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Consumer Affairs Authority collects Rs75mn from fines this year
May 30, 2016 (LBO) – Sri Lanka’s Consumer Affairs Authority has collected over 75 million rupees as fines imposed on local shops and restaurants during the first five months of this year. In the five months to May this year, the authority has conducted 8,319 raids and in January alone has collected over 10 million […]
Sri Lankan rupee forwards weaker on importer dollar demand
May 30 (Reuters) – Sri Lankan rupee forwards fell on Monday due to dollar demand from importers amid fears the currency could weaken further if the government increases spending following the country’s worst natural disaster since 2004, dealers said. Dollar/rupee forwards, known as spot next, were at 147.80/148.00 per dollar, weaker compared with Friday’s close […]
London Stock Exchange Group enters into agreement with Sri Lanka’s BOI
The Board of Investment of Sri Lanka signed an agreement with “London Stock Exchange Group” (LSEG) to set up their global business services arm in Sri Lanka. The agreement was signed by Mr. Upul Jayasuriya, Chairman of the BOI of Sri Lanka and Mr. Martin Ryan, LSEG Group Head of Shared Services. Also present were […]
Sri Lanka’s MTD Walkers losses up on rising costs
May 30, 2016 (LBO) – Sri Lanka’s infrastructure solutions provider MTD Walkers posted losses of 266 million rupees in the March 2016 quarter, up 333 percent from a year earlier, amid engineering segment losses with rising sales and finance costs, interim accounts showed. The troubled firm reported losses of 1.59 rupees per share against the […]
More landslide threat in Sri Lanka, says NBRO
May 30, 2016 (LBO) – Sri Lanka’s National Building Research Organization (NBRO) issued an alert for landslide prone areas on Sunday and asked people to always pay attention to pre-landslide signs. According to the alert, all mountainous areas, man-made cut slopes and roads, especially all the landslide susceptible areas previously identified by NBRO, in the districts […]
Norway State Secretary in Sri Lanka tomorrow
State Secretary of the Ministry of Foreign Affairs of Norway, Tore Hattrem, is scheduled to visit Sri Lanka from 31 May – 2 June 2016. The State Secretary will meet the Minister of Foreign Affairs on 31 May where discussions are expected to take place on follow-up to the visit in January this year of […]
Minister Nimal Siripala de Silva heads Sri Lankan delegation at First World Humanitarian Summit
Minister De Silva, participating at the WHS representing President Maithripala Sirisena, stated that the UN Secretary General Ban Ki Moon’s “Agenda for Humanity” provides a strategic framework to prevent the humanitarian crisis and mitigate the effects. However, he stressed that action to implement the core responsibilities articulated in the WHS, should be aligned with the […]
Sri Lanka’s PM meets S. Korea PM and UN Sec. Gen. at Rotary conference
Sri Lanka’s Prime Minister Ranil Wickremasinghe met several leaders including South Korean Prime Minister Hwang Kyo-ahn and UN Secretary General Ban Ki Moon at the International Rotary Conference held in Seoul, South Korea. Several leaders of states and more than 50,000 Rotary members representing 160 countries attended the conference where Wickremasinghe made a special speech.
Dubai receives solar power bid cheaper than coal
May 30, 2016 (LBO) – Dubai, in the United Arab Emirates, received a bid for an 800-megawatt plant at a power price of 2.99 cents per kilowatt-hour last month, cheaper than a coal-fired power plant commissioned in October, reports said. This is down from a record-low price of 5.85 cents per kilowatt-hour Dubai contracted for […]
Japan extends 38 billion yen development loan to Sri Lanka
May 28, 2016 (LBO) – Japanese Prime Minister has offered a 38 billion yen (USD344 million) development assistance loan to Sri Lanka for water purification projects for Kidney diseases and establishment of electricity transmission lines connecting the entire country. Prime Minister Abe has also thanked President Sirisena for raising Asia’s voice and explaining the Asian perspective […]
Sri Lanka’s power regulator ask licensees for regulatory accounts
Public Utilities Commission of Sri Lanka has issued a set of accountancy guidelines to licensees who are in the business of electricity generation; transmission and distribution, in order to gain more information for the process of regulatory decisions making. According to the tariff methodology designed by the Commission, the determination of allowed revenue requires information […]
President calls on developed nations to invest in Sri Lanka
May 27, 2016 (LBO) – Sri Lanka’s President Maithripala Sirisena on Friday called on developed nations and multilateral and bi-lateral investors to invest in Sri Lanka as the country lack finances for extensive development efforts. Addressing the G 7 Outreach Summit today in Ise-Shima in Japan, he said that with a revolutionary change of governance, […]