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Sri Lanka’s PM says more to investigate on CB bond scam, a select committee to be appointed
Aug 05, 2015 (LBO) –Sri Lanka’s Prime Minister Ranil Wickremesinghe said the government has done every possible investigation on the alleged bond scam, but will further investigate through appointing a parliamentary select committee and submit a report to the parliament after the election.“What good governance means is that if there is an allegation you will […]
Sri Lanka’s Urban Development Authority profits fell 85-pct in March quarter
Aug 05, 2015 (LBO) – Sri Lanka’s Urban Development Authority group profits fell 85 percent to 199 million rupees in the March 2015 quarter from a year earlier, with revenues down 80 percent to 709 million rupees, the interim accounts showed. Finance cost fell 98 percent to 4 million rupees compared to the 329 million […]
Asian shares continue to fall on fears of US interest rate rise
Aug 05, 2015 (LBO) – Asian shares dipped on Wednesday as investors saw signs of US interest rate rise as early as next month, foreign media reports said.The shift to higher rates in the US has been resulted in the withdrawal of funds from emerging markets, putting pressure on their currencies.The dollar rose against the […]
China restricts drone, supercomputer exports to protect national security
Aug 05, 2015 (LBO) – Chinese government has restricted drone and supercomputer exports in a bid to protect national security and strengthen export controls on sensitive items. Under the new rule, starting from August 15, companies that make certain drones and computers will have to register with government authorities and obtain a license before exporting […]
Sri Lanka should have simple, clear, predictable economic policies: Razeen Sally
Aug 05, 2015 (LBO) – Sri Lanka should have policies that are simple, clear and predictable for the economy to move ahead rather than a plethora that hold businesses back, an economist said. “Simplicity is the key,” Razeen Sally, an Associate Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore, […]
Sri Lanka should move on to next generation of reforms to achieve USD50bn export target: PM
Aug 04, 2015 (LBO) – Sri Lanka has to move towards the next generation of reforms, opening up factor and product markets while fasting government approval procedures that gives are a hindrance to businesses, Prime Minister Ranil Wickremesinghe said. “Firstly it’s the question of mindset. The change of mindset in the private sector.From crony capitalism […]
Sri Lanka stocks close down 0.4 -pct
Aug 04, 2015 (LBO) – Sri Lanka’s stocks closed down 0.36 percent on Tuesday, following four straight days of gains and profit taking by investors, brokers said. The Colombo benchmark All Share Price Index closed 25.05 points lower at 7,310.05 down 0.36 percent. The S&P SL20 closed 16.06 points lower at 4,072.63 down 0.39 percent. […]
Sri Lanka sells Rs25.7bn in 06 and 10 year treasury bonds
Aug 04, 2015 (LBO) – The issue of treasury bonds amounting to 20.00 billion rupees have been oversubscribed with 105.9 billion rupees of bids received from investors. The Central Bank has accepted 11.4 billion rupees of 06 year bonds maturing on 01 August 2021 at a weighted average yield rate of 9.07 percent. The bond […]
Sri Lanka to build economic development zones to encourage investments
Aug 04, 2015 (LBO) – Sri Lanka is planning to build economic development zones grouping about four investment zones to encourage investment and support 50 billion US dollars export target, Prime Minister Ranil Wickramasinghe said. “In order to ensure that there are large investors coming in to the country, we are having economic development areas,” […]
Illegal immigrants to UK face eviction without court order with new law
Aug 04, 2015 (LBO) – Britain’s government is to introduce new measures to crackdown illegal immigrants renting properties in the country. “It will ensure anyone without the right to live in this country will find it more difficult to rent a home,” a statement issued by the department for communities and local government said. “Measures […]
DSI ups the ‘Beat’ with Bhathiya and Santhush
Iconic duo appointed Brand Ambassadors for DSI ‘Beat’ Rubber Slippers (DSI News Release) – The place of the colourful and ubiquitous flip-flop in local fashion has been reaffirmed, with one of Sri Lanka’s most popular singing duos Bhathiya and Santhush endorsing ‘Beat’ the popular flip flop collection of the country’s heritage footwear brand DSI. D. […]
Sri Lanka’s Haycarb profit margins pressed by downturn in gold mining industry
Aug 04, 2015 (LBO) – Sri Lankan coconut shell-based activated carbon manufacture Haycarb’s June 2015 quarter profits rose 4 percent to 135 million rupees from 130 million rupees last year, the interim accounts filed with the stock exchange revealed.Haycarb PLC Managing Director Rajitha Kariyawasan said that the downturn in the gold mining industry coupled with […]