
July 25, 2016 (LBO) – Thailand’s Siam City Cement Public Company Limited will proceed with an acquisition of 98.95 percent shares in Holcim (Lanka) Limited, including its subsidiaries from cement giant LafargeHolcim. LafargeHolcim said in a statement that the enterprise value of sale was 400 million dollars. In a Thailand Stock Exchange filing, Siam City […]
MR’s statement on Missing Persons Office, a blatant attack on rule of law: AHRC
(Asian Human Rights Commission) – The statement made by Mr. Mahinda Rajapaksa the former head of state in Sri Lanka, that ‘establishing the office of the Missing Persons is a betrayal of the armed forces’ is a statement unbecoming of a former head of the state and a prominent political leader in Sri Lanka. What it […]
Sri Lanka Mackwoods Chairman responds to SEC’s directive
July 23, 2016 (LBO) – Chairman of Mackwoods Plantations Pvt Ltd, Dr Chrishantha Nonis, says the sale of 60.8 percent shares of Agalawatte Plantations PLC was carried out with due authorization and instructions being issued to the stock broker. On 14th of July, Browns Power Holdings (Private) Limited purchased 15,200,000 ordinary shares, or 60.3 percent, […]
IFC helps Sampath Bank to provide trade financing for Sri Lankan exporters
IFC, a member of the World Bank Group, is partnering with Sampath Bank PLC to provide trade financing for Sri Lankan exporters to help them access global markets and boost the country’s trade. IFC will support the bank’s trade-finance business by partially or fully guaranteeing the payment risks of its clients. IFC’s Global Trade-Finance Program […]
Opinion: Sri Lanka Dept Of Immigration And Emigration Is A National Disgrace
By Lancelot Being a Sri Lankan who has lived abroad, I have made several dozen trips to the Department of Immigration and Emigration over the past decade. I have been to the department for Passports, Visas, Dual Citizenship, and to help a friend navigate the process once or twice. A few days ago, I did […]
Sri Lanka needs more loans to face transitional period: PM
July 22, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe said the government needs some more loans from countries like China, Japan and India to keep macro economic stability in the country. In an interview with Channel NewsAsia, Prime Minister said the recent 1.5 billion US dollar IMF loan is a major measure taken […]