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US General Electric seals USD2.6 bn deal to build Indian trains
Nov 10, 2015 (LBO) – General Electric, an American multinational conglomerate, has won a contract to build new trains for the Indian government, foreign media reports said. The contract is worth 2.6 billion US dollars and will provide the country with 1,000 new diesel trains over the next 11 years.“The deal includes a 200 million […]
Asian stocks open lower with stronger Fed rate hike possibility
Nov 10, 2015 (LBO) – Asian stocks opened lower after global stocks fell on Monday on increased chances of a Fed rate hike this year. Probability that the Fed will hike interest rates this year have increased to 68 percent, from 50 percent a week ago and 39 percent last month, according to market data. […]
Sri Lanka should review TPP agreement and its impact: Harsha De Silva
Nov 11, 2015 (LBO) – Sri Lanka should review and consider the Trans–Pacific Partnership (TPP) agreement as an enabler to enter into global competitive markets as signaled in Prime Minister’s statement, Deputy Minister Harsha De Silva said. “We haven’t started to talk about this yet. But TPP is one of the most important trade partnership […]
JVP criticizes Ranil for inviting ‘The Man Who Broke the Bank of England’
Nov 09, 2015 (LBO) – The Marxist JVP on Monday criticized Prime Minister Ranil Wickremesinghe for inviting Hungarian-born American businessman George Soros to Sri Lanka, one of the 30 richest people in the world.Presenting third-generation economic reforms in Parliament Wickremesinghe revealed that world famous author and billionaire investor George Soros will be participating in an […]
Dunamis Capital to raise Rs1bn from listed debenture
Nov 09, 2015 (LBO) – Sri Lanka’s diversified investment holding company, Dunamis Capital is to raise 1.0 billion rupees from a listed debenture issue, the company said in a stock exchange filing.The company has decided to issue 10 million debentures at 100 rupees each, subject to the necessary regulatory approvals.The subscription list will be open […]
PTL Watch: Spreads widen with weaker LKR
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Tilak Marapana resigns as Law and Order Minister
Nov 09, 2015 (LBO) – Law and Order Minister Tilak Marapana has tendered his resignation letter for his Ministerial post to President Maithripala Sirisena today.Speaking at a press briefing Marapana said the decision was taken after discussing the alleged controversy involving him around the Avant Garde issue with Prime Minister Ranil Wickremesinghe. “I never interfered […]
Infrastructure: Negotiating position crucial in structuring deals, say experts
Nov 09, 2015 (LBO) – Sri Lanka’s government must pay attention to increasing its negotiating strength when seeking commercial borrowing and entering into partnerships with the private sector, financing experts said. This process involves announcing long-term plans, with properly structured projects in the pipeline, and building institutional capacity to structure deals, they said. “As a […]
Irregularity in bunkering leads to USD19.9mn loss to Hambantota Port
Nov 09, 2015 (LBO) – An irregularity which occurred at the Hambantota Port during the past administration has resulted in a loss of 19.9 million US dollars to Sri Lanka Ports Authority, the Ports Minister revealed.Ports Minister Arjuna Ranatunga said the irregularity is connected to an oil ship that was rejected by CPC due to […]
Pakistan Commerce Minister to arrive Sri Lanka
Pakistan’s Commerce Minister Khurram Dastgir Khan is arriving in Sri Lanka on a three-day official visit to boost bilateral investment and trade between the two friendly countries. He would be accompanied by a high powered business delegation consisting of cement, pharmaceutical, food and beverage, sugar, shipping, construction and manufacturing sector companies. The visit of Commerce […]
CCC welcomes PM’s new economic policy statement
Nov 09, 2015 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce (CCC) has welcomed Prime Minister Ranil Wickremesinghe’s statement in Parliament recently which provided important economic policy direction, a statement said. “The private sector was seeking clarity on the government’s economic policy agenda, and this statement has provided that.” Large and persistent budget deficits have […]
