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Sri Lanka’s spending on dairy imports up 18-pct in 2014, exports drop 8-pct
Sep 11, 2015 (LBO) – Sri Lanka’s expenditure on dairy and dairy products imports rose by 18 percent from a year earlier to 44 billion rupees during 2014, a new report says. According to a report by the Ceylon Chamber of Commerce, import volumes increased three percent to 71 million kilograms, and the increase in […]
US DOJ issues new guidelines on corporate fraud prosecution
Sept 11, 2015 (LBO) – The U.S. Department of Justice says it would be better off focusing on individuals that commit corporate crimes rather than focus on companies, in new guidelines issued this week.This is a tacit acknowledgment of failure to prosecute individuals following the 2008 financial crisis, the Wall Street Journal reported. New rules […]
Laugfs to set up solar power plant in Hambantota
Sept 11, 2015 (LBO) – Laugfs Holdings Ltd. has acquired two solar panel projects with a plan to set up the largest solar power generator in the island. Laugfs Power, which is a unit of Laugfs Gas PLC, has acquired Anorchi Lanka Ltd, and Irish Eco Power Lanka Ltd, which have rights to build two […]
Iran nuclear deal passes one test, months away from going into effect
Sept 11, 2015 (LBO) – The Iran nuclear agreement passed one test in the U.S. Senate on Thursday, but it is still months away from going into effect, media reports said.Republicans have insisted they will keep blocking it.A Republican disapproval resolution was kept from proceeding in a procedural vote by a count of 58 to […]
Swiss electric sensors manufacturer invests in Sri Lanka
Contrinex is a global manufacturer of inductive and photoelectric sensors, RFID systems and safety light curtains. The company is a technology leader in the field of intelligent sensing and identification solutions for factory automation, including the harshest operating conditions and most extreme space limitations. INTERVIEW OF MRS ANNETTE HEIMLICHER, CEO CONTRINEX AG By Dilip S […]
Graduates and Undergraduates throng to Rajarata University seeking jobs
Over 2000 graduates and final year undergraduates throng to the Rajarata University on Thursday (10th September) to take part in the Careerlead career and entrepreneurship fair, which was organized by the Young Members Forum of the Ceylon Chamber of Commerce.The two day event, which is conducted in collaboration with the career guidance unit of the […]
SriLankan Airlines appoints new CEO
Sep 10, 2015 (LBO) – SriLankan Airlines has appointed Captain Suren Ratwatte as the new chief executive officer of the airline with effect from October 2015.The airline said in a statement that Captain Ratwatte is an airline pilot with over 30 years of experience in the field whose first appointment was with SriLankan’s predecessor, Air […]
IMF has not made budget proposals: Finance Minister
Sep 10, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake said that no budget proposals have been made by the visiting mission from the International Monetary Fund who met him on September 09 ahead of the budget in November.“IMF comes on a normal routine but we have very clearly told them that we will […]
Sri Lanka stocks close down 0.3-pct; Asian markets lower
Sep 10, 2015 (LBO) – Sri Lankan stocks closed down 0.32 percent on Thursday following losses in regional markets with telecom and beverage sector stocks showing losses, brokers said. The Colombo benchmark All Share Price Index closed down 23.31 points at 7,159.94 lower 0.32 percent. S&P SL20 closed 12.83 points lower at 3,924.25 down […]
Opinion: Unleashing the potential of the economy
Sept 10, 2015 (LBO) – With the installation of a new government comes hope of ways to unleash the creativity and potential of this beautiful island. With that in mind, this column will re-visit ideas, often discussed – depending on which circles you move in – about how this can be done. Here’s the first […]
Sri Lanka falls on Open Budget Index 2015, says Verité
Sep 10, 2015 (LBO) – Sri Lanka has ranked among countries in the world that provides the public with minimal budget information, a new survey showed.International Budget Partnership released its latest survey which measures the state of budget transparency, participation, and oversight in 100 countries around the world. The Open Budget Index measures the level […]
‘s stock crash a direct result of authoritarian policies: Razeen Sally
Sept 10, 2015 (LBO) – China’s stock bubble and subsequent crash that sent shockwaves across the global economy is the direct result of authoritarian policies, Razeen Sally from the National University of Singapore told Lanka Business Online.“The stock bubble is the direct result of government policies because the state-run financial system has few other profitable […]