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We won’t dissolve parliament without enacting 20th amendment: Rajitha Senaratne
June 25, 2015 (LBO) – Sri Lanka’s cabinet spokesman Rajitha Senaratne said the government will not be dissolved without first enacting the 20th amendment to the constitution which includes election reforms.“Everyone supported in removing presidential powers,” Senaratne said. “But they have a problem when something is affecting their powers,” “Even I will be affected. But […]
Pakistan High Commission Welcomes Pakistan Cricket Team in Colombo
The High Commissioner of Pakistan in Sri Lanka Maj Gen Syed Shakeel Hussain hosted a banquet in Colombo to welcome Pakistan cricket team, which is visiting the Island nation to play 3 Tests, 5 ODIs and 2 T20s with their Sri Lankan counterparts. Welcoming the Cricketers in Sri Lanka, HE Shakeel Hussain said that Pakistani […]
Exports drop 7.4-Pct in April 2015 YOY; trade gap widens: Central Bank
June 25, 2015 (LBO) – Sri Lanka’s export earnings dropped 7.4 percent to 708 million US dollars in April 2015 from a year earlier mainly due to the reduction in tea and petroleum product exports, the Central bank said. The reductions recorded in exports earnings from tea, petroleum products, sea foods, rubber products, textiles and […]
Sri Lanka sells USD327mn of 1, 3 and 5 year development bonds
June 25, 2015 (LBO) – The issue of Sri Lanka development bonds amounting to 100 million US dollars have been oversubscribed with 357.00 million US dollars of bids received from investors.The central bank has accepted 255.00 million US dollars of one year bonds at a floating rate of weighted average margin over six month LIBOR […]
Stocks close down 0.3-pct ahead of possible polls call
June 25, 2015 (LBO) – Sri Lanka’s stocks closed lower with index heavy stocks losing ground ahead of possible dissolution of Parliament, brokers said. The Colombo benchmark All Share Price Index closed 22.50 points lower at 7,031.33 down 0.32 percent and the S&P SL20 closed 14.34 points lower at 3,913.06 down 0.37 percent. Turnover was […]
Sri Lanka’s Finance Minister demands Rs2bn from Bandula; sends letter of demand
June 25, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake has sent a letter of demand to Parliamentarian Bandula Gunawardena demanding two billion rupees as defamation charges.Gunawardena who has participated in a debate on a local TV channel has said that three million US dollars has come from Raj Rajaratnam of USA to Karunanayake’s […]
International Cricket Council confirms Zaheer Abbas as new President
June 25, 2015 (LBO) – Former Pakistan captain Zaheer Abbas has assumed the role of the ICC President on day three of the 105 member ICC Annual Conference week in Barbados on Wednesday.Zaheer began his one-year term and thanked the ICC Board and the Full Council for confirming his nomination, ICC said in a statement. […]
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 […]