Category: Industry
Innovation is the key for developing Sri Lanka: W.A. Wijewardena
Oct 22, 2015 (LBO) – Sri Lanka should move in to production based on high innovative technology as the traditional methods of production do not help Sri Lanka to be competitive in the global market and achieve higher productivity, an ex-Central Banker said “We must go for new innovation,” W.A. Wijewardena, former Deputy Governor of […]
Youtube launches ad free uninterrupted version with paid content
Oct 22, 2015 (LBO) – World’s number one free video hosting site, Youtube has launched an ad free uninterrupted version of Youtube for a subscription fee of 9.99 US dollars a month. The new service that has been named as ‘YouTube Red’ will be available in the US for free with a one month trial […]
Finance Minister introduces optional plan for banks to pay Super Gains Tax
Oct 20, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake revealed in Parliament on Tuesday that an optional plan has been introduced for banks to pay super gains tax. “Instead of banks paying (the tax directly) we are giving the opportunity back to them,” Karunanayake said. “So instead of paying 1 billion we call […]
Sri Lanka to build a monorail, calls for proposals this month: BOI Chief
Oct 19, 2015 (LBO) – Sri Lanka’s investment promotion bureau said that the government plans to make a request for proposals this month to build a monorail or mass rapid transit system (MRT) that spreads out from Colombo Fort.“RFPs for the monorail project will be out within a week,” Upul Jayasuriya, chairman of the Board […]
Insufficient road capacity, reason behind car import restrictions: PM
Oct 19, 2015 (LBO) – Sri Lanka’s recent restrictions imposed on car imports were a response to the insufficient capacity of roads, Prime Minister Ranil Wickremesinghe said.In an interview with Singapore’s ‘Straits Times’, Wickremesinghe said currently it takes too long coming into Colombo. “The restrictions on car imports put in place recently were because police […]
Infrastructure: Megapolis needs to overcome several challenges, says Champika
Oct 19 2015, (LBO) – The Minister for Megapolis Champika Ranawaka says that if the Megapolis mega development project is to be successful then it must address several social, environmental and economic obstacles that lie ahead. “One is the social problem where we have over 100,000 slum dwellers in the Western Province,” he said speaking […]
Q&A: CHEC speaks to LBO on Port City project
Oct 16, 2015 (LBO) – Sri Lanka’s much talked port city project is still under water as the new administration has questioned project approvals. The builders of Sri Lanka’s Chinese-funded port city project say discussions are ongoing and they await a positive reply from the government after the suspension of work. Sri Lanka’s cabinet last […]
Interview: New plans to be unveiled in Megapolis infrastructure
Oct 16, 2015 (LBO) – Sri Lanka’s new minister for the Megapolis, Champika Ranawaka, has big plans in mind for the region that spans the Western Province. A new transport plan will be unveiled in the next 2-3 weeks, while a Port City design has been included in the Megapolis infrastructure, he said. Commenting on […]
Sri Lanka’s Kingsbury to manage apartment complex
Oct 16, 2015 (LBO) – The Kingsbury plc , a five-star city hotel in Colombo, has signed a management agreement with Platinum real investment limited to manage its Platinum1 apartment complex for a 10 year time period, the hotelier said in a filing to the stock exchange on Thursday.Platinum 1 is a 20 storey apartment […]
Ceylon Chamber introduces 10 principles to guide its future
Oct 15, 2015 (LBO) – Sri Lanka’s Chamber of Commerce has introduced 10 principles to guide its approach in influencing the trajectory of the private sector and the country’s economy. These principles, the first of its kind for a business chamber in Sri Lanka, will form the basis of the Chamber’s advocacy on pro-business policy […]
Sri Lanka to seize 8 foreign accounts in Dubai: Cabinet Spokesman
Oct 15, 2015 (LBO) –Sri Lanka has found eight bank accounts in a Dubai bank belonging to powerful politically affiliated people and plans are underway to seize all the accounts, Cabinet Spokesman Minister Rajitha Senaratne told reporters on Thursday.“We have uncovered eight accounts hidden in Dubai,” Minister Rajitha Senaratne told at a press briefing held […]
Sri Lanka’s new fuel pricing formula with Finance Ministry: Min. Champika
Oct 15, 2015 (LBO) – Sri Lanka’s Minister of Megapolis and Western Province Development and former Minister of Power and Energy says that a cabinet approved pricing formula for fuel has been handed over to the Finance Ministry. Speaking to LBO Minister Champika Ranawaka said that “I have already done this.” We got cabinet approval […]