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‘s agriculture to be modernized with World Bank funding
May 26, 2016 (LBO) – Sri Lanka’s cabinet has approved implementation of a five-year Agriculture Sector Modernization Project with 125 million US dollars granted by the International Development Agency of the World Bank. “It is necessary to implement policies that aim on improving the productivity of agriculture and to create high valued export agriculture for […]
European Union gives Rs.32.8mn for flood, landslide victims in Sri Lanka
May 26, 2016 (LBO) – The European Commission is providing 200,000 Euro (Rs. 32.8 million) in humanitarian funding to assist the most affected populations from floods and landslides in Sri Lanka. This aid will directly benefit 20,000 individuals who have been heavily impacted in five of the worst-hit districts in the country’s West, namely Colombo, Gampaha, […]
Possible misappropriation of Rights Issue funds in Blue Diamonds: E&Y
May 26, 2016 (LBO) – The Securities and Exchange Commission of Sri Lanka has been informed that several irregularities in Blue Diamonds may point to the possible misappropriation of Rights Issue funds. The Ernst & Young which conducted a special purpose independent audit on an agreed upon procedure has revealed the possible commission of one […]
‘t help finance companies: Murtaza
May 26, 2016 (LBO) – Sri Lanka’s government intervention in restricting banks from leasing vehicles would be disastrous for business confidence and further diminish the country’s ability to attract investment from both local and international investors, industry analyst said. The Finance Ministry wants to ban banks from leasing vehicles below 5 million rupees and similar […]
Ceylinco Life’s Life Fund crosses Rs 70 billion in 28 years
Ceylinco Life has announced that the company’s Life Fund crossed Rs 70 billion at end April 2016, making it the only local life insurer to achieve the feat in just 28 years. The country’s life insurance market leader said its Life Fund had grown by Rs 2.75 billion in just four months, enabling it to […]
Honesty and good communication skills are top traits for business leader – Regus Finding
Business people across the globe reported which key traits make a successful business leader and reveal that honesty and the ability to communicate with others are the must-haves in a successful leader’s arsenal. Almost 40,000 business people globally rated a number of qualities and traits to help sketch out the portrait of a good leader […]
Sri Lanka’s John Keells Holdings net down 13-pct in 4Q, revenues flat
May 26, 2016 (LBO) – Sri Lanka’s diversified John Keells Holdings group net profits fell 13 percent to 4.5 billion rupees in the March 2016 quarter from a year earlier with flat revenues, the interim accounts showed. The firm reported basic earnings of 3.80 rupees per share for the quarter against 4.58 rupees reported a year […]
Sri Lanka seeking to borrow USD3.5 bln through foreign debt: Finance Minister
May 25, 2016 (LBO) – Sri Lanka is in the process of borrowing up to 3.5 billion dollars from foreign sources via syndicated loans, sovereign bonds, and sukuk, the country’s finance minister said on Wednesday. The borrowing plan comes as the South Asian nation seeks to fix its precarious balance of payments position after a […]
Vehicle imports up 60-pct in 2015, 7-pct of total imports: CCC
May 25, 2016 (LBO) – Expenditure on motor vehicle imports to Sri Lanka has recorded a 60 percent growth last year compared to previous year, Ceylon Chamber vehicle market report showed. The annual publication which is now available for purchase showed that country’s expenditure on vehicle imports has accounted for 7 percent of the total […]
Sri Lanka sets up independent office to trace missing persons
May 25, 2016 (LBO) – Sri Lanka’s cabinet has approved establishment of an independent institution as office on missing persons by a Parliament Act with the view to search for and trace missing persons. The cabinet proposal made by Prime Minister will identify appropriate mechanisms and submit recommendations to authorities to take measures on missing […]
Sri Lanka’s Islamic Finance sector growing, lacks skilled staff: report
May 26, 2016 (LBO) – Sri Lanka’s Islamic Finance sector continues to grow steadily but lacks staff that are qualified and have technical knowledge, the recently launched Islamic Finance country report 2016 said. “Despite the growth in the number of players, not a great deal of progress has been made in terms of the numbers […]
Overwhelming response for Venture Engine 2016 submissions
Sri Lanka’s pioneering entrepreneur empowerment platform Venture Engine has ended its “Call for Entries”, with the program having received an overwhelming response from an ever expanding pool of potential participants. Also noteworthy, the quality and variety of submissions received in 2016 has signalled a definite increase in the level of sophistication in terms of both […]