Category: Featured
Laugfs Gas urges Govt to introduce transparent mechanism for LPG pricing
May 18, 2018 (LBO) – Sri Lanka’s liquid petroleum gas (LPG) prices should be adjusted using a pricing mechanism that is transparent, impartial and fair, Laugfs Gas said issuing a statement. There have been significant changes in the LPG prices in the international market, which has had a detrimental impact on the local LPG industry, it said. […]
Distributors smuggle Rs10mn worth fuel on the day prices hiked
May 17, 2018 (LBO) – Ceylon Petroleum Storage Terminal (CPSTL) has incurred a loss of around 10 million rupees on the day fuel prices hiked.Initial investigation has revealed that 52 bowsers from Kolonnawa and 22 bowsers from Muthurajawela terminal have released fuel using the ‘Same Day System’.As per the accepted practice, same day orders should […]
LKR depreciation unwarranted; Reserves to reach US$ 11Bn by June 2018 :CB
May 17, 2018 (LBO) – The Central Bank of Sri Lanka says the underlying fundamentals do not warrant the current pressure on the Sri Lanka rupee. The rupee closed at 158.20/40 rupees against the US dollar in the spot market Wednesday after hitting a low low of 158.80 rupees earlier in the day. “Gross external […]
Sri Lanka among 23 countries vulnerable to Chinese debt distress: Study
May 16, 2018 (LBO) – Sri Lanka has been classified as a highly vulnerable country to debt distress of China’s Belt and Road Initiative (BRI) in a recent study published by the Center for Global Development.The policy paper has identified 68 countries that fall under the scope of BRI based on reports from Chinese quasi-official […]
‘t accept 6.5-pct fare hike
May 16, 2018 (LBO) – The Lanka Private Bus Owners’ Association (LPBOA) and Inter-Provincial Private Bus Association (IPPBA) said it cannot accept the Cabinet approved bus fare increase and that it would launch an islandwide bus strike from by midnight Wednesday. The two association said that the 6.56 percent bus fare increment was not acceptable and are […]
‘s Comm Bank reports PBT of Rs.6.3Bn, up 21-pct
May 15, 2018 (LBO) – Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of 7.677 billion rupees and profit before tax of 6.337 billion rupees for the first quarter of 2018, with growth of 21.07 percent and 21.36 percent respectively. Gross income for the three months ending 31st March 2018 was up […]
Facebook to empower youth & entrepreneurs in Sri Lanka
May 15, 2018 (LBO) – Facebook’s global ‘Boost Your Business’ program is now available for the youth and entrepreneurs of Sri Lanka. Facebook has partnered with the ICTA of Sri Lanka to train 10,000 small business owners across the country by the close of 2018. In the first phase, the programmed will cover Colombo, Galle, […]
China approves USD1bn for 1st phase of Central Expressway construction
May 15, 2018 (LBO) – Chinese Government has approved 1 billion US dollars for the phase I of the Central Expressway construction and instructions have also been given to Chinese EXIM bank to process the loan, Prime Ministers Office said. Chinese Ambassador to Sri Lanka has met with Prime Minister Ranil Wickeremesinghe yesterday to break the […]
Sri Lanka among most exposed countries to an interest rate shock: Moody’s
May 14, 2018 (LBO) – Moody’s Investors Service said the probability of an interest rate shock tends to be higher for Sri Lanka as the country is most exposed to a higher cost of debt that feeds mostly through weaker debt affordability.“The sovereigns most vulnerable to an interest rate shock are generally low rated, with […]
‘t give up on UNP leadership
May 14, 2018 (LBO) – Sri Lanka’s Finance and Media Minister Mangala Samaraweera recently revealed the reason as to why current leader of the UNP is not going to give up his leadership position. “I remember how Anura Bandaranaike went against Madam Sirimavo in late 80’s,” Samaraweera reminded. “But she didn’t give up on the […]
Sri Lanka GDP will grow at 3.7-pct in Q1
May 14, 2018 (LBO) – Sri Lanka’s will grow at 3.7 percent in the first quarter of 2018, althought this below the islands potential, the Governor of the Central Bank said. “The growth will be supported by the services sector, but is still below potential,” Dr. Indrajit Coomaraswamy, Central Bank Governor told reporters in Colombo recently. The Monetary […]
ADB approves USD 100Mn additional funding to enhance job skills in Sri Lanka
May 11, 2018 (LBO) – The Asian Development Bank’s (ADB) has approved a US 100 million dollars results-based loan as additional financing for the Government of Sri Lanka’s efforts to develop skills to meet labor demands, support economic diversification, and enhance productivity in the country. “Sri Lanka has achieved universal primary and high secondary enrollment […]