Category: Featured
Colombo Port shows second highest growth rate in global port rankings
May 30, 2018 (LBO) – Colombo Port has been ranked as the port that shows the second highest growth rate among container ports worldwide, Sri Lanka Ports Authority said. Ports Authority said Colombo Port recorded a 16.2 percent growth for the 1st quarter 2018 over the same quarter last year according to Alphaliner monthly 2018. […]
Dollar strengthening combines with political uncertainty in Sri Lanka: Moody’s
May 28, 2018 (LBO) – Strengthening of the Dollar in Sri Lanka has combined with domestic political uncertainty, weighing on the rupee, Moody’s Investors Service said.Moody’s said country-specific factors like in Sri Lanka have played a role in tightening financing conditions. Tightening financing conditions reflect various factors, including the appreciation of the US dollar. Moody’s, […]
Listed Sri Lanka hospitals have strong growth prospects: Fitch
May 25, 2018 (LBO) – Listed hospitals in Sri Lanka will continue to grow strongly given growing demand for private health care, although regulatory price controls will constrain profitability, Fitch Ratings said. Long-term demand drivers are intact for private hospital operators, the report on the sector said. “Increasing demand for private healthcare is driven by […]
VAT to be reduced by 2.5-pct by 2020 : Fin Min
May 25, 2018 (LBO) – Sri Lanka will reduce Value Added Tax (VAT) by 2.5 percent in 2020 in order to relieve masses of the burden of indirect taxes, Minister MangalaSamraweera said. “It is the poor people who mostly pay taxes to the government by way of indirect taxes. We should relieve them of this […]
Sri Lanka tea exports up in April 2018, Low grown production down
May 24, 2018 (LBO) – Sri Lanka’s tea exports for the month of April 2018 showed a gain of 0.7M/kgs when compared with the same period last year while bulk tea and tea bags show a marginal decrease, a new report shows. “When analyzing the total revenue realized of 17.1 billion rupees for April 2018, […]
Central Bank to create intervention rules for foreign exchange market
May 23, 2018 (LBO) – Sri Lanka’s Central Bank is to introduce several rules, the officials need to follow when they are intervening in the foreign exchange market, Central Bank Governor Indrajit Coomaraswamy said. Speaking at a recent event, Coomaraswamy, however, said Central Bank’s intervention in the forex market will only be limited to smooth […]
Fin Min says Sri Lanka economy on stable footing; Challenges MR for TV debate
May 23, 2018 (LBO) – Sri Lanka’s Finance Minister challenging former President Mahinda Rajapaksa to an open television debate on the economy said that sound macroeconomic fundamentals exist for stronger growth in the island. Addressing media on Tuesday he said that the islands economy has been strengthened with tax revenue, exports and foreign direct investments growing substantially […]
SL – China FTA would result in higher gains for Sri Lankan exports: Study
May 22, 2018 (LBO) – Sri Lanka – China FTA would result in higher gains for Sri Lankan exports compared to products imported from China which are already entering Sri Lanka duty free, a recent study showed. The study carried out by the Economics Research Team of Verité Research, however, noted that the analysis is […]
Opinion : Sub agents and migrants; dissecting their relationship to guide regulation
Bilesha Weeraratne Geetha is an unskilled and uneducated female from rural Sri Lanka. As she was saddled with financial issues and could not find a suitable job in Sri Lanka, she decided to seek employment in Saudi Arabia as a Female Domestic Worker (FDW). However, Geetha was clueless about how to proceed, and thankfully Somadasa […]
Johann Peries successfully summits Mount Everest
May 22, 2018 (LBO) – Johann Peries has summited Mount Everest today becoming the second Sri Lankan to summit Everest after Jayanthi Kuru Utumpala in 2016. PR & Media Consultant Kumar de Silva said in a Twitter post that after having summitted Mount Everest at 5.55 AM Nepal time today, Johann Peries has now begun […]
‘s Teejay Lanka doubles capacity of India plant with USD15Mn expansion
May 21, 2018 (LBO) – Teejay Lanka, a textile manufacturer said they will be doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US 15 million dollars (more than 2.3 billion rupees at current rates). Located within the 1,000-acre Brandix India Apparel City (BIAC) in Vizag, Andrapradesh, […]
ADB, Sri Lanka sign USD210Mn loan for Mahaweli water security investment program
May 18, 2018 (LBO) – The Asian Development Bank (ADB) and the Government of Sri Lanka signed a US 210 million dollar second tranche loan agreement for the Mahaweli Water Security Investment Program, the Finace Ministry siad. The programme will assist Sri Lanka complete its on going drive to deliver surplus water from the Mahaweli […]