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Sri Lanka to implement pre paid card system for public transportation
Mar 11, 2016 (LBO) – The cabinet approval has been obtained to implement an electronic charging system through prepaid cards.The project will be implemented with the cooperation of ICTA, Transport Board, National Transport Commission, private bus owners, public banks and IT companies. The main positive feature of electronic charging system is its ability to charge […]
Sri Lanka investigating money allegedly laundered from NY Fed
Mar 10, 2016 (LBO) – Sri Lanka is investigating Bangladesh government’s claims that hackers stole nearly 100 million dollars from an account with the Federal Reserve Bank of New York and laundered money in Philippines and Sri Lanka. Bangladeshi officials said they had recovered part of the money from Sri Lanka and was in contact […]
Korea eyes investment opportunities in Sri Lanka
In an effort to boost investment and trade between Sri Lanka and the Republic of Korea, the Korea Trade-Investment Promotion Agency (KOTRA) and the Export-Import Bank of Korea (Korea Eximbank) are exploring the possibility of increasing Korean companies’ investing in Sri Lanka whose economy has recorded more than a 6% of GDP growth rate annually […]
Sri Lanka stocks close up 1.5-pct; Continued foreign in-flow
Mar 10, 2016 (LBO) – Sri Lankan stocks closed up 1.46 percent after two consecutive days of losses with gains in index heavy stocks, brokers said. The Colombo benchmark All Share Price Index (ASPI) closed at 5,862.35, up 85.88 points or 1.46 percent. The S&P SL20 closed 50.54 points at 3,143.46 up 1.63 percent. Turnover […]
Sri Lanka Meagapolis Authority Act to parliament in two months
Mar 09, 2016 (LBO) – The legal act for Sri Lanka government’s hallmark Megapolis development is now drafted and will be presented in parliament soon, a senior official said. “We hope to bring the Megapolis Act to the legislature in the next two months,” Ranjith Fernando, chairman of the Urban Development Authority said. “This act […]
Thailand calls for FTA with Sri Lanka; triple bilateral trade by 2020
Mar 10, 2016 (LBO) – Thailand, South East Asia’s second largest economy has officially called for an FTA with Sri Lanka as both countries pushing for a three-fold increase in bilateral trade by 2020. Bilateral trade between Sri Lanka and Thailand hovered at 500 million US dollars in 2015. “Thailand is proposing a Free Trade […]
‘s leading trade show
The Sri Lanka Pavilion was a big draw at the world’s largest travel and trade show, ITB which opened in Berlin yesterday (9). This year’s ITB is of special significance to Sri Lanka as it is the 50th consecutive year the country is participating at this show. Incidentally ITB and Sri Lanka Tourism are both […]
Standard &’s revises Sri Lanka outlook to Negative
Mar 10, 2016 (LBO) – Standard & Poor’s Ratings Services on Thursday revised the outlook on its ‘B+’ long-term sovereign credit ratings on Sri Lanka to negative from stable on rising fiscal and external imbalances . “We also affirmed the long-term rating and the ‘B’ short-term credit rating and left our transfer and convertibility risk […]
Sri Lanka extends Colombo Port City Project agreement by 6 months
Mar 10, 2016 (LBO) – The cabinet has approved the extension of the agreement on Colombo Port City development project agreement for a further period of six months from 15 March 2016. The Cabinet Committee on Economic Management has recommended allowing resumption of the project subject to limitations and conditions stipulated in the EIA report. […]
Government proposals may lead to lubricant market fragmentation: Chevron
Mar 10, 2016 (LBO) – Chevron Lubricants Lanka, a leader in the island’s lubricant industry says the market may be at risk of further fragmentation as the government proposed to open up the lubricant market. “We have concerns about the 2016 budget proposals in respect of the lubricant industry,” said Kishu Gomes, Chief Executive Officer […]
Sri Lanka bought planes instead of building houses: PM
Mar 10, 2016 (LBO) – Sri Lanka’s Prime Minister said on Thursday the nation is plagued with incompetencies of the former regime and the homeless could have been housed with the funds mishandled. “If they (the former government) did not buy those eight planes then we could have built houses for the people,” Premier Ranil […]