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World Bank to give USD50mn for early childhood development in Sri Lanka
Jun 25, 2015 (LBO) – The World Bank said it has approved a 50 million US dollar credit to improve the quality and increase access to Early Childhood Development (ECD) services in Sri Lanka. “Early investment in human capital development is particularly effective at increasing the ability of disadvantaged children to access learning opportunities,” a […]
JKH waterfront properties finalise USD395mn loan
June 25, 2015 (LBO) – Sri Lanka’s Waterfront properties limited, a subsidiary of John Keells holding said it has finalized a syndicated project development facility amounting to 395 million US dollars with Standard Charted bank, concluding the required debt finance for the project. The financing will be utilize for developing the waterfront project in the […]
Plantation Association says can’t afford worker wage hike: Offers productivity linked model
June 25, 2015 (LBO) – Sri Lanka’s planters association said that they have offered a productivity based wage model than just increasing the wage which will incur further losses for the companies, so that high performing pluckers would earn more. “All over the world tea wages are based on productivity,” Roshan Rajadurai, Chairman of The […]
Confronting climate change can make growth more inclusive in Asia: ADB
Jun 25, 2015 (LBO) – Narrowing Asia’s widening inequality will lead the region’s development effort, and building resilience to climate change should anchor this effort, an Independent Evaluation of the Asian Development Bank (ADB) said. “The twin challenges of rising inequality and climate change hinder Asia’s development outlook,” Hyun Son, Evaluation Specialist, ADB said. “To […]
Sri Lanka postal service records Rs3bn loss last year
June 25, 2015 (LBO) – Sri Lanka’s government owned postal service has recorded 2,984 million rupees of loss in 2014 following a salary hike, Postal Services Ministry data showed. The income for the year 2014 was 6,557 million rupees, an 11 percent increase against the previous year mainly due to the increase of stamp income […]
Lanka Sathosa to be rescued with Rs7.5bn treasury funding; KPMG to help restructure
June 25, 2015 (LBO) – Lanka Sathosa, a state owned retail store will be given a 7.5 billion rupee bail out from the treasury and audit firm, KPMG has been appointed to look into ways of re-structuring it, a Minister said. “The Finance Minister Ravi Karunanayake had agreed to give 7.5 billion rupees from the […]
Sri Lanka to stop importing noodles from India
June 24, 2015 (LBO) – Sri Lanka’s government has decided to stop importing noodles from India, Minister of Industry and Commerce said.“We have already told the Customs not to accept any consignments of noodles from India,” Rishad Bathiudeen, Industry and Commerce Minister, said in Colombo Wednesday. “This is because we received some reports that there are some noodles […]
Central Bank says currency issue valid and reclarifies appointment of Governor
June 24, 2015 (LBO) – Sri Lanka’s Central Bank on Wednesday reclarified the validity of the appointment of the present governor and validity of the currency notes issued by the Bank on 04 February 2015.The press release issued by the Central Bank is reproduced below. VALIDITY OF THE GOVERNOR’S APPOINTMENT AND THE CURRENCY NOTES ISSUED […]
Southern Expressway extension to commence next month
June 24, 2015 (LBO) – Sri Lanka will commence the extension work of the Southern Expressway early next month, Highways Minister said.“It’ll be inaugurated by the President on the 04 July 2015,” Highways Minister Kabir Hashim said. “Then within the next two weeks we’ll be calling bids to construct the Colombo – Kandy highway and […]
Sri Lanka stocks close flat
Jun 24, 2015 (LBO) – Sri Lanka’s stocks closed flat, Wednesday with investors continuing to keep away from the market due to the prevailing uncertain political climate in the country, brokers said. The Colombo benchmark All Share Price Index (ASPI) closed flat at 7,053.83 The S&P SL20 closed 11.06 points lower at 3,927.40 lower at 0.28 […]
State banks profits up 11-pct from January to May 2015
June 24, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake says there is a 11 percent increase in the overall profits of the three state banks over the first five months of this year. “Overall profits at National Savings Bank, Bank of Ceylon and People’s Bank have increased by 11 percent,” Karunanayake said. “We […]
SEC considers introducing a mandatory rating for stock broking firms : SEC Head
June 24, 2015 (LBO) – Sri Lanka’s Security Exchange Commission says that it is looking at possibilities of introducing a mandatory rating for stock broking firms in the island.“Stock broking companies perform an important role in the capital market by facilitating trades for investors,” Thilak Karunaratne, Chairman of SEC said. “In the recent past the […]