Category: Featured
SLT gets full landing status for SEA-ME-WE 5 in Matara
Aug 12, 2016 (LBO) – Telecommunications and ICT solutions provider, Sri Lanka Telecom PLC (SLT), says it has gained full landing status of SMW5 Cable Station in Matara. With this, Sri Lanka can offer the region “state-of-the-art global services provided through multiple international undersea cable systems,” SLT said in a statement. SLT’s International Backhaul Network […]
‘l Airlines
Aug 11, 2016 (LBO) – SriLankan Airlines has entered into a “wet lease” agreement with Pakistan International Airlines (PIA), owned by the government of Pakistan, whereby an Airbus A330-300 aircraft will be leased by SriLankan to PIA on Aircraft Crew Maintenance & Insurance (ACMI) basis. This means that the aircraft will remain under SriLankan registry and […]
Sri Lanka cabinet approves purchase of fighter aircraft
Aug 11, 2016 (LBO) – Sri Lanka’s cabinet has approved the purchase of new fighter aircraft following a proposal by President Maithripala Sirisena who is also the defense minister, reports said. “The fighter aircrafts of the Sri Lanka Air Force have been aging and it is required to maintain them updated due to the importance […]
Sri Lanka to get Singapore technical assistance for Megapolis
Aug 11, 2016 (LBO) – Sri Lanka’s government will sign a Memorandum of Understanding with Singapore’s International Enterprise Singapore to get assistance for the Megapolis project. “Some of the projects are complex and technically sophisticated projects and require the support of international experts,” a statement on cabinet decisions said. Therefore, considering the importance of exchanging […]
Sri Lanka Tanzania Investment Chamber launched in Dar es Salaam
Aug 11, 2016 (LBO) – Sri Lanka and Tanzania look set to expand business and investment promotion between the two countries with the launch of the Sri Lanka Tanzania Investment Chamber in Dar es Salaam, Tanzania last week. The chamber was inaugurated by Minister of Tourism Development, Christian Religious Affairs and Lands, John Amaratunga. “With […]
No more aircraft for Sri Lankan; reports not submitted: COPE
Aug, 10, 2016 (LBO) – The Committee on Public Enterprises (COPE) of Sri Lanka’s parliament has recommended that SriLankan airlines officials not to go ahead with the purchase of new aircraft while also calling them to submit several other reports on irregularities. “The transaction of purchasing new aircrafts without conducting a cost basis analysis should […]
Sri Lanka Supreme Court blocks bill raising VAT
Aug 09, 2016 (LBO) – Sri Lanka’s Supreme Court has ordered parliament to stop considering a bill to raise value-added tax (VAT) because the drafting of the proposed legislation had not followed due process, the assembly speaker said on Tuesday. The failure to raise the tax could put in jeopardy the government’s ambitious fiscal consolidation […]
Sri Lanka exports fell 12-pct in May; trade gap widens 16-pct
Aug 09, 2016 (LBO) – Sri Lanka’s exports fell 12 percent to 776.3 million US dollars in May 2016, while imports rose 0.3 percent to 1,589.8 million US dollars from a year earlier, official data showed. The trade gap has widened 15.7 percent to 813.5 million US dollars from a year earlier. The subdued performance […]
Sri Lanka needs to accelerate broadband development: Harin
Aug 09, 2016 (LBO) – Sri Lanka’s government says that as the island embarks on a journey of transformation to become a digitally enabled and empowered society, the importance of having a robust fixed-broadband base to build upon is critical. “We strongly believe that this is indeed the ripe time to accelerate broadband development in […]
FCID collecting vital information necessary for governance: official
Aug 06, 2016 (LBO) – A stream of former government and corporate officials who have been questioned by the Financial Crimes Investigation Division (FCID) of Sri Lanka in recent months is not political vindictiveness or a witch hunt, a government official said. It is the collection of key information necessary for good governance, the official […]
Sri Lanka Central Bank reforms bond trading
Aug 05, 2016 (LBO) – Sri Lanka’s Central Bank will introduce several improvements to the process of trading treasury bonds and reporting of bond trades, a statement said. In addition, a new trading platform will be rolled out, and the supervision functions will be switched from the Public Dept Department to the Department of Supervision […]
ETCA first round of negotiations starts soon: Indian High Commissioner
Aug 04, 2016 (LBO) – India’s High Commissioner in Sri Lanka Y. K. Sinha says that the first round of negotiations on the Indo-Sri Lanka Economic and Technology Cooperation Framework Agreement (ETCA) will start shortly. Speaking at the eighth AGM of the Indo Lanka Chamber of Commerce, the High Commissioner reassured that India was aware […]