Category: Industry
Sri Lanka expects EU fishing ban to be revoked by mid 2016
Dec 22, 2015 (LBO) – Sri Lanka is looking at a favorable response about the lifting of EU fishing ban from the European Parliament by mid next year, the Fisheries Minister said. “During the coming months the proposal to lift the fishing ban will be presented to the European Parliament,” Fisheries Minister Mahinda Amaraweera said. […]
Sri Lanka appoint more ministers
Dec 22, 2015 (LBO) – Sri Lanka President Maithripala Sirisena appointed Priyankara Jayarathne as the State Minister of Local Government and Provincial Councils, who sworn in before President Maithripala Sirisena at the Presidential Secretariat yesterday (Dec.21) and Sarathi Dushmantha Mithrapala as the Deputy Minister of Buddha Shasana. Mithrapala is also the current Deputy Minister of […]
Sri Lanka’s ‘Megapolis’ plan will help boost land prices in outskirts: Report
Dec 22, 2015 (LBO) – Sri Lanka’s Western Province ‘Megapolis’ plan will boost land prices in the suburbs and beyond in the long term, a research report said. “With the change in political power in 2015, we can now note that there is a further discussion about planning beyond Colombo to cover a Western Province […]
Sanasa Development Bank to raise Rs4bn from listed debenture
Dec 21, 2015 (LBO) – Sri Lanka’s Sanasa Development Bank is to raise 4.0 billion rupees from a listed debenture issue, the company said in a stock exchange filing. The company has decided to issue 20 million debentures at 100 rupees each with an option to issue up to a further 20 million debentures in the […]
Sri Lanka year in review 2015: OBG
Dec 21, 2015 (LBO) – Sri Lanka has emerged with a renewed emphasis on economic reforms and fiscal consolidation, which has allayed concerns for many local and foreign investors, a year end review by the Oxford Business Group said. Full statement follows……. In the wake of general elections earlier this year, Sri Lanka has emerged […]
Govt to save Rs15bn by moving its accounts to private banks: FM
Dec 20, 2015 (LBO) – Sri Lanka’s Finance Ministry is to transfer part of the government accounts maintained by the state banks to private banks in order to reduce state expenditure.Finance Minister Ravi Karunanayake told Parliament Saturday that there will be a cost saving of about 15 billion rupees through the new proposal.“State banks currently […]
Information Bank for economic diplomacy soon, says Harsha De Silva
Dec 16, 2015 (LBO) – Sri Lanka plans to launch a ‘Knowledge Platform,’ an online internet information bank to promote economic diplomacy, Deputy Minister of Foreign Affairs, Harsha de Silva said.The platform would be launched by the end of the first quarter of 2016. De Silva revealed this during the second meeting of the Inter […]
Customs strike delays flights at Bandaranaike International Airport
Dec 16, 2015 (LBO) – A strike action by the Customs officials at the Bandaranaike International Airport has led to a delay in several flights, All Ceylon Customs Services Union told LBO.“Three is an issue between the Customs officials and the Airport security. Security officials are now acting in a way that damages our dignity,” […]
People’s Insurance IPO oversubscribed
Dec 16, 2015 (LBO) – An initial public offering of 50 million ordinary shares by People’s Insurance Limited, a subsidiary of People’s Leasing and Finance, to raise 750 million rupees was oversubscribed within hours on the opening day, a statement said.SSP Corporate Services, registrars to the issue, said in a stock exchange filing that the […]
‘t cause environmental disruption, says EIA
Dec 15, 2015 (LBO) – The proposed Colombo Port City has a minimal environmental impact on the reclamation site and the coastal zone around the area, a supplementary environmental impact assessment, now available for public consultation, states. Because of the impact of sand dredging north of the port city site, an income support program will […]
Special economic zones, a driving force for increased trade in Asia: ADB
Dec 14, 2015 (LBO) – Special economic zones (SEZs) can be a driving force for increased trade, investment, and economic reform in Asia as it experiences a slowdown in trade, provided the right business environments and policies are put in place, a new Asian Development Bank (ADB) report said. “The expansion in the number of […]
Rule Changes for Sri Lanka Insurers Promote Transparency: Fitch
Dec 14, 2015 (LBO) – Fitch Ratings sees the outlook on Sri Lanka’s insurance sector as stable even though the split of composite insurers into life and non-life companies, which became mandatory effective February 2015, may create industry uncertainty.This is based on the view that most insurers will maintain stable financial fundamentals in 2016, supported […]