Category: Industry
”’ mall to open November 8th
September 26, 2019 (LBO) – In an opening that will transform the retail sector in Sri Lanka, Shangri La has announced it will open its shopping mall called ‘One Galle Face’ on November 8th. Sri Lanka has never seen a commercial development of anything close to the size of what Shangri La has done in […]
Sri Lanka reserves at USD 8.3bn at end Jul 2019
Sep 26, 2019 (LBO) – Sri Lanka’s gross official reserves stood at US 8.3 billion dollars by end July 2019, equivalent to 4.9 months of imports, the Central Bank said. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector amounted to US 11.0 billion dollars as at end […]
Sri Lanka trade deficit widens in July; export earnings decline
Sep 26, 2019 (LBO) – The trade deficit widened in July 2019 as exports fell more than the decline in imports, new data shows. Export earnings recorded a decline of 7.0 percent (year-on-year) after a steady growth for several months while import expenditure declined by 2.2 percent (year-on-year) in July 2019, data from the Central […]
”s Future of Tourism
September 25, 2019 (LBO) – Delivering a keynote address to tourism industry leaders in Sri Lanka, CNN Travel Correspondent Richard Quest addressed the audience on the major trends and issues in the global tourist industry. In an address that was specific and relevant to Sri Lanka, Quest highlighted issues of security, the environment, and over-tourism. […]
Central Bank withdraws order on maximum interest rates on deposits
Sep 25, 2019 (LBO) – The Monetary Board of the Central Bank has decided to withdraw the Monetary Law Act Order No. 01 of 2019 issued on 26 April 2019 imposing Maximum Interest Rates on Sri Lanka Rupee Deposits, with effect from 24 September 2019. The decision has been taken after the issuance of the […]
International expert calls for policy recalibration to support property development
Sep 25, 2019 (LBO) – The future of Sri Lanka’s economic development hinges on how domestic policies towards real estate evolve, particularly with respect to supporting the massive demand for vertical living in Colombo and its suburbs, an international expert said. Malayasin property expert Michael Yam said that he sees major emerging opportunities in Sri […]
Central Bank orders banks to reduce loan interest rates by 200 bps by mid-October
Sep 24, 2019 (LBO) – Monetary Board of the Central Bank has decided to order the Licensed Banks to reduce interest rates applicable on all rupee-denominated loans and advances by at least 200 basis points by 15 October 2019, in comparison to the interest rates applicable as at 30 April 2019, subject to certain exclusions. […]
Over 150,000 people to return home after Thomas Cook ceased trading
Sep 24, 2019 (LBO) – UK Civil Aviation Authority launched largest peacetime repatriation to bring more than 150,000 people back to the UK after the UK tour operator and airline, Thomas Cook stopped trading. On 23 September 2019, winding-up orders were made against Thomas Cook Group and associated companies and the court-appointed the Official Receiver […]
SriLankan Engineering welcomes its latest customer Air Seychelles
Sep 24, 2019 (LBO) – SriLankan Engineering, the aircraft Maintenance Repair Organisation (MRO) of SriLankan Airlines, welcomed a new airline customer – Air Seychelles – for which it carried out an ‘A-check’ on an Airbus A320 aircraft in its specialized A320/A321 hangar at the National Carrier’s main hub at Bandaranaike International Airport. SriLankan Engineering possesses […]
Grace period for motor vehicles pending clearance at Hambantota Port
Sep 24, 2019 (LBO) – Sri Lanka’s government has decided to declare a grace period for motor vehicles imported during the period of January 2015 to November 2017 but pending the Customs clearance at the Hambantota Port subject to following criteria. Said motor vehicles imported by an importer/individual based on the Letter(s) of Credit established […]
‘s Hambantota Maritime Centre 95-pct occupied: HIPG
Sep 24, 2019 (LBO) – Eighteen months to the formation of HIPG, the public-private partnership between CMPort and the Sri Lanka Ports Authority (SLPA), to manage the Hambantota International Port (HIP), the company has made progress. Groups of potential investors are visiting the now thriving port to determine its forward development plans and to see […]
Expolanka settles litigation against US subsidiary with USD6.75mn payment
Sep 24, 2019 (LBO) – Expolanka’s US-based fully owned subsidiary, Expolanka USA LLC, at a mediation held in New Jersey has resolved to conclude a dispute with RCS Logistics Inc with a payment of 6.75 million US dollars without the acceptance of liability. The company said in a stock exchange filing that the payment is […]