Category: Featured
New Zealand keen to broaden investment in Sri Lanka
Mar 08, 2017 (LBO) – The Government of New Zealand expects to broaden existing investment in Sri Lanka and is ready to assist in economic development activities in the island, the finance ministry said in a statement. New Zealand wants to provide technical support in infrastructure development and assist in developing the agricultural sector of […]
Sri Lanka BPPL Holdings IPO oversubscribed
Mar 08, 2017 (LBO) – Sri Lanka’s brush exporter BPPL Holdings said its initial public offer of 30. 68 million ordinary shares at 12 rupees each was oversubscribed the opening day. The company said in a stock exchange filling that therefore they were closing the offer, Tuesday. The company also known as Beira group said Hirdramani […]
Sri Lanka to train foreign service in economic diplomacy: Harsha
Mar 07, 2017 (LBO) – Sri Lanka’s government will be training its officials in the foreign service through a online economic diplomacy course with Harvard University to help improve the island’s investment and export promotion, a deputy minister said. “Sri Lanka is running a race, where we are behind Thailand, Vietnam, Myanmar and Malaysia,” Harsha […]
No proposal yet for new Coca-Cola plant in Sri Lanka: Minister Malik
Mar 07, 2017 (LBO) – Sri Lanka’s International Trade Ministry has not yet received a request for setting up a new Coca-Cola plant in the island, Development Strategies and International Trade Minister Malik Samarawickrama said. “We have not received any proposal with regard to establishing a Coca-Cola production factory in Sri Lanka,” Minister Samarawickrama told […]
Sri Lanka fulfilled Dec fiscal targets, eyes on SOE reforms: IMF
Mar 07, 2017 (LBO) – Sri Lanka needs to accelerate implementation of structural reforms in public financial management and state owned enterprises, the International Monetary Fund said Tuesday, concluding a staff visit. A staff team from the IMF led by Jaewoo Lee visited Colombo during February 21-March 7, 2017 to hold discussions on the second […]
CEB wants to lift non-conventional renewable energy to 17-pct by 2019
Mar 07, 2017 (LBO) – Sri Lanka’s state owned Ceylon Electricity Board has set a target to increase electricity generation from renewable resources from the current 10 percent to 17 percent by the end of 2019. Increasing nonconventional renewable energy generation composition is one performance target that CEB has agreed to adhere in line with […]
‘s real estate industry calls for more regulation
Mar 07, 2017 (LBO) – Sri Lanka’s real estate brokers, agents and developers need to professionalize services with the involvement of the the government to ensure future growth, industry officials said. “The emerging and perhaps urgent need of the real state industry is for some type of regulation to be introduced in order to regulate […]
Toronto begins to rival Silicon Valley for tech startups
Mar 07, 2017 (LBO) – Toronto’s startup community has begun to rival Silicon Valley and offers more advantages to new companies. One reason is that the 2,100 and 4,100 tech start-ups in Toronto’s ecosystem don’t have to compete for engineers with Google and Facebook. “To compete in that environment for the best talent would be […]
Sri Lanka Commercial Bank to raise Tier 1 capital with rights issue
Mar 07, 2017 (LBO) – Sri Lanka’s Commercial Bank has decided to raise 10 billion rupees through a rights issue of voting and non voting shares, the company said in a stock exchange filing. Subject to stock exchange and shareholder approval, the bank is to issue 84,515,987 ordinary voting shares at 113. 60 rupees each […]
President inaugurates 4th SAARC Public Procurement Conference
(PRESS RELEASE) – The Fourth South Asia Region Public Procurement Conference commenced under the patronage of President Maithripala Sirisena in Colombo, Monday. The Conference will continue until February 23 in Colombo and Kandy. The Conference is an annual learning, knowledge and experience sharing, and networking event for the Heads of Public Procurement Agency or Authority […]
Sri Lanka rated ‘Mostly Unfree’ in new report: Heritage Foundation
Feb 21, 2017 (LBO) – Sri Lanka slipped to be rated as a ‘Mostly Unfree’ country this year in the Index of Economic Freedom, with the lack of government integrity and judicial freedom contributing towards the slip, a new report showed. The US-based Heritage Foundation, in their annual Index of Economic Freedom, said that economic […]
‘s public sector expanded 39-pct during past decade
Feb 21, 2017 (LBO) – Sri Lanka’s public sector, excluding the semi government sector and three forces, expanded 39 percent in the last ten years, a census conducted by the statistics office showed. Preliminary results of the census show that by last year Sri Lanka’s public sector alone had a workforce of 874,395 which is […]