Category: Featured
Sri Lanka expected to hold rates steady in 2016: Stan Chart
(Corrected to reflect typo in report. USD/LKR seen at 152 by end 2017) Sept 02, 2016 (LBO) – Sri Lanka is expected to hold interest rates steady for the rest of 2016 as the impact of two previous rate hikes kick in, Standard Chartered said in a report analyzing the economies of Sri Lanka and […]
HNB approves USD50 mln share issue to ADB, up to 9.9 pct stake
Sept 01, 2016 (LBO) – The Hatton National Bank PLC board has approved issuing shares for 50 million dollars to the Asian Development Bank by way of a private placement, making the development lender a strategic investor. “The proceeds of the issue of shares by private placement as aforementioned will be utilized for the purpose […]
Sri Lanka’s Volkswagen project temporarily halted: Minister
Aug 29, 2016 (LBO) – The proposed project to set up a Volkswagen car plant in Sri Lanka has temporarily been halted, Deputy Minister of Public Enterprise Development Eran Wickramaratne said. “Due to the international issues they had to face, they have decided not to invest in this project in Sri Lanka for now,” Wickramaratne […]
Sri Lanka’s tea industry opposes state interference to use levy
Aug 29, 2016 (LBO) – Sri Lanka’s tea industry players have opposed the Finance Ministry’s move to appropriate the funds accumulated by Tea Board, collected from the industry, for global tea promotion. Releasing a statement, six associations in the tea industry appealed to the Government to reconsider what they called an ‘unfair’ action in deference to […]
‘s decision to air-gap public sector closely watched
Aug 29, 2016 (LBO) – Singapore is working on how to “air gap” web access for public servants as a defense against cyber attacks, a media report said. But some security experts say the policy, due to be in place by May, risks damaging productivity among civil servants and cutting them off from the people […]
LAUGFS Lubricants opens Sri Lanka’s first Tribology Park
Aug 26, 2016 (LBO) – LAUGFS Lubricants has opened Sri Lanka’s first Tribology Park at the BOI Export Processing Park in Nittambuwa, for research and innovation dedicated to the areas of friction and lubrication. The facility offers a cutting-edge research and development centre, providing solutions especially customized for Sri Lankan driving conditions, a statement said. […]
‘s ECT
Aug 26, 2016 (LBO) – Sri Lanka is seeking a partner from the Indian subcontinent to develop a port designed to be its deepest and accommodate the world’s largest container vessels, Shipping Minister Arjuna Ranatunga told the Indian Express. The Sri Lanka Port Authority (SLPA) is looking for a foreign investor with about USD 400 […]
Sri Lanka must plug into global production networks: Harsha de Silva
Aug 25, 2016 (LBO) – Sri Lanka needs to get into the game of global production networks and needs to treat trade agreements seriously, a government minister said. Deputy Foreign Minister Harsha de Silva outlined Sri Lanka’s future path as a trading nation at a panel discussion organized by the Young Professionals Organization of UNP. […]
Sri Lanka should develop Indian, Chinese markets: Tourism minister
Aug 25, 2016 (LBO) – Sri Lanka will be looking towards China and India for growth, in terms of geography, while looking for niche sector growth from MICE (meetings, incentives, conventions and exhibitions) and cruise tourism, a minister said. “Our target is to further increase the growing Chinese and Indian markets,” Minister of Tourism and […]
Sri Lanka to subsidize smallholder tea, rubber and coconut fertilizer
Aug 24, 2016 (LBO) – Sri Lanka’s cabinet has approved a fertilizer subsidy for tea, coconut and rubber smallholders who own cultivated land in extent of two hectares or less, in proportion to the extent of land cultivated annually.The proposal was made by Navin Dissanayake, minister of plantation industries, to increase the current extent of […]
Sri Lanka to regulate lubricants, bitumen through PUCSL
Aug 24, 2016 (LBO) –Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the lubricant industry and bitumen trade so as to increase competition in the industry in line with the 2016 budget proposals. At present 13 companies including Ceylon Petroleum Corporation and Lanka Indian Oil Company are engaged […]
U.S. Pacific Command completes assistance operation in north
Aug 24, 2016 (LBO) – A multinational team led by U.S. Pacific Command has concluded a week-long assistance program in Jaffna, providing general medical care for 4,000 people and renovating six schools that serve 1,100 students, the U.S. Embassy said. Operation Pacific Angel is a joint civil-military operation led by U.S. Pacific Air Forces to […]