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President, PM declared open Moragahakanda, biggest reservoir of Mahaweli
Jan 08, 2018 (LBO) – Sri Lanka’s President and Prime Minister on Monday declared open Moragahakanda, the last but biggest reservoir of the multipurpose Mahaweli Project. Moragahakanda will irrigate parched dry lands in faraway Vanni in the Northern Province on one side and Rajarata, Wayamba, Central and Eastern Provinces on the other. Today also marks […]
Treasury posts Rs22bn primary surplus in Budget, first time in 63 years
Jan 08, 2018 (LBO) – Government has achieved 21.9 billion rupees surplus in the primary balance of the fiscal accounts during the first ten months of 2017, for the first time in 63 years. Finance Ministry said in the post independent Sri Lankan history a surplus in the budget deficit was first recorded in 1954 […]
Proposed digital economy to uplift GDP by 1 to 3-pct in 2019: McKinsey
Jan 08, 2018 (LBO) – McKinsey & Company, a worldwide management consulting firm has confirmed that the proposed digital economy for Sri Lanka could uplift country’s GDP by 1 to 3 percent in 2019. Issuing a press release, Policy Development Office said McKinsey & Company has confirmed this while presenting their inception report for developing […]
Rajagiriya flyover to open today, speed of vehicles to increase eight-fold
Jan 08, 2017 (LBO) – President Maithripala Sirisena will declare open the Rajagiriya flyover on January 08, providing long term solutions for the heavy traffic congestion in the area. Issuing a statement the Presidents media unit said that during the times of heavy traffic congestion in Rajagiriya, the speed of the vehicles moving on this road […]
‘s Pvt sector has 5Mn employees and 500,000 vacancies: report
Jan 08, 2018 (LBO) – Around five million people were engaged in employment Sri Lanka’s private sector currently while around 500,000 vacancies are there in various job categories, a new report shows.. The highest number of employees was reported in the services sector and among the occupation group the highest number of employees was reported […]
Opinion : A stakeholder strategy for non-traditional organisations
By ThilanSenaratne Who is a stakeholder? A stakeholder is defined as ‘any group or individual who is affected by or can affect the achievement of an organization’s objectives’(Freeman, 1984). In other words, a stakeholder is someone who has a ‘stake’ in an organisation. There are dozens of stakeholder classifications. One of the most widely accepted […]
Tourist arrivals to Sri Lanka up 3.2-pct in 2017 despite set-backs
Jan 05, 2018 (LBO) – Tourist arrivals to Sri Lanka has reached an all-time high of 2,116,407 in 2017 according to the latest data released by the Sri Lanka Tourism Development Authority.The arrival figure for 2017 represents a 3.2 percent growth or 65,595 more arrivals over the preceding year when the figure crossed the 2 […]
Central Bank extends suspension of Perpetual Treasuries for 6 months
Jan 05, 2018 (LBO) – Monetary Board of the Central Bank has decided to extend the suspension of Perpetual Treasuries Limited from carrying on the business and activities of a primary dealer for a period of six months. The Central Bank said this extension will be effective from today, in order to continue the investigations […]
US GSP withdrawal not country-specific, Impact on total exports small: AmCham
Jan 05, 2018 (LBO) – The American Chamber of Commerce says the decision to withdraw the GSP form Sri Lankais not being country-specific and is one stemming from the US Congress simply not re-authorizing the program before adjourning for the year 2017. With effect from the 1st of January 2018, the United States’ Generalized System […]
Fitch downgrades Sunshine Holdings to A-(lka), outlook stable
Jan 05, 2018 (LBO) – Fitch Ratings has downgraded Sri Lanka-based Sunshine Holdings PLC’s National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’. The Outlook is Stable. The downgrade reflects Fitch’s expectations that Sunshine’s net leverage – defined as lease-adjusted debt net of cash/operating EBITDAR, including proportionate consolidation of Estate Management Services (Private) Limited (EMSPL), the holding […]
2018 budget vs foreigners from buying property in Sri Lanka
The highly anticipated 2018 budget of the Sri Lankan Government concluded recently with a number of surprises that were not seen in budget proposals in the past few years. The targeted FDI inflows of 5 billion dollars into Sri Lanka was certainly one of them, while expecting to raise an impressive 110 billion rupees through […]
FTA with Malaysia: Will it Lead to an Expansion in Flow of Trade and Investment with Sri Lanka?
By Janaka Wijayasiri Prime Minister of Malaysia, Najib Razak, who was on an official visit to Sri Lanka in December 2017 to mark the 60th anniversary of diplomatic relations between the two countries, has agreed with his counterparts, to expand cooperation in fields such as trade and investment. He said a Free Trade Agreement (FTA) […]