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China Construction to carry out free feasibility for Sri Lanka’s eastern rail line
Nov 12, 2015 (LBO) – Sri Lanka’s Cabinet spokesperson, Minister Rajitha Senaratne said the government has approved a free feasibility to be carried out by China State Construction Engineering Corporation for the islands north central and eastern railway lines. The feasibility will focus on the rail tracks from Maho to Batticaloa and Galoya to […]
Sri Lanka stocks close down 0.2-pct: Budget concerns
Nov 11, 2015 (LBO) – Sri Lankan stocks closed down at 0.18 percent on Thursday a third consecutive session with investors keeping on the sidelines over budget concerns, brokers said. The Colombo benchmark All Share Price Index closed down 12.88 points at 7,006.35 lower 0.18 percent. S&P SL20 closed 9.39 points lower at 3,781.22 down 0.25 […]
PTL Watch: Some foreign selling, yield curve shows spikes
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Sri Lanka to restrict revocation of deeds of gift
Nov 12, 2015 (LBO) – Sri Lanka plans to draft legislations to make provision for revocation of irrevocable deeds of gift to provide greater security for lending institutions who lends money using property as collateral, cabinet spokesman Rajitha Senaratne told reporters on Thursday.Health Minister Rajitha Senaratne said issues have been raised on the rights of […]
Sri Lanka to amend Fisheries act, increase penalties for offences in international waters
Nov 12, 2015 (LBO) – Sri Lanka will change the law on governing the operation of fishing vessels in international waters, cabinet spokesman Minister Rajitha Senaratne said. “Cabinet of Ministers has approved the amendment of the Fisheries’ and Aquatic Resources Act 02 of 1996 for the increase of penalties for the offences done in the […]
Sri Lanka receives USD450 mn from expat accounts: Finance Minister
Nov 12, 2015 (LBO) – Finance Minister Ravi Karunanayake said Sri Lanka has received 450 million dollars as deposits after the government encouraged Sri Lankan expats to bring back undeclared funds in places such as Switzerland. Two accounts were from Saudi Arabia and two from Qatar, he said speaking at the Foreign Correspondents Association in […]
Sri Lanka’s Janashakthi Insurance September net down 56-pct
Nov 12, 2015 (LBO) – Sri Lanka’s Janashakthi Insurance net profits dropped 56 percent to 102 million rupees in the September quarter against a year earlier amid increased benefits and claims, the firm’s interim accounts showed. Gross written premiums rose 15 percent to 2.5 billion rupees with net premiums also up by 15 percent to 2.2 […]
Mihin Lanka to recommence flights to Male from today
Nov 12, 2015 (LBO) – Sri Lanka’s Mihin Lanka will recommence flight operations to Malé, Maldives from today, the company said.“A total of three weekly flights will be introduced and will operate every Tuesday, Thursday and Saturday from Bandaranaike International Airport.” Rohana Perera, head of commercial, Mihin Lanka said they were adding another SAARC destination […]
Lanka IOC unit records Rs373mn loss in Sept quarter
Nov 12, 2015 (LBO) – Lanka IOC, a unit of Indian Oil Company, has reported 373 million rupees loss in September 2015 quarter against 1.1 billion rupees profit reported a year earlier, interim accounts showed. The firm reported negative basic earnings of 0.70 rupees per share in the quarter compared to positive earnings of 2.13 […]
Sri Lanka’s Mattala airport to provide air services to Serbian aircraft
Nov 12, 2015 (LBO) – Sri Lanka’s Mattala International Airport is to be utilized by Serbian aircraft for air services to access and fly to other countries via the airport, the cabinet spokesman said on Thursday. Serbia, which is an upper middle income country, makes a vast contribution to its economy through tourism and has […]
Cargills Bank reaches out with 8 more branches
Cargills Bank opened in Matara starting on its new expansion drive with its first branch outside Colombo. Cargills Bank is set to open eight new branches countrywide in addition to its three existing branches in Colombo with the aim of providing convenient access to its banking products and services to its customers nation-wide. The first […]
Saudi Arabia to go to global bond market for first time
Nov 12, 2015 (LBO) – Saudi Arabia will go to international bond markets for the first time next year due to low oil prices cramping government revenues, a media report said. Debt levels could increase to as much as 50 percent of GDP in five years from 6.75 percent this year with this borrowing programme, […]