Category: Economy and Markets
Sri Lanka’s US $85mn airport runway contract awarded to Access Engineering annulled: Minister
Mar 19, 2015 (LBO) – Sri Lanka’s Bandaranayake International Airport runway overlay and related work tender that was awarded to Access Engineering, a local construction company has been annulled by cabinet due to lack of transparency, cabinet spokesman Minister Rajitha Senaratne said today.“No proper procurement procedure has been followed when awarding this contract,” Senarathne said. […]
‘s new govt. tracing hidden funds in Dubai: Minister
Mar 19, 2015 (LBO) – Sri Lanka’s Cabinet spokesman Rajitha Senarathne said, that the government has information about accounts amounting to two billion US dollars which belong to a “top and important family” in the island.Senaratne said the government had information of the people who had hidden “billions of dollars” in foreign accounts.“We have found […]
Sri Lanka to publish committee report on the bond market investigation: Minister
Mar 18, 2015 (LBO) – Sri Lanka’s 100 day administration will publish the investigative report on the controversial bond issue, deputy secretary general of the United National Party Akila Viraj Kariyawasam told LBO. Attorney-at-law Gamini Pitipana, who headed the committee appointed by the Prime Minster to probe the matter said the report will be completed […]
‘s intervention over tender board baseless: PM
Mar 17, 2015 (LBO) – Sri Lanka’s Central Bank governor Arjuna Mahendran has taken leave since Monday until the investigations are over, Prime Minister Ranil Wickremesinghe said. “Charge against CB governor’s intervention over tender board is baseless. After that, tender board presented their recommendations. Those recommendations have been duly accepted by CB governor without any […]
Sri Lanka’s controversial bond issue report to be filed in the next two weeks: Committee Chair
Mar 16, 2015 (LBO) – Sri Lanka’s committee appointed to probe controversial bond issue, to file their report to the Prime Minister within the next two weeks, chairman of the Committee said. “We have already commenced work and had one sitting and will be having another today and will continue,†attorney-at-law Gamini Pitipana, chairman of […]
”’ rating despite tax change: Profits will suffer
Mar 13, 2015 (LBO)- Fitch Ratings has affirmed Sri Lanka based telecoms company Dialog Axiata PLC’s ,’AAA(lka)’ National Long-Term Rating with a stable outlook despite new government’s one-off tax of 250 million rupees on each mobile operator and “super gains” tax of 25 percent on profit. Press Release Reproduced below:- KEY RATING DRIVERS Stand-Alone Profile […]
India agrees to a USD 1.5bn currency swap; extends visa on arrival from Sinhala Tamil New Year
Mar 13, 2015 (LBO) – India has extended the facility of tourist visa on arrival electronic travel authorization scheme to Sri Lankan citizens from 14th April 2015, addressing a gathering at the presidential secretariat Indian Prime Minister Narendra Modi said. “India will soon start direct flights between New Delhi and Colombo,” Modi said. The reserve […]
Sri Lanka’s prospects on crucial European GSP Plus facility is looking brighter
Mar 13, 2015 (LBO) – Sri Lanka’s retrieval of GSP Plus, a system granting tax free entry for the counties goods to the EU market seems brighter, Ministry of Industry and Commerce said in a statement. “In that no less than Hon Jan Zahradil a Vice-Chair of EU Committee on International Trade who met me […]
Sri Lanka’s deputy minister Harsha De Silva responds to controversial bond issue
Mar 12, 2015 (LBO) – Sri Lanka’s Deputy Minister of Policy and Finance, Harsha De Silva commenting on social media said the committee appointed to probe into the recent bond allegations has been given wide range of power and technical support to look into the issue. There has been rising concerns in bond markets over […]
Colombo Stock Exchange to host a series of workshops to empower investors
Mar 11, 2015 (LBO) – The Colombo Stock Exchange will host a series of workshops to empower retail investors engaged in the Stock Market by educating them on the most prudent means of investment, the company said.The workshop is aimed at retail investors and conducted in association with the Institute of Chartered Accountants of Sri […]
Sri Lanka’s gem industry calls for increasing export earnings through value addition: EDB
Mar 11, 2015 (LBO) – Sri Lanka’s coloured stone industry which is the fourth largest export earner in the island should export more value addition gems to contribute better to the country’s’ export earnings , a senior official at Export Development Board (EDB) said. “We are doing our best to achieve the highest value added […]
Sri Lanka appoints a three member committee to probe Treasury bond allegation
Mar 10, 2015 (LBO) – A three member board was appointed today by the Prime Minister of Sri Lanka to probe the alleged Treasury bond allegation, Prime Minister’s office said in a statement.It also said that the government will take necessary steps according to report of findinhs of this committee.The statement reproduced below :- Urgent […]