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Ceylon Chamber of Commerce celebrating 180 years serving the business community
Mar 25, 2019 (LBO) – The Ceylon Chamber of Commerce (CCC) was founded on 25 March 1893, for the purpose of best promoting the interests of commerce. This was among the very first group of chambers established in Asia.The Chamber has grown from having 26 memberships at its initial stages, to just over 600 today […]
Australia and Sri Lanka deepen cooperation on Indian Ocean maritime security
Mar 25, 2019 (LBO) – Australia and Sri Lanka’s cooperation on shared maritime security interests in the Indian Ocean is set to rise to a new level with Indo Pacific Endeavour 2019 (IPE19), which will see the visit to Sri Lanka of an Australian Joint Task Group comprised of Navy, Army and Air Force assets. Acting […]
Mr. Bean Saves Democracy!
March 24, 2019 (LBO) – Sri Lanka’s Prime Minister, Hon.Ranil Wickremesinghe, turns 70 years old today.The PM, one of the most prominent figures in Sri Lankan political history, turns age 70 at the apex of his political career.He reaches this important milestone just months away from an election that will determine if he will lead […]
‘s capital markets stabilising
March 23, 2019 (LBO) – Foreign flows into and out of Sri Lanka’s capital markets appear to be stabilising after a period of significant outflows. The stabilisation of flows has also resulted in stabilisation of Sri Lanka’s currency (LKR). The LKR has been trading close to Rs178/US$ for the last few weeks, up from an […]
BOI clarifies news report regarding oil refinery project in Hambantota
Mar 22, 2019 (LBO) – Issuing a statement the Board of Investment of Sri Lanka said they are aware that there is no agreement signed between Oman’s Ministry of Oil and Gas and Silver Park International PTE Ltd with regard to equity arrangements for the oil refinery project in Hambantota.“However, we are aware that Oman Oil […]
Sri Lanka to discuss draft national policy on LNG
Mar 22, 2019 (LBO) – The Ministry of Highways and Road Development together with Petroleum Resources Development has developed the draft national policy on natural gas with a view to establish and develop the natural gas industry in Sri Lanka. With the view of further improvement and development of the policy, the Public Utilities Commission […]
Commercial Bank wins 19th global finance ‘Best Bank in Sri Lanka’ award
(PRESS RELEASE) The Commercial Bank of Ceylon has been adjudged Sri Lanka’s Best Bank in 2019 by the USA-based Global Finance magazine, giving the Bank its 19th such accolade from this entity alone. Global Finance’s just released list of ‘Best Banks in Asia Pacific 2019’ names Commercial Bank in a pantheon of banking giants of […]
‘s EXIM Bank for Central Expressway
Mar 22, 2019 (LBO) – The Export- Import Bank of China (EXIM Bank) has agreed to provide a concessional loan amounting to US 989 million dollars covering 85 percent of the contract price, for the Central Expressway Project – Section 1 from Kadawatha to Meerigama. The loan is the single largest loan approved by the […]
‘s criticisms of $ 2.4bn bond offering undermine CBSL
March 22, 2019 (LBO) – Former Governor of the Central Bank of Sri Lanka (CBSL) during the Mahinda Rajapaksa administration, Ajith Nivard Cabraal, has come out with criticisms of the pricing and interest rates on debt that came out of the recent sovereign bond offering. His contention that somehow the interest rates were abnormally high […]
Sri Lankan Banks manage capital impact of SLFRS 9
Mar 22, 2019 (LBO) – Sri Lankan banks have been able to manage the capital impact of first-time adoption of SLFRS 9 accounting standards, in line with our expectations, due to capital infusions ahead of full implementation of Basel III, satisfactory profitability buffers and the four-year phasing-in period, Fitch Ratings says. Sri Lanka adopted SLFRS 9 […]
“Open, free, secure and resilient cyberspace vital for development and democracy” British HC to SL
Mar 22, 2019 (LBO) – At the launch of the “Cyber Resilience for Development” project, British High Commissioner to Sri Lanka James Dauris noted the importance of an open, free, secure and resilient cyberspace in safeguarding democracy and furthering development. He explained that this vision aligns with the UK’s own National Cyber Security Strategy. The British, […]
Dispute avoidance in construction contracts a must in developing countries
Mar 22, 2019 (LBO) – Standing dispute adjudication boards in construction projects should seriously practice their role in dispute avoidance in contracts,Malith Mendis, country representative of the Dispute Resolution Board Foundation said. They should encourage open communication between the parties at meetings and should request that senior off-site personnel from both the employer and the contractor […]