Category: Industry
BOI takes to twitter to quell firestorm related to $ 3.85bn refinery project
March 21, 2019 (LBO) – A media firestorm has erupted over a US$3.85bn refinery project that was trumpeted by Sri Lankan government politicians as the largest FDI in the history of Sri Lanka. The Indian ‘Hindu’ newspaper reported on the deal yesterday: Following Reuters news story which reported a denial by the Oman Oil Company […]
‘s NBFIs pressured by weak economic growth and vehicle sales
Mar 21, 2019 (LBO) – Fitch Ratings expects Sri Lankan non-banking financial institutions (NBFI) to continue to face pressure on asset quality and profitability in the medium term. The ratings agency says a slowdown in Sri Lanka’s economic activities and lacklustre growth in the sector’s core vehicle-financing segment continue to weigh on NBFI’s financial profiles. […]
PUCSL proposes standards and regulatory system for water fittings
Mar 19, 2019 (LBO) – Public Utilities Commission of Sri Lanka (PUCSL) with corporation of other institutions has drafted the standards and regulatory measures for water fittings in Sri Lanka. The standards are expected to create an enabling environment, to facilitate the participation of other regulatory agencies and relevant stakeholders to ensure that only quality […]
Kabul calls for first direct air corridor, investment pact to revive Sri Lanka trade
Mar 19, 2019 (LBO) – Afghanistan has called to open a direct air corridor with Sri Lanka by 25th March in a effort to push an Investment Protection and Promotion (IPP) pact with Colombo to revive lagging bilateral economic ties. “The Government of Afghanistan launched the Air Corridor two years ago to take domestic goods to […]
Opinion: Evolving trends in banking that enhances customer experience
Mar 19, 2019 (LBO) – Envisioning the future of banking convenience Seylan Bank’s Deputy General Manager- Retail Banking, Tilan Wijeyesekera discusses the evolving trends in banking that enhances customer experience Tilan currently leads Retail Credit, Digital Banking, Personal loans, Housing loans, Card centre, Marketing, Sales, Pawning, Service quality and Call Centre and Bancassurance departments at Seylan […]
World Bank approves USD70Mn to improve local services in rural Sri Lanka
Mar 19, 2019 (LBO) – The World Bank approved a US 70 million dollar credit to improve the quality of life of around one million people living in Northern, North Central, Eastern and Uva Provinces in Sri Lanka. The new local development project will put local communities at the center of planning and delivery of […]
EU-Sri Lanka investor dialogue discusses liberalization of shipping sector
Mar 18, 2019 (LBO) – The 8th EU-Sri Lanka investor dialogue was held at the Ministry of Development Strategies and International Trade and many outstanding matters were resolved through dialogue and the joint efforts of the two sides. “I am very pleased that we have made considerable progress in resolving outstanding issues and building up our […]
Making Sri Lanka go to the ‘MICE’
Whilst Sri Lanka continues to show a year-on-year growth in tourists, the focus thus far has only been on the number of tourists coming in, instead of the cash inflow and subsequent economic development. As of 2018, the local tourism sector is said to contribute 12% to the annual national GDP (Gross Domestic Product) of […]
Sri Lanka vehicle registrations slowed in Feb. 2019 on slowing demand
Mar 18, 2019 (LBO) – Sri Lanka recorded total car registrations at 2,347 units in the month of February 2019 significantly down from 3,147 units the previous month and significantly down from 5,024 units 12 months ago, new data shows. Brand new motor cars recorded 434 units in February marginally up from 429 units the […]
President to launch National Action Plan for combating bribery and corruption today
Mar 18, 2019 (LBO) – Sri Lanka’s President Maithripala Sirisena will launch a National Action Plan for combating bribery and corruption, Monday. Four handbooks will also be released alongside the launch which will explore the factors that would shape the course of combating bribery and corruption in the nation. The handbooks are: draft proposal on gift […]
SLASSCOM People Summit 2019 to feature Bill Duane, Google’s ‘superintendent of wellbeing’
Mar 18, 2019 (LBO) – SLASSCOM’s 2019 People Summit sees a change in its traditional technologically themed content, to sound a more humanistic beat. Titled “Transcending Technology – The Human Factor”, the event is scheduled to take place on the 22nd of March at the Shangri-la and, will feature Google’s long standing ‘superintendent of wellbeing’ Bill […]
‘s banks aggressively raising capital without adequate disclosure?
March 17, 2019 (LBO) – Banking institutions over the last few months seem to be making an aggressive push to raise capital through rights and debenture issues. Almost all banks in Sri Lanka are in the midst of some capital raising exercise. LBO has reported extensively on the subject of rights issues in the following […]