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Sri Lanka’s eighth Parliament convenes, Karu Jayasuriya new speaker (Updated)
Sep 01, 2015 (LBO) – Sri Lanka’s eighth Parliament convened Tuesday morning with the appointment of former cabinet minister Karu Jayasuriya as the new speaker of the house. Prime Minister Ranil Wickremesinghe proposed Jayasuriya’s name and former opposition leader Nimal Siripala de Silva seconded it. After the taking of oath or affirmation all members present, […]
Oil prices volatile after OPEC comments, now down 3 pct
Sept 01, 2015 (LBO) – Oil prices remained volatile in Asian trade on Tuesday plunging three percent after an eight percent rally earlier on reports that OPEC was willing to talk to other producers to achieve reasonable oil prices.A downward revision of U.S. output data had propelled a sharp three-day rally. Brent Crude was quoted […]
Bharti Airtel says mulling opportunities in South Asia
Sept 01, 2015 (LBO) – India’s Bharti Airtel says the telecommunications company considers various options on a regular basis, amid media reports that it is looking to divest its Sri Lanka and Bangladesh operations.In a clarification to the Bombay Stock Exchange, Airtel said it evaluates various opportunities on an ongoing basis in ordinary course of […]
Sri Lanka plantation worker wage hike talks in deadlock
Sep 01, 2015 (LBO) – Sri Lanka’s Planters Association says higher wage demand issue of the tea planation workers is still dragging.“Status remains as it is, since no one came for a final solution,” Roshan Rajadurai, president of Planter’s Association of Ceylon, told Lanka Business Online.“We could not afford the almost 50 percent wage hike […]
Colombo City Center on track, 54 pct apartments booked: Abans
Sep 01, 2015 (LBO) – Sri Lanka’s Abans group says their joint venture Colombo City Center, which began with a 150 million dollar investment, is on track and piling works have been completed. The joint venture between the local retail giant Abans PLC, and Singapore’s Silverneedle Hospitality, that operates hotels and resorts across the globe, […]
Sri Lanka key interest rates held unchanged in monetary policy review
Aug 31, 2015 (LBO) – Sri Lanka’s Monetary Board held key interest rates unchanged on Monday citing low inflation, steady foreign remittances and earnings from tourism. Dollar inflows expected to bolster foreign reserves contributed to the decision, the monetary authority said. The Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of […]
Laws to stop use of polythene and asbestos to be announced: President
Aug 31, 2015 (LBO) – Laws preventing the use of polythene will be put in place from January 1, 2016.A ban on imports of asbestos will be announced at the same time, Sri Lanka’s President Maithripala Sirisena has said.“President Sirisena recalled that he made plans to ban the use of polythene and prevent import of […]
Emirates inks deal with MCI Group to become its Official Airline Partner
Emirates, the world’s largest international airline, and MCI have announced a global alliance which will see Emirates becoming the official airline of its large and international events. MCI in turn will be the preferred Professional Congress Organiser (PCO) for Emirates. The strategic partnership will help Emirates build a strong MICE (Meetings, Incentives, Conferences and Exhibition) […]
Sri Lanka sells 04, 05 and 10 year treasury bonds at 9.35–10.34-pct
Aug 31, 2015 (LBO) – The issue of treasury bonds amounting to 30 billion rupees have been oversubscribed with 79.4 billion rupees of bids received from investors. The Central Bank has accepted 5.5 billion rupees of 04 year and 08 month bonds maturing on 01 May 2020 at a weighted average yield rate of 9.35 […]
Sri Lanka stocks close down 0.6-pct: Low investor activity
Aug 31, 2015 (LBO) – Sri Lankan stocks closed down 0.59 percent on Monday with low investor activity and losses in the index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed down 43.58 points at 7,306.42 down 0.59 percent. S&P SL20 closed 23.72 points lower at 4,025.43 down 0.57 percent. “There […]
Sri Lanka’s August deflation unchanged at 0.2-pct
Aug 31, 2015 (LBO) – Sri Lanka has reported a deflation in August 2015 of 0.2 percent for the second consecutive month after March 1995, statistics department said. Year on year inflation of Food Group has decreased from 2.5 percent in July 2015 to 2.2 percent in August 2015 while Non‐food Group increased by ‐2.5 […]
Coca Cola Sri Lanka license suspended until it addresses contamination: CEA
Aug 31, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit will remain suspended until the company responds to an oil seepage into the Kelani river, an official of the Central Environmental Authority said. “Their operations are halted until they respond appropriately to the situation,” Sunil Udukula, the deputy director media […]