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PUCSL discusses environmental concerns with Norochcholai communities
Apr 28, 2017 (LBO) – Sri Lanka’s power regulator said that discussions are ongoing with communities that have raised concerns over the environmental impact of the Norochcholai coal power plant. The discussions come following Supreme Court direction to the Public Utilities Commission, the commission said issuing a statement. “All matters concerning the environmental damage caused […]
LiCC launches water-proof denim jeans in Sri Lanka
Firebrand jeans retailer Long Island Clothing Company (LiCC) today launched a trail blazing brand of water-proof jeans and thus takes the much favoured denim jeans to yet another level. The launch of the water-proof jeans titled LiCC Liberté invites you to be part of a grander scheme. Wearing wet clothes is always a drag, but […]
Sri Lanka’s HNB to strengthen balance sheet with rights issue
Apr 28, 2017 (LBO) – Sri Lanka’s Hatton National Bank is to issue up to 70,082,228 new ordinary shares by way of a rights issue, the company said in a stock exchange filing. Subject to exchange and shareholder approval, the bank is to issue 55,995,792 ordinary voting shares at 220 rupees each in the ratio […]
EU Parliament rejects motion to deny GSP+ for Sri Lanka
Apr 27, 2017 (LBO) – Sri Lanka won the vote in Brussels by 436 against and 119 in favor for the motion to deny GSP plus for Sri Lanka. A group of EU parliamentarians last week forwarded a motion to deny Sri Lanka access to GSP Plus, citing the slow pace of essential reforms in […]
Next IMF tranche by June, reserves comfortable by year end: Ravi
Apr 27, 2017 (LBO) – Sri Lanka’s Finance Minister said he was optimistic about talks on reaching a staff level agreement with the International Monetary Fund for the next phase, and that the next tranche would be released by June. “I think the tranche that was due April will come by June, there were some technical difficulties like […]
China Heavy Machinery Corp to carry out water, sewerage feasiblity
Apr 27, 2017 (LBO) – China Heavy Machinery Corporation is to carry out a feasibility study to identify and implement a reliable water and sewerage sector implementation plan in Hambantota covering the harbor and proposed special industrial zone. Minister of Water Supply Rauff Hakeem said the water supply demand of the Hambantota area will increase […]
Seylan Bank posts profit after tax of Rs866mn in 1Q 2017, 20% YoY growth
Seylan Bank made a steady start in 2017 by posting impressive results for Q1 with a Profit after Tax of Rs. 866 Million in the backdrop of uncertain market conditions. The Bank increased its Net Interest Income and recorded a robust growth of 20.97% in spite of the mounting pressure on the margins due to […]
DFCC Bank takes banking to customers’ doorstep with Mobile Teller
Sustaining its momentum to offer technology-backed convenience to customers, DFCC Bank re-launches “Mobile Teller” a digital banking service owned and operated by DFCC Bank and developed by SYNAPSYS. This doorstep banking service is offered by a staff representative, who accepts real time cash deposits via a mobile device. This offers customers the option of completing […]
Sri Lanka to extend Priority Bus Lanes to reduce congestion
Apr 27, 2017 (LBO) – Sri Lanka’s Megapolis Ministry has decided to expand the Priority Bus Lane concept to reduce traffic congestion in Colombo. Allocation of a Priority Bus Lane was implemented as a pilot project on Parliament Road between 12th and 23rd March with assistance of the Korean International Cooperation Agency. “It shows a […]
Higher growth for Sri Lanka will depend on addressing structural issues: CB
Apr 27, 2017 (LBO) – Sri Lanka’s economic performance in 2016 reconfirmed the necessity of addressing deep rooted structural issues, in order to enable the country to progress towards a higher growth trajectory, the Central Bank said. “Along with strengthening macroeconomic fundamentals through improved fiscal performance and the conduct of monetary policy in a forward […]
Rain and fire threatens Meethotamulla, rehabilitation plans in place
Apr 27, 2017 (LBO) – Rains expected in May and an outbreak of fire still remain as threats to the hundreds of tonnes of rotting garbage piled up near Sri Lanka’s capital, with rehabilitation of the dump now in progress, a minister said. “What we are doing now is taking measures to control further collapses […]