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‘s internally displaced: cabinet
July 08, 2016 (LBO) – Sri Lanka will set up a task force for the resettlement of “Protracted Internally Displaced Persons” in the Northern Province, a cabinet statement for this week said. “IDPs were seen since the 1980s due to the conflict situation. These include Tamil as well as Sinhala and Muslim families in the […]
Asia stocks steady, look to US jobs to soothe Brexit anxiety
July 8 (Reuters) – Asian shares were steady in early Friday trade as investors brace for U.S. jobs data to see if the world’s no. 1 economy is resilient enough to weather the fallout from the Brexit vote. MSCI’s broadest index of Asia-Pacific shares outside Japan were down 0.1 percent while Japan’s Nikkei was up […]
Sri Lanka foreign reserves up after Brexit, USD6.1bn now: Ravi K
July 07, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake told Parliament Thursday that the country has seen an upward movement in foreign reserves after Brexit. Finance Minister pointed out that the country now has reserves sufficient for 4 months of imports. “We can see that there is an advantage in Brexit to Sri […]
‘s counterpart tomorrow
Chinese Foreign Minister Wang Yi is scheduled to meet Sri Lanka’s counterpart Foreign Minister Mangala Samaraweera tomorrow at the Foreign Ministry.
Ceylon Hotels Corp to reduce capital to clear carry forward losses
July 07, 2016 (LBO) – Ceylon Hotels Corporation has called an EGM in September to seek shareholder approval for the reduction of its stated capital to wipe off their carry forward losses. The directors have proposed to reduce the stated capital of the company from 1.22 billion rupees to 198.5 million rupees while setting off […]
Sri Lanka power regulator warns CEB on long term generation plan
Jul 07, 2016 (LBO) – Sri Lanka’s Public Utilities Commission (PUCSL) has warned that immediate action was necessary and that the Ceylon Electricity Board needs to expedite its submission of the Least Cost Long Term Generation Expansion Plan (LCLTGEP) 2015 – 2034 with the relevant changes. “You are required to submit the LCLTGEP 2015 -2034 […]
Sri Lanka up two notches in Networked Readiness Index 2016
July 07, 2016 (LBO) – Sri Lanka has been ranked 63rd among 139 countries in the 2016 Networked Readiness Index showing a marginal improvement on its previous 65th place rank in 2015. The island nation ranked 76th in 2014 and 69th in 2013 in the Networked Readiness Index. The index measures how economies use the […]
Sri Lanka to improve vehicle registration system with E-Motoring
July 07, 2016 (LBO) – Sri Lanka’s cabinet has approved a proposal to improve the vehicle registration process at the Motor Traffic Department with the introduction of an E-Motoring Project. Ministerial Committee on Economic Management has recommended the cabinet to implement the project as a build, operate and transfer project.The project is expected to introduce […]
‘s One Account to meet long felt need in banking, wealth management
July 07, 2016 (LBO) – Sri Lanka’s NDB Bank recently launched “One Account” to meet a need in the retail affluent segment, a bundled offering of a current account together with a credit card and a high-yielding money market fund. Given the disjointed products currently offered to consumers in the banking industry, with inadequate returns, […]
Port City to increase local and foreign real estate demand: RIU
Jul 07, 2016 (LBO) – Colombo Port City project now incorporated under the overall Megapolis plan will create a rising demand for real-estate from local and foreign investors alike, a research firm said. “The projects impact on the Colombo real estate market will be a long-term consideration” Research Intelligence Unit (RIU), a firm which specialize in real-estate […]
Fed delays rate hike expectations over Brexit
July 07, 2016 (LBO) – The U.S. Federal Reserve has expressed reservations about hiking interest rates again, given an uncertain economic outlook tied to the Brexit, according to minutes released of the June meeting. Fed governor Daniel Tarullo said Wednesday the central bank should wait for more convincing evidence that inflation is closer to the […]
Asia stocks bounce, upbeat U.S. data soothes nerves
July 7 (Reuters) – Asian share markets crept cautiously higher early on Thursday after upbeat U.S. economic data took the sting out of losses in European equities and lifted Wall Street to a firmer finish. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.5 percent, having shed 1 percent on Wednesday when fears […]