Category: Industry
Sri Lanka introduces contributory pension scheme for artists
Sept 15, 2016 (LBO) – Sri Lanka’s government has allocated 15 million rupees to form a contributory pension scheme for 327 artists, as an initial phase of the programme. Citizens between the age of 23 and 55 who satisfy the eligibility criteria as artists will be given priority, a cabinet decision said. The cabinet has […]
‘s Herath clinches bronze at Rio Paralympics
Sep 14, 2016 (LBO) – Sri Lanka’s Dinesh Priyantha Herath, a 30-year-old, secured the islands first medal in men’s javelin throw F46 final at the Rio Paralympics. He claimed the third spot clearing a distance of 58.23 meters behind India’s Devandra Jhahharia, who won Gold, and Guo Chunliang of China who secured Silver. Herath hails […]
Vitol to be reinstated if guidelines met: Petroleum Min
Sept 14, 2016 (LBO) – Sri Lanka’s Petroleum Minister Chandima Weerakkody said Vitol, the world’s largest oil trading firm, will be reinstated as a supplier if they can prove their products meet necessary guidelines. “I have called for a report from CPC and the Cabinet Appointed Tender Committee. I was told that the committee approved […]
Sri Lanka fuel pricing formula accepted in principle: minister
Sept 14, 2016 (LBO) – A proposal for automatic fuel pricing has been accepted in principle, Sri Lanka’s Petroleum Minister Chandima Weerakkody said on Wednesday, adding a timeline for implementation has not yet been decided. “The Finance Ministry and relevant committees are discussing the details. My proposal has been accepted in principle,” he said, speaking […]
LankaPay says USD Online crosses Rs. 1.8bn mark
Sep 14, 2016 (LBO) – Payment network LankaPay says they will continue to expand services towards better financial inclusivity and is keen on expanding their core product offering. “Customers can expect more along these lines of innovations in the near future,” Channa de Silva, LankaClear chief executive officer and general manager said. “In addition to […]
Sri Lanka budget deficit to be 4.7-pct in 2017, FinMin tells IMF
Sep 14, 2016 (LBO) – Sri Lanka’s Finance Minister said that the island plans on reducing the budget deficit to 4.7 percent in 2017. “We had a budget deficit of 6.7 percent of the GDP last year and this year’s target will be 5.4 percent. it will be further reduced to 4.7 percent in 2017,” […]
Sri Lanka to stop Sampur coal power plant, SC informed
Sep 14, 2016 (LBO) – Sri Lanka’s Supreme Court (SC) was informed that the proposed 500 megawatt Sampur coal power plant will not be constructed following a Fundamental Rights application filed by Environmental Foundation (Guarantee) Limited. The Attorney General informed court that the Ministry of Power and Energy had already taken this decision. The Sampur […]
Sri Lanka electricity use safer with new square pin plugs: PUCSL
Sep 13, 2016 (LBO) – Sri Lanka’s power regulator announced the implementation of national standard for plug and socket outlet in Sri Lanka for non-industrial applications with the aim of uplifting the safety of electricity consumers. Public Utilities Commission of Sri Lanka (PUCSL) said that currently different types of plugs and sockets are used to […]
Kotagala Plantations to subdivide shares after Rs800mn rights issue
Sept 13, 2016 (LBO) – Sri Lanka’s Kotagala Plantations is to raise 800 million rupees by way of a rights issue, subjected to exchange approval, the company said in a stock exchange filing. The company is to issue and list 80 million new ordinary shares at 10 rupees each in the ratio of two new […]
Sri Lankan exporters showcase at 13th China Asean Expo
Sep 13, 2016 (LBO) – Twenty five Sri Lankan exporters have represented the island at the 13 CAEXPO (China-ASEAN Expo) in Guangxi, China, as a special guest country. “We believe that Sri Lanka can showcase its products to China in a big way at 13th CAEXPO-more importantly it is an opening to ASEAN importers,” Rishad […]
CCC proposes amendments to Sri Lanka’s customs ordinance
Sep 12, 2016 (LBO) – The Ceylon Chamber of Chamber has made several proposals for the amendment of Sri Lanka’s Customs Ordinance. The Import Section of the CCC organized a seminar to discuss the proposed new customs law and the change in the current customs ordinance focusing on areas such as how the new law […]
Hanjin shipping bankruptcy to have indirect impact on Sri Lanka
Sept 10, 2016 (LBO) – The filing for bankruptcy by South Korean container shipper Hanjin Shipping will have an indirect impact on Sri Lanka with reduced space for cargo originating from the island, an industry official said. Hanjin, ranked the seventh largest globally, with 98 ships and 2.9 percent share of trade, has about 14 […]