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Infrastructure: Sri Lanka Megapolis development on right track, says UDA DG
Sept 27, 2016 (LBO) – Sri Lanka is pushing ahead with ambitious Megapolis development plans keeping in mind the need to strengthen public sector capacity, a senior government official said. The Western region Megapolis is being designed around clusters in financial services, industry and manufacturing, airport related activity, technology, logistics, forestry and tourism, said Sumedha […]
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Distinguished guests, ladies and gentlemen, Good morning to you all. I consider it a great pleasure and honor to speak to such a distinguished audience, at this national conference on Public-Private Partnerships (PPPs). It has become evident that an important trend in economic and social development is taking place in countries around the world. The […]
Asia stocks slip, yen gains on U.S. debate jitters
SYDNEY, Sept 27 (Reuters) – Uncertainty gripped Asian markets on Tuesday as investors braced for a potentially pivotal U.S. presidential debate, shunning stocks while favouring safe-haven bonds and the yen. Early jitters saw Japan’s Nikkei sink 1.4 percent to its lowest in seven weeks, while the dollar dropped to a one-month trough around 100.08 yen […]
Clinton, Trump clash over race and economy in first debate
HEMPSTEAD, N.Y., Sept 26 (Reuters) – Democrat Hillary Clinton accused Republican Donald Trump on Monday of having a long history of racist behavior during a heated presidential debate that could reshape the 2016 campaign for the White House. Clinton and Trump interrupted each other throughout the debate on topics ranging from foreign policy to the […]
SriLankan Airlines adds Lahore as 100th destination
Sep 27, 2016 (LBO) – SriLankan Airlines said they would commence services between Lahore in Pakistan and Colombo from 27th September 2016, to enhance its focus on Asia. “This is an important step in our strategy of increasing our focus on Asia, from the Middle East in the west to China and Japan in the […]
Sri Lanka’s Commercial Bank kicks off operations in Maldives
Sep 26, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon today started operations of its subsidiary in Male, Maldives, the bank said in a stock exchange filing. Commercial Bank of Maldives private limited is a fully-fledged banking subsidiary which is set up in partnership with a Maldivian company. The bank last year said the […]
POLL: CB to stand pat this wk, assessing impact of previous hikes
Sept 26, 2016 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady on Wednesday, after cutting three times since December to fend off pressure on the fragile rupee currency and curb accelerating credit growth that has pushed up inflation. All 13 economists surveyed in a Reuters poll expect the central bank to keep its […]
Finance Ministry says merchants will pay lower VAT despite hike
Sep 26, 2016 (LBO) – Sri Lanka’s Finance Ministry says retail and wholesale merchants will have to pay a lower VAT payment than expected despite the rate hike from 11 to 15 percent. Under the proposed VAT amendment bill, the VAT will really be charged only on the revenue accumulated on the sale of VAT liable […]
Sri Lankan rupee slips on seasonal importer dollar demand
COLOMBO, Sept 26 (Reuters) – The Sri Lankan rupee ended weaker on Monday as seasonal demand for dollar from importers exceeded sales by exporters and banks, dealers said. The spot-next forwards, which were actively traded, ended at 146.38/48 per dollar, edging down from Friday’s close of 146.30/40. One-week forwards were at 146.50/68, weaker from Friday’s […]
Sri Lanka eyes FTA and increased funding from South Korea
Sept 26, 2016 (LBO) – Sri Lanka is interested in entering into a Free Trade Agreement with South Korea in the future, a senior minister revealed. International Trade Minister Malik Samarawickrama in a recent visit to Korea has conveyed Sri Lanka’s interest on an FTA to Korean Vice Minister of Trade. The Sri Lankan embassy […]
Opinion: Rajagiriya flyover, for whose benefit?
By Commuter Commuters on Sri Jayewardenepura Mawatha are currently circumnavigating a construction site in the middle of the road in Rajagiriya. The site – and therefore the circumnavigation – appears to be getting longer by the day. The signboard put up by RDA at the side of the road indicates that the flyover under construction […]
Infrastructure: Friction free inter-agency cooperation key, says PUCSL DG
Sep 26, 2016 (LBO) – Sri Lanka needs mechanisms and skills to manage multiple agency involvement in order to ensure the proper and timely implementation of its planned mega infrastructure projects, a senior official said. “There is multiple agency involvement in managing infrastructure projects. We have implementation agencies involvement like land, environment, regulatory and local […]