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Land for Sri Lanka Volkswagen assembly plant secured: BOI
Apr 11, 2016 (LBO) – Sri Lanka’s Board of Investment has helped to secure land for the setting up of a Volkswagen assembly plant, the investment promotion agency said. “Through the successful facilitation by Upul Jayasuriya, chairman of the Board of Investment of Sri Lanka and his officials, working closely with the Ministry of Lands, […]
IMF supports negative policy rates to spur economies
Apr 11, 2016 (LBO) – IMF supports negative policy rates by some central banks given the significant risks to the outlook for growth and inflation, a blog by IMF staffers states. Six central banks, including the European Central Bank and the Bank of Japan, have taken the unprecedented step to spur their economies. “Although the […]
Sri Lanka PM wants equity swap for USD8 bln debt to China
Apr 11, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe has asked China to swap part of the 8 billion dollars it owes the nation into equity in infrastructure projects, and has offered to sell stakes in Sri Lankan companies. Wickremesinghe spoke to reporters in Beijing, China on Saturday, media report said. “We’ve been […]
Ceylon Dollar Bond Fund records 8.82 percent dollar return
Apr 11, 2016 (LBO) – The Ceylon Dollar Bond Fund (CDBF) that invests in Sri Lanka Dollar Sovereign Bonds and Bank Bonds has recorded an 8.82 percent per annum annualized return (10.60 percent in Rupee terms) during the first quarter of 2016, its managers said. The dollar denominated fund in Sri Lanka is managed by […]
PTL Watch: Net foreign buying, interest in long-tenor bonds
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Decisions under Sri Lanka’s Megapolis are ad-hoc: Prof Kumarage
Apr 08, 2016 (LBO) – Decisions and actions under Sri Lanka’s Megapolis have been ad-hoc and have not received sufficient debate and evaluation, a transport sector expert charged. Professor Amal Kumarage, a senior professor at Moratuwa University, speaking at a Verité Research seminar said the Megapolis initiative is based on unsustainable high-cost and long-term solutions. […]
Panama Papers: Reclaiming money more important than revealing names, says ACF
Apr 08, 2016 (LBO) – Sri Lanka’s Anti Corruption Front says re-claiming money from hidden offshore accounts is more important than revealing names. Speaking about Panama Papers, an advisor to Anti Corruption Front, Rajith Keerthi Tennakoon told Lanka Business Online that the ICIJ organization has already started processing data on Sri Lanka. Tennakoon said investigations […]
Commercial Bank supports up and coming mobile game developers, Conducts mobile game challenge
The Commercial Bank of Ceylon has come forward to support up and coming mobile game developers by recognising their creativity and capability through a mobile game competition. A first by a bank in Sri Lanka, the ‘Combank Mobile Game Development Challenge’ conducted by the Bank via Facebook over three months saw more than 100 […]
Sri Lanka’s Janashakthi Insurance appoints Husein Esufally as Chairman
Apr 08, 2016 (LBO) – Sri Lanka’s Janashakthi Insurance announced the appointment of Husein Esufally, as the new Chairman of its Board, following the retirement of W. T. Ellawala, a statemet said. Esufally, prior to the appointment, held the position of Deputy Chairman of the Board of Janashakthi Insurance and its subsidiary Janashakthi General Insurance. […]
Public sector, access to services being transformed, says Sri Lanka ICTA official
Apr 08, 2016 (LBO) – Sri Lanka’s Information and Communication Technology Agency (ICTA) is deploying a wide range of initiatives to modernize the island’s laggard public sector and improve access to government services, an official said. Technology is being enhanced, from local government to ministries, while reams of data in pensions and social welfare programs […]
IGP Illangakoon called on President to formally inform his retirement
President Maithripala Sirisena says N. K. Illangakoon, the outgoing Inspector General of police (IGP), was an exemplary character for the Police officers to emulate as he fulfilled his duties and responsibilities in protecting the dignity of his office. The President made these remarks when IGP N. K. Illangakoon called on him to formally inform his […]