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Opinion: The Sri Lankan Rupee has bottomed
February 7, 2019 (LBO) – As the year 2018 drew to a close, the Sri Lankan currency was under attack on several fronts. The trajectory and forecasts of U.S. federal reserve tightening were causing a major exodus from Sri Lanka’s capital markets. The trade deficit was unfavourable due to a credit boom, and GDP growth […]
Haycarb records turnover of Rs.14.3Bn for 9 months ending Dec
Feb 07, 2019 (LBO) – Sri Lankan multinational Haycarb PLC reported revenue of Rs. 14.3 billion and profit before tax of Rs. 854 million for the nine months ending 31st December 2018. The profit after tax stood at Rs. 672 million. Haycarb PLC Managing Director, Rajitha Kariyawasan said that the growth in turnover is attributable to […]
BOI inks 4 agreements for Hotel, Fabric manufacture and warehousing and logistics
Feb 07, 2019 (LBO) – Sri Lanka’s Board of Investment signed agreements for 4 new projects recently. The companies representatives signed the agreements with the BOI. Representing the BOI was Ms. Champika Malalgoda, Director General of the Board of Investment of Sri Lanka. One of the Agreement signed was with Arihara Lanka Dream Company (Private) […]
Central Bank requests customers to use EMV enabled cards for ATM transactions
Feb 06, 2019 (LBO) – Sri Lanka’s Central Bank requests customers to use EMV enabled payment cards for ATM transactions to strengthen the security of these transactions. The EMV enabled cards carry an electronic chip which is visible at the front of the card. If the card used by a customer is not EMV enabled, […]
Sri Lankan Tourism; All That Glitters Is Not Gold
Tourism in Sri Lanka was said to have reached an all-time high last year with a staggering 2.2 million tourists visiting the country. While news articles widely publicized this never before seen rate, little did anyone pay attention to return in investment and surge in local sales brought by these tourists. Most of the tourists […]
Commercial Bank enables online payment of Ports Authority charges
Feb 06, 2019 (LBO) – Commercial Bank of Ceylon has added the Sri Lanka Ports Authority to its online banking platform, enabling customers to pay their Ports Authority charges in respect to their shipping requirements from anywhere, anytime. To use this online payment option, customers have to key in their 14 digit invoice number issued […]
DFCC Bank launches value added corporate credit card in partnership with Visa
DFCC Bank in partnership with Visa recently hosted its corporate clientele at the launch of its DFCC Visa corporate credit card on 23rd January 2019 at the Hilton Colombo. The exciting launch was celebrated in the presence of almost 200 attendees, consisting of the Group Country Manager and several Senior Representatives of Visa, senior management […]
Kishu Gomes appointed Chairman of Sri Lanka Tourism Development Authority
Kishu Gomes will be officially appointed as the Chairman of Sri Lanka Tourism Development Authority and Sri Lanka Tourism Promotion Bureau today, Tourism Development Ministry said. Accordingly, Minister John Amaratunga is to present the letter of appointment to him this afternoon.
Opinion: Sri Lanka’s Quest for a Rules-based Indian Ocean
February 6, 2019 (LBO) – Sri Lanka’s Quest for A Rules-based Indian Ocean Dr. Ganeshan Wignaraja and Dr. Dinusha Panditaratne* The evolution of Sri Lanka’s foreign policy since the election of a unity government on 8 January 2015 merits interest. Changes include the country’s engagement with a wider range of international partners, as well as […]
Sri Lanka Customs chief P.S.M. Charles reinstated
Feb 06, 2019 (LBO) – P.S.M. Charles has been reinstated as the Director General of Customs following the its trade union alliance launching a work-to-rule campaign since January 30 on her removal from office. Finance Minister Mangala Samaraweera is said to have withdrawn the proposal to appoint retired navy officer Rear Admiral Shemal Fernando as the […]
Appropriation Bill for 2019 presented in parliament
Feb 05, 2019 (LBO) – The Appropriation Bill for the year 2019 was presented in parliament by Minister Gayantha Karunathilaka, Tuesday. The Cabinet in early January approved the Appropriation Bill for 2019 with an annual expenditure of Rs 4,470 billion with the Ministry of Defence secured the highest allocation of 393 billion rupees. The Ministry of Education […]
Sri Lanka, Maldives agree to review existing visa regime between two countries
JOINT COMMUNIQUÉ BETWEEN THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA AND THE REPUBLIC OF MALDIVES 05 February 2019 1. On an invitation by His Excellency Maithripala Sirisena, President of the Democratic Socialist Republic of Sri Lanka, His Excellency Ibrahim Mohamed Solih, President of the Republic of Maldives undertook a State Visit together with First Lady Fazna […]