Category: Featured
Sri Lanka to improve essential utility services in Western Megapolis
Nov 30, 2016 (LBO) – Sri Lanka’s cabinet has granted approval to improve new utilities and infrastructure required for the Western region Megapolis. It is expected that there will be an increased demand for essential utility services such as transport, electricity, water, drainage and waste disposal with the implementation of the main plan of the […]
‘s budget headed in right direction: IMF
Nov 30, 2016 (LBO) – Sri Lanka’s budget for 2017 is headed in the right direction, especially in terms of primary deficit reduction, Eteri Kvintradze, the resident representative of the IMF, said on Tuesday. Kvintradze was speaking at Lanka Business Online’s LBR LBO Debrief: Economic & Business Climate Outlook 2017 which saw a full house […]
Monetary Board holds interest rates unchanged
Nov 29, 2016 (LBO) – Sri Lanka’s Monetary Board held interest rates unchanged after a monthly policy meeting with excessive credit growth beginning to slow and inflation remaining stable. The Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank remain unchanged at 7.00 per cent and 8.50 per […]
Sri Lanka must aim for sustainable, inclusive growth: Governor
Nov 25, 2016 (LBO) – Sri Lanka must aim for sustainable as well as inclusive growth, Central Bank Governor Indrajit Coomaraswamy said on Thursday, speaking to corporate leaders. “If we are to have sustained growth, socially and politically stable growth, as we have an aspirational society now, this whole process has to be inclusive,” he […]
Sri Lanka’s government seeks public views to regulate news
Nov 23, 2016 (LBO) – Sri Lanka’s cabinet nod has been received to obtain public opinion with regard to establishing an independent board to regulate news content published in media. As per the proposal, an independent board is to regulate news published in print, broadcasting and registered websites with the view of promoting professionalism and […]
Sri Lanka poised for a shopping spree, basic goods drive demand
Nov 23, 2016 (LBO) – Sri Lankans still demand basic products such as refrigerators and washing machines due to the country’s low penetration levels although income levels of consumers have improved significantly, an official from the consumer durables industry said. “The consumer durables industry is primarily driven by growth in disposable income, but while income levels have improved, […]
SL-China trade crosses USD4bn, 93-pct imports from China
Nov 23, 2016 (LBO) – Bilateral trade between Sri Lanka and China has crossed the 4 billion US dollar threshold for the first time last year, the industry and commerce minister revealed. The total trade turnover between Sri Lanka and China which was at 659 million US dollars in 2005, has surged to 4 billion […]
Korea Eximbank to establish two vocational training institutes
Nov 23, 2016 (LBO) – The Export-Import Bank of Korea (Korea Eximbank) will support establishing two vocational training institutes in Sri Lanka, namely, Vocational Training Centre in Colombo Central and College of Technology in Gampaha. “As Sri Lanka aspires to become an upper middle-income country, it will need to bridge the gap between the industry […]
Sri Lanka balances investments across India, China and Japan: official
Nov 23, 2016 (LBO) – Sri Lanka is internationalizing key investments in infrastructure across three Asian nations India, China and Japan, a government official said. After failing to weigh competing interests in the past, observers say the current government is on the right track to develop Sri Lanka’s key infrastructure. Japan will develop the light […]
Sri Lanka condominium developers welcome budget 2017
Nov 22, 2016 (LBO) – Sri Lanka’s Condominium Developers Association which represents the condominium developers in the country has hailed the budget presented by the Finance Minister. The association which is an affiliated trade body of the Ceylon Chamber of Commerce said in a statement that the budget contained a number of progressive proposals to […]
Virtusa announces USD210 mln Q2 revenue, up 46.9 pct
Nov 22, 2016 (LBO) – Virtusa Corporation, a global business consulting and IT outsourcing company, with Sri Lankan founders, reported revenue for the second quarter of 210.1 million dollars, up 46.9 percent year-over-year. Net income for the second quarter was 3.2 million dollars, compared to a net loss of 6.3 million dollars for the first […]
Chinese-made city near Singapore to reshape real estate
Nov 22, 2016 (LBO) – A 100 billion dollar Chinese-made city in Malaysia, near the border of Singapore, is set to reshape real estate in the region. Country Garden’s Forest City, on four artificial islands, will house 700,000 people on an area four times the size of New York’s Central Park, Bloomberg reported. Construction began […]