Category: Featured
Sri Lanka’s USD500mn development bond oversubscribed
Jan 19, 2018 (LBO) – The issue of Sri Lanka development bonds amounting to 500 million US dollars has been oversubscribed with close to 527 million US dollars of bids received from investors. The Central Bank has received 129.27 million dollars of bids for the two year bond and the bank has accepted 93.15 million […]
Opinion: Cabinet decision to ban women from buying liquor is unconstitutional
By Verité Research Women are permitted to purchase liquor. On 10 January 2018, the Minister of Finance and Mass Media issued Excise Notification No. 02/2018 under the Excise Ordinance, No. 8 of 1912 (as amended). The new Notification amends Excise Notification No. 666 of 31 December 1979, and removes the ban on the sale of liquor […]
Finance Ministry re-imposes ban on women buying liquor
Jan 18, 2018 (LBO) – Finance Minister Mangala Samaraweera on the request of the cabinet has withdrawn the two gazette notifications issued under the Excise Ordinance. Accordingly, the prohibition on selling liquor to women and employing women in places where liquor is manufactured or sold has been re-imposed under excise notification No 04 of 2018 […]
Sri Lanka’s cabinet approves signing FTA with Singapore
Jan 17, 2018 (LBO) – Sri Lanka’s Cabinet has approved a proposal to sign the proposed Free Trade Agreement between Sri Lanka and Singapore. The proposed Free Trade Agreement consists of provisions regarding trade in goods and services, service liberalization, investments and public procurement. Following the proposal put forward by International Trade Minister Malik Samarawickrama, […]
Indian govt to develop KKS harbour at a cost of USD 45Mn
Jan 16, 2018 (LBO) – The Government of India will rehabilitate and upgrade the Kankesanthurai (KKS) Harbour as a commercial port at a cost of US 45.27 million dollars, the Finance Ministry said in a statement. The project will be financed through a line of credit from the Export-Import Bank of India (Exim Bank). Preliminary Hydrographic survey geo-technical investigation, preparation of detail […]
Sri Lanka – India to co-operate in IT and electronics fields
Jan 16, 2018 (LBO) – India’s Minister of Law and Justice and Electronics and Information Technology, Ravi Shankar Prasad signed a co-operation deal in IT and electronics with Sri Lankan counterpart, Harin Fernando, Minister of Telecommunication and Digital Infrastructure.The new Memorandum of Understanding will be a Joint Declaration of Intent for a pilot project on E-Office suite […]
Term of office for Sri Lanka’s President is five years: Supreme Court
Jan 15, 2018 (LBO) – Supreme Court has informed President Maithripala Sirisena that the duration of his term of office is five years, President’s Media Division said. Last week, President sought determination from the Supreme Court on the duration of his term of office. As per the 18th amendment to the constitution, a President was […]
Sri Lanka official reserves improve to USD8bn by end 2017
Jan 12, 2018 (LBO) – Sri Lanka’s gross official reserves have improved to 7,952.58 million US dollars by the end of last year from 7,319.40 million dollars in November 2017, official Central Bank data showed. By the end of 2016, country’s gross official reserves were stood at 6,062.71 million US dollars. Foreign currency reserves were […]
CEAT Kelani to invest Rs3Bn in local tyre industry , Eyes US market
Jan 11, 2018 (LBO) – Sri Lankan tyre manufacturer, CEAT Kelani said they will invest 3 billion rupees in the local industry over next two years. Unveiling its masterplan to local media the Indo-Lanka Company said it will set up a new truck bus radial tyreplant while also doubling production of radials and motorcycle tyres and […]
Sri Lanka lifts ban on sale of liquor to women
Jan 11, 2018 (LBO) – Sri Lanka’s Finace Ministry announced that the government will lift the ban on sale of liquor to women in retails outlets and employment of women in bars. Issuing a statement the ministry said that Minister of Finance Mangala Samaraweera has revoked the prohibition on selling liquor to women and employing women […]
Central Bank still holds Rs12bn of PTL to recover any loss: PM
Jan 10, 2018 (LBO) – Sri Lanka’s Prime Minister told Parliament Wednesday that the Central Bank has 12 billion rupees of Perpetual Treasuries Limited in order to recover any loss from the controversial bond issue.As revealed during the investigations, Perpetual Treasuries Limited has made a profit of 11.14 billion rupees in the secondary market while […]
Aus-SL trade reaches AUD1.3bn with 27-pct growth in trade in services
Jan 09, 2018 (LBO) – Trade between Australia and Sri Lanka has surged to a record high of 1.3 billion Australian dollars in 2016-17, on the back of strong growth in trade in services, up more than 27 percent.Australian High Commission said the growth for the year overall was more than 15 percent, continuing the […]