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Sri Lanka’s growth will be below average for South Asia: World Bank
Oct 05, 2016 (LBO) – Sri Lanka’s growth will be below average for South Asia which the World Bank expects to grow by 7.1 percent this year and 7.3 percent in 2017. According to the World Bank’s twice-a-year South Asia Economic Focus released yesterday, Sri Lanka is among the slowest growing economies in South Asia. […]
UNDP signs Rs20 mln biogas agreement with Kaduwela MC
Oct 04, 2016 (LBO) – The United Nation Development Programme (UNDP) entered into its first government co-financed project with the Kaduwela Municipal Council to effectively manage solid waste in the area to generate bio gas energy. “The 20 million rupees agreement signed today between UNDP and the Kaduwela Municipal Council will scale-up this initiative to […]
The RIU investor roadshow London 2016 kick-off
(PRESS RELEASE) – The RIU Investor roadshow in London 2016 kicked off on Saturday at the Sri Lankan Medical and Dental Association Dinner dance which was held at the Radisson Edwardian hotel in West London. The occasion was graced by over 300 doctors, dentists and professionals from the medical association residing in the UK. As […]
Sri Lanka’s John Keells Holdings gets Dialog’s Hans on board
Oct 04, 2016 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings said Dialog Group Chief Executive Hans Wijayasuriya has been appointed to their board with effect from today. The company said Wijayasuriya who has been appointed as an independent non-executive director, does not have a relevant interest in the shares of the company as […]
“Vista Rooms” now in Maldives, after launch in Sri Lanka
Oct 04, 2016 (LBO) – Vista Rooms, one of South Asia’s brand of budget stays, has launched in the Maldives, targeting the affordable accommodation segment. “These are exciting times for us. Following our initial success in India and Sri Lanka, Maldives seemed the natural next step owing to its location and its growing draw of […]
US EXIM Bank Chairman visits water reservoir project in Badulla
Chairman Fred Hochberg of the Export-Import Bank (EXIM) of the United States visited the Badulla site of the EXIM-funded water reservoir project yesterday. The approximately Rs. 9.4 billion ($64.9 million) project was funded in 2012 through a 12-year direct loan for this Integrated Water Supply System. The water-supply project will integrate new and rehabilitated treatment […]
SriLankan Airlines cancels Airbus deal with USD98 mln penalty
Oct 04, 2016 (LBO) – An order for four A350 aircraft that SriLankan Airlines was to take delivery of in 2016-2017 would be cancelled, the Finance Minister said Tuesday. “The loss of purchasing these four A350 air buses would have been 900 million rupees per month and if we did not reject this it would […]
Fitch places Melsta Regal Finance on rating watch negative
Fitch Ratings has placed Melsta Regal Finance Ltd’s (MRF) National Long Term Rating of ‘A+(lka)’ on Rating Watch Negative (RWN). KEY RATING DRIVERS NATIONAL RATINGS The rating action follows Fitch’s placement of the ‘AAA(lka)’ rating on previous ultimate parent Distilleries Company of Sri Lanka PLC (DIST) on RWN. DIST, a leading domestic alcoholic beverage manufacturer, is undergoing a restructuring that […]
No 100 percent tax waivers given to Beer Company: Finance Ministry
Oct 04, 2016 (LBO) – Sri Lanka’s Finance Ministry says there is no truth that a beer manufacturing company has been given concessions for imports which would result in a revenue loss of 6 billion rupees to the state. In a statement the ministry said a beer manufacturing company in the country which was fully […]
Sri Lanka’s Power Ministry rules out electricity tariff increase
Oct 04, 2016 (LBO) – Sri Lanka’s Power Ministry has informed the Public Utilities Commission that they are not expecting to increase electricity tariffs to cover up a possible increase of cost. The cost of electricity production for the six month period starting from this month is expected to increase due to drought and special […]
Sri Lanka plans to levy heavy penalties for tax defaulters in 2017
Oct 04, 2016 (Reuters) – The Sri Lankan government plans to impose heavy penalties for tax defaulters and expand tax offices across the country as it aims to increase the tax base by bringing to heel thousands of tax dodgers, Finance Minister Ravi Karunanayake said on Monday. The moves are expected to boost the island nation’s […]
Many economies yet to adopt good practices in PPP: WB
Oct 04, 2016 (LBO) – The World Bank has in a report set out new benchmarks for public-private partnerships (PPP) procurement across 82 economies. “Many economies are yet to adopt broadly recognized good practices to prepare, procure, and manage public-private partnerships (PPP),” the new World Bank Group’s Benchmarking PPP Procurement 2017 report stated. The report […]