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Maga Engineering to rehabilitate rural roads at Rs13.2bn
Jul 26, 2016 (LBO) – Sri Lanka’s construction firm Maga Engineering was recently awarded the contract to rehabilitate and improve rural roads in four districts of Sri Lanka, the company said. The project is formulated and financed by the Asian Development Bank and implemented by the Road Development Authority under the Integrated Road Investment Program […]
Commercial Bank in World’s Top 1000 Banks
The Commercial Bank of Ceylon PLC hasbecome the only Sri Lankan bank to be ranked among the Top 1000 Banks of the World for the sixth year running, setting yet another benchmark for consistency. This prestigious ranking is published annually by ‘The Banker’ magazine of the UK, and the 2016 list is based on the […]
Germany grants EUR13mn for Sri Lanka development projects
July 26, 2016 (LBO) – Germany has granted 13 million Euros to Sri Lanka to implement five development projects during this year. Finance Ministry said this grant was pledged to Sri Lanka during President Maithripala Sirisena’s official tour of Germany in February this month. Among the projects to be implemented under this grant are: Wilpattu […]
Major natural gas reserve found in Indian Ocean: USGS
July 26, 2017 (LBO) – The U.S. Geological Survey (USGS) says it has assisted the Government of India in the discovery of large, highly enriched accumulations of natural gas hydrate in the Bay of Bengal. “Advances like the Bay of Bengal discovery will help unlock the global energy resource potential of gas hydrates as well […]
Sri Lanka to accelerate issue of licenses for micro finance
July 25, 2016 (LBO) – Sri Lanka’s Cabinet Committee on Economic Management has decided to accelerate the license issuing process for Micro Finance Institutions (MFIs). Though the recently passed Micro Finance Act gives a grace period for NGO’s to obtain a license, the committee has decided to issue licenses well before the grace period lapses. […]
Sri Lankan rupee edges up on bank dollar sales; stocks slip
July 25, 2016 (Reuters) – The Sri Lankan rupee edged up on Monday as dollar selling by a state-run bank surpassed importer demand for the greenback, dealers said. One-week rupee forwards, which have been acting as a proxy for the spot rupee, were at 146.05/20 per dollar at 0623 GMT, compared with Friday’s close of […]
Sri Lanka’s LAUGFS to resume LPG purchases from Iran
July 25, 2016 (LBO) – Sri Lanka’s listed LAUGFS Holdings says the company is planning to resume import of liquefied petroleum gas (LPG) from Iran. Speaking to Iran’s petroenergy information network on the sidelines of a Ministerial meeting between two countries oil Ministers, LAUGFS Managing Director W.K.H. Wegapitiya has expressed satisfaction over the removal of […]
Sri Lanka to resume Iran oil imports; USD251mn oil debt to Iran
July 25, 2016 (LBO) – Sri Lanka is planning to resume oil imports from Iran following the removal of anti-Tehran sanctions, Iran’s petroenergy information network reported. The network said following a meeting with Iranian Petroleum Minister in his Tehran office on Sunday, Sri Lanka’s Petroleum Minister Chandima Weerakkody has expressed hope that Colombo will resume […]
Sri Lanka’s NDB cancels EGM on concerns over required votes
July 25, 2016 (LBO) – Sri Lanka’s National Development Bank has cancelled its scheduled extraordinary general meeting on fears that it may not obtain the required number of votes at the meeting. The scheduled EGM was convened by the Directors of NDB for the purpose of obtaining approval of the shareholders to amend Articles 36 […]
”s Holcim for USD400 Mln
July 25, 2016 (LBO) – Thailand’s Siam City Cement Public Company Limited will proceed with an acquisition of 98.95 percent shares in Holcim (Lanka) Limited, including its subsidiaries from cement giant LafargeHolcim. LafargeHolcim said in a statement that the enterprise value of sale was 400 million dollars. In a Thailand Stock Exchange filing, Siam City […]
MR’s statement on Missing Persons Office, a blatant attack on rule of law: AHRC
(Asian Human Rights Commission) – The statement made by Mr. Mahinda Rajapaksa the former head of state in Sri Lanka, that ‘establishing the office of the Missing Persons is a betrayal of the armed forces’ is a statement unbecoming of a former head of the state and a prominent political leader in Sri Lanka. What it […]