Category: Featured
Buddha said to respect democracy, No dictatorial rule: PM
Jun 25, 2018 (LBO) – Prime Minister Ranil Wickremesinghe said the Buddha had never preached a dictatorial rule but instead his thought was to consult, confer and disperse peacefully and to respect ideologies expressed by all people. “The Government is running the country according to the teachings in Buddhism and if Buddhism faces any danger, government […]
Cabinet approval for electricity pricing mechanism expected by Sept: IMF
June 22, 2018 (LBO) – Cabinet approval for an automatic tariff adjustment mechanism for electricity under the 2015 tariff methodology is expected by September, an International Monetary Fund (IMF) report said. The 2015 tariff methodology introduces price stability by fixing tariffs over a period of six months, protecting end-users from volatility in the exchange rate, […]
Sri Lanka’s unabated credit growth in real estate sector raises concerns: IMF
June 21, 2018 (LBO) – Sri Lanka’s significant credit growth for more than two consecutive years warrants attention, an International Monetary Fund (IMF) staff report released yesterday said. While a portion of this credit growth can be associated with financial deepening, loan concentration, notably in the real estate sector, raises concerns, the report added. The […]
Sri Lanka to develop internal air transport : 5 firms come forward
Jun 21, 2018 (LBO) – Sri Lanka’s government and cabinet of ministers has given the go ahead to carry out an overhaul in the domestic aviation industry and develop it. “Currently, no clear policy governing civil aviation exists, hindering development due to lack of conformity with international standards,” a cabinet statement said. To address the issues, […]
CM Port pays final tranche of USD584Mn for Hambantota Port
Jun 20, 2018 (LBO) – Sri Lanka’s government has received the final tranche of investment value for Hambantota Port concession from China Merchant Port Holdings Limited (CM Port), Wednesday. “This third and final tranche of US 584,194,800 dollars follows the 1st, a 2nd tranches released in December last year and January 2018,” the Sri Lanka […]
Sri Lanka Fin Min calls on professionals to step up and pay their taxes
Jun 20, 2018 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera called on professionals like doctors, lawyers, tuition masters, architects and others to come forward and pay their taxes. “Our doctors, lawyers, tuition masters, architects have been funded by taxpayers money through free education,” the Minister said in Colombo Tuesday. “It is only fair that they […]
‘s charges : Fin Min
Jun 20, 2018 (LBO) – Sri Lanka’s cabinet has decided to remove the value added tax from a range of medical charges in private hospitals in a bid to reduce the health care cost of the people, the Finance Minister said. “VAT on the out patient department (OPD) charges, doctors consultation fees, channeling fees and surgeries […]
Sri Lanka GDP grows by 3.2-pct in Q1 2018
Jun 19, 2018 (LBO) – Sri Lanka’s Gross Domestic Product (GDP) grew 3.2 percent in the first quarter of 2018 with positive growth recorded in the agriculture sub sector, official data from the Census and Statistics showed. The GDP at constant (2010) prices for the first quarter of 2018 recorded as 2, 223,856 million rupees, and GDP reported […]
McLarens & Peak Engineering to offer facilities management solutions through new JV company
Jun 18, 2018 (LBO) – McOcean Property Developers (Pvt) Ltd., (a member of the McLarens Group) in a joint venture with Peak Engineering & Consultancy (Pte) Ltd., of Singapore, launched McPeak Lanka (Private) Limited; a company that offers Integrated Facilities Management Solutions to the local market. McPeak Lanka intends to provide integrated facilities management solutions […]
Heads of state institutions responsible for paying salaries to excess employees : Fin Min
Jun 18, 2018 (LBO) – The Government has decided that the Secretaries to Ministries, Heads of Departments, Chairpersons, executive officers and accountants of Government Institutions should take the responsibility of paying salaries to redundant workers they have employed in addition to the approved cadre. It is reported that there are over 7500 personnel employed in […]
SriLankan will continue to fly : The airline to break-even in three years: Min Kiriella
Jun 18, 2018 (LBO) – The government has no plans to close down SriLankan Airlines but the National carriers’ income and expenditure should be bridged, Minister Lakshman Kiriella said. The Minister of Public Entreprise and Kandy City Development also said that the airline is likely to break-even in three years. He made these comments while on […]
Sri Lanka’s private insurance providers exploit language barrier: Research
Jun 15, 2018 (LBO) – Sri Lanka’s top five general insurance providers which account for two-thirds of the market share, is seem to exploit the language barrier as none of them issue insurance documents for certain policies in Sinhala and Tamil, a recent research showed. The research study conducted by Verité Research has found out […]