Category: Featured
Sri Lanka to extend Priority Bus Lanes to reduce congestion
Apr 27, 2017 (LBO) – Sri Lanka’s Megapolis Ministry has decided to expand the Priority Bus Lane concept to reduce traffic congestion in Colombo. Allocation of a Priority Bus Lane was implemented as a pilot project on Parliament Road between 12th and 23rd March with assistance of the Korean International Cooperation Agency. “It shows a […]
Higher growth for Sri Lanka will depend on addressing structural issues: CB
Apr 27, 2017 (LBO) – Sri Lanka’s economic performance in 2016 reconfirmed the necessity of addressing deep rooted structural issues, in order to enable the country to progress towards a higher growth trajectory, the Central Bank said. “Along with strengthening macroeconomic fundamentals through improved fiscal performance and the conduct of monetary policy in a forward […]
Sri Lanka, India sign MOU to cooperate on economic projects
Apr 27, 2017 (LBO) – Sri Lanka and India signed an MoU on economic co-operation in the presence of Prime Minister Narendra Modi and Sri Lankan counterpart Ranil Wickremesinghe in New Delhi Wednesday. As per Indian media reports, the MoU proposes Indian investment in development of port and oil tank farms in Trincomalee, setting up […]
Sri Lanka govt wants Sarath Fonseka as defense chief
Apr 26, 2017 (LBO) – Sri Lanka’s national government has offered ex-Army chief Sarath Fonseka the task of upholding discipline in the country by taking a key role in law and order under him. At Tuesday’s cabinet meeting it was proposed to appoint him either as Army Commander or as Chief of Defense Staff, Cabinet […]
Sri Lanka to double Development Bond limit to raise liquidity
Apr 26, 2017 (LBO) – Sri Lanka’s Finance Ministry is to increase the limit of issuing Sri Lanka Development Bonds (SLDBs) from 1,500 million US dollars to 3,000 million dollars including development bonds due to expire this year. Cabinet approval has also been granted to this proposal considering the low liquidity situation and interest rates […]
Sri Lanka seeks to carve out niche in medical tourism: OBG
Apr 25, 2017 (LBO) – Rising numbers of tourists from abroad and a state-led campaign to expand medical tourism could attract further investment to Sri Lanka’s health care sector, creating additional opportunities for its hospitality industry in the process, the Oxford Business Group said in a research note. The country’s bid to become a centre […]
Petroleum union negotiations successful, strike called off
Apr 25, 2017 (LBO) – The Ceylon Petroleum Corporation (CPC) unions called off their strike late on Monday following successful discussions with Sri Lanka’s Prime Minister and Petroleum Minister Chandima Weerakkody. Employees of the Ceylon Petroleum Cooperation launched a strike from midnight Sunday opposing an agreement to be signed with India regarding developing the Trincomalee […]
Sri Lanka stocks get Rs14.3 bln foreign inflow, ASPI +4.9 pct in 2017
Apr 24, 2017 (LBO) – The Colombo Stock Exchange (CSE) in recent weeks has seen interest among foreign institutional investors, with the ASPI rallying 4.9 percent so far this year on foreign inflows of 14.3 billion rupees. The Benchmark ASPI recorded consistent gains in April crossing the 6,500 mark on Thursday. The S&P SL 20 […]
Fairway Waste Management says processing facility on schedule
Apr 24, 2017 (LBO) – Fairway Waste Management said its solid waste processing facility, being built in Colombo, was an important step taken recently to tackle Colombo’s solid waste problem. “In the aftermath of the recent unfortunate incident in Meethotamulla, the ‘Waste Free-Clean City’ project in Karadiyana, which has been awarded to Fairway Waste Management […]
PM reveals progress of Presidential Commission of Inquiry
Mar 09, 2017 (LBO) – Sri Lanka’s Presidential Commission of Inquiry has carried out in-depth investigations into 400 complaints to date and investigations into 49 complaints have been finalized, Prime Minister Ranil Wickremesinghe revealed. The special commission was appointed by President Maithripala Sirisena on March 3rd, 2015 to investigate and inquire into serious acts of […]
COPE should inquire transactions of Templeton fund in Sri Lanka: Harsha
Mar 09, 2017 (LBO) – Sri Lanka’s Committee On Public Enterprises (COPE) should investigate the transactions carried out between the US-based Franklin Templeton Fund and Central Bank in the past, Deputy Foreign Minister Harsha de Silva said. De Silva confirmed to reporters Wednesday that close to 500 million US dollars have been taken out from […]
Nimal Perera resigns as director from several companies
Mar 08, 2017 (LBO) – High net worth investor Nimal Perera has resigned as a director of several companies, as per disclosures to the Colombo Stock Exchange. Wickramaratne told reporters Wednesday that discussions with regard to the subject of airlines is a complex matter to be deal with. generic “There were eight bidders initially then […]