Category: Industry
‘s CCC, Japan Kansai to promote trade and investment
Oct 28, 2015 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce (CCC) signed an ‘Agreement of Cooperation’ to promote two way commercial ties with Japan’s Kansai Economic Federation, a statement said. “It enables both sides to exchange information on economic and business trends in the two countries, cooperate in trade, investment, environment conservation and energy-saving […]
Interview: Creating a tech ecosystem essential for Sri Lanka IT, says Manoj Ranaweera
Oct 27, 2015 (LBO) – Building a tech ecosystem is crucial for a thriving IT sector, according to a Sri-Lankan born entrepreneur. Manoj Ranaweera was a key architect behind the ecosystem put in place in Manchester between 2006 and 2013.Through 100 events he rallied together over 2,000 entrepreneurs, investors, deal makers and senior managers of […]
Commercial real estate market has high potential for ROI: analysts
Oct 26, 2015 (LBO) – The demand for Sri Lanka’s commercial property is growing and there will be high potential for return on investment, experts said. “Sri Lanka’s commercial real estate has high potential for return on investment (ROI),” Ravi Abeysuriya, group director of Candor, a financial consultancy service said. “Retail rental yields for commercial […]
Fitch affirms ratings on five Sri Lankan banks
Oct 23, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed the National Long Term Ratings on five small and mid-sized Sri Lankan banks. The rating announcement is reproduced below. Nations Trust Bank PLC (NTB) has been affirmed at ‘A(lka)’, Pan Asia Banking Corporation PLC (PABC) at ‘BBB(lka)’, Sanasa Development Bank PLC (Sanasa) at ‘BB+(lka)’, […]
Sri Lanka Treasury guarantees water project funding from Bank of Ceylon
Oct 23, 2015 (LBO) – Sri Lanka is to implement a water supply project for the towns in east of Colombo with funding secured from Bank of Ceylon with a treasury guarantees, media spokesman Rajitha Senaratne told reporters on Thursday.The cabinet of ministers have approved the implementation of 34 water supply projects with a cost […]
Dilmah for trade liberalization provided there is a master plan: Malik
Oct 22, 2015 (LBO) – Sri Lanka’s top tea company Dilmah supports trade liberalization provided there is a master plan in place, Malik J. Fernando, a director of Dilmah, said at a forum in Colombo. An effective plan where local corporates are consulted and given preference over foreign investors is necessary within any sector undergoing […]
Sri Lanka stocks close up 0.2-pct driven by retail activity
Oct 22, 2015 (LBO) – Sri Lankan stocks closed up 0.19 percent on Thursday for a third consecutive day driven by retail activity with gains in index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed higher 13.18 points at 7,068.85 higher 0.19 percent. S&P SL20 closed 10.24 points higher at 3,819.07 up […]
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 […]