Category: General Services
Saudi agrees to share employment status of Lankan workers: Harsha de Silva
May 06, 2016 (LBO) – Saudi Arabia has agreed to periodically share employment details of Sri Lankan workers during their stay in Saudi Arabia. The decision was made during a visit by Deputy Foreign Minister Harsh de Silva to Saudi Arabia recently. This would enable the Embassy to speedily reach out to Sri Lankan employers […]
S. Korea asks Sri Lankan returnee workers to claim insurance benefits
The Employment Permit System Centre of the Human Resources Development Service of Korea (EPS Centre of HRD Korea) in Sri Lanka filed claims for returnee workers who previously worked in South Korea and were not compensated for their Return Cost (Air Ticket) Insurance and Departure Guarantee Insurance. The Return Cost Insurance should be obtained by […]
Slogal Energy buys stake in Laugfs Gas Bangladesh for USD9.2mn
May 04, 2016 (LBO) – A fully owned subsidiary of Laugfs Gas Plc, Slogal Energy DMCC, incorporated in Dubai has acquired 31 percent of the total issued shares in Laugfs Gas Bangladesh for 9.2 million US dollars. Laugfs Gas Plc said in a stock exchange filing that they own the balance 69 percent shareholding of […]
New agencies to fast track Sri Lanka investment approvals
May 04, 2016 (LBO) – Sri Lanka’s government will fast track the approval of investment projects through the setting up of two new agencies, a state minister said in a statement. “Ideally the time frame for approval of projects should be about two months,” Sujeewa Senasinghe, state minister, Development Strategies and International Trade, said. “The Government is […]
US, Sri Lanka adopts Joint Action Plan to boost bilateral trade in 5 yrs
May 02, 2016 (LBO) – The United States and Sri Lanka have recently adopted a five-year Joint Action Plan to boost Trade and Investment in the two countries. At the 12th US, Sri Lanka Trade and Investment Framework Council meeting which was held April 28 in Washington, DC, both sides have affirmed their belief that […]
Paranthan Factory reconstruction starts this year with Rs525Mn
Apr 25, 2016 (LBO) – A now defunct Lankan chemical pioneer is to be revived and construction work shall start before the end of this year to revive the historic manufacturing giant, a minister said. “We have earmarked Rs 525 Mn to start work on the Paranthan Chemicals Factory in Kilinochchi, The construction work will […]
‘s oldest barbershop to set up in Sri Lanka
Apr 19, 2016 (LBO) – The world’s oldest barbershop, Truefitt & Hill, is to start business in Sri Lanka and is looking for suitable partners, a statement said. “After the successful opening of this international barber shop in Mumbai, Delhi and Bangalore, we are very eager to expand in Sri Lanka,” Istayak Ansari, Director, Lloyds […]
Fitch warns rising exposure to microfinance by non-bank financial institutions
Apr 01, 2016 (LBO) – Rising exposure to microfinance at Sri Lankan non-bank financial institutions (NBFIs) could pose a risk to their credit profiles, says Fitch Ratings. The exposure among Fitch-rated NBFIs stood at just 4 percent of total loans of these entities as recently as March 2014. But this had increased to 27 percent […]
Sri Lanka needs 6 months to fix issues before signing ETCA: Professionals
Mar 30, 2016 (LBO) – Sri Lanka should work towards a national trade policy within which ETCA should be framed with all required regulatory framework and national interests in place, Sri Lanka’s Engineers Association said. Engineer Nanda Gunawardena speaking at a recent seminar asked the government to delay the signing of ETCA until a proper […]
PayPal lists Sri Lanka for 2017; Stripe to enter: Harin Fernando
Mar 25, 2016 (LBO) – Popular worldwide online payments system PayPal has listed Sri Lanka for 2017, Minister of Telecommunications and Digital Infrastructure Harin Fernando said. “PayPal has listed us 2017, for them SL market is too small but we have convinced them and keeping a dialog, we have done our part,” Fernando said in […]
IFC, Canada to invest USD15 mn in Richard Pieris for green retail growth
Mar 23, 2016 (LBO) — IFC, a member of the World Bank Group, together with the IFC-Canada Climate Change Program will invest 15 million dollars in Sri Lankan retail chain Richard Pieris Distributors Limited to help the company expand its retail network, support job creation, and develop local supply chains, a statement said. Funding will […]
CA Sri Lanka launches new Integrated Reporting Council
In a fresh initiative aimed at further enhancing the best practices of financial reporting amongst corporates in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) launched the Integrated Reporting Council (IR Council), comprising of professionals from the accounting and non-accounting sectors, regulators and academics. The inaugural meeting of the IR […]