Category: Featured
Sri Lanka’s JKH net up 8-pct in September 2016 quarter
Nov 04, 2016 (LBO) – Sri Lanka’s diversified conglomerate John Keells Holdings group net profits rose 8 percent to 3.8 billion rupees in the September quarter from a year earlier, the interim accounts showed. The firm reported basic earnings of 2.77 rupees per share for the quarter against 2.65 rupees reported a year earlier. Group […]
‘s Aitken Spence second quarter profits up 50-pct
Nov 07, 2016 (LBO) – Aitken Spence PLC posted 540 million rupees as profits attributable to equity holders of the company in the second quarter, an increase of 50 percent year-on-year. Pre-tax profits rose by 26 percent to 973 million rupees while revenue rose by 70 percent to 9.8 billion rupees, in the second quarter […]
Sri Lanka October tea prices reach record levels
Nov 04, 2016 (LBO) – Sri Lankan tea prices at the Colombo auctions were at an new monthly high in October 2016 as volumes fell but demand picked up. “Auction averages reached record levels in the backdrop of a sharp decline in availability,” Forbes & Walker Tea brokers said in their October report. “Auction average […]
President assures CB bond issue investigation free from political interference
Nov 04, 2016 (LBO) – Sri Lanka’s president assured that the investigation into Central Bank bond issue will be free from political interference and that there will an independent, impartial judicial process. The investigation into the Central Bank bond issue should be free from political interference, President Maithripala Sirisena said, adding that the investigation regarding […]
Sri Lanka awards USD58mn railway tender to only bidder
Nov 03, 2016 (LBO) – Sri Lanka’s cabinet nod has been given to award a tender to the only bidder who submitted a bid to supply six Diesel Multiple Units for the island’s railway system under an Indian credit line. A diesel multiple unit is a multiple-unit train powered by on-board diesel engines and it […]
‘s for multi-modal transport hub
Nov 03, 2016 (LBO) – Sri Lanka’s cabinet of ministers has approved for the Megapolis and Western Development Ministry to call for expressions of interest to build a multi-modal transport hub starting from Fort, a statement said. “Urban Development Authority would be authorised to acquire lands in phases for a multi modal transport hub from […]
Sri Lanka to establish independent agency for tenders
Nov 03, 2016 (LBO) – Sri Lanka’s cabinet has given the nod to streamline the process and transparency on all state tenders by establishing an independent centralised procurement institution, a statement said. “The new Independent Centralized Procurement Agency is to comprise five members including the following holders of office, representing women and major ethnic groups […]
Sri Lanka grants 25 year income tax waiver for Port City developer
Nov 02, 2016 (LBO) – Sri Lanka’s cabinet has approved granting of exemptions for the project company of the Colombo Port City in terms of the Strategic Development Project Act 2008. The CHEC Port City Colombo manages the project for the Chinese investor, China Communications Construction Company. The cabinet recognized the development of Port City […]
Former Sri Lankan brigadier responsible for Northern ‘Ava’ gang: Rajitha
Nov 02, 2016 (LBO) – Sri Lanka’s Co-cabinet Spokesman Rajitha Senaratne on Wednesday accused a former brigadier for literally forming the ‘Ava’ violent gang during the war. Law and Order Minister Sagala Ratnayake told Parliament recently that the Police had implemented programmes to stop a crime wave in Jaffna created by this group that commits […]
USD1 bln expected from Hambantota port sale: CB Governor
Nov 02, 2016 (LBO) – Sri Lanka could expect a one billion dollar inflow to the economy in about five months time through the sale of a stake in the Hambantota Port, the Central Bank Governor said on Tuesday. The equity proceeds of a sale of an 80 percent stake to a Chinese investor could […]
GSP+ final decision by May 2017, tangible progress needed: EU
Nov 02, 2016 (LBO) – National reconciliation, the empowerment of women and Sri Lanka’s application for the General System of Preferences (GSP+) were the main focus of discussions of the four member delegation of the European Parliament. On GSP+, they stressed that the decision on Sri Lanka’s application will also need the approval of the […]
Illegal arrest, torture and harassment continuing in Sri Lanka: AHRC
Nov 01, 2016 (LBO) – The Asian Human Rights Commission (AHRC) said on Tuesday an individual illegally arrested and tortured in Ja-Ela, and the harassment of a priest in Wattegama, are examples of failure to uphold the rule of law in Sri Lanka. The individual in Ja-Ela was produced before the Negombo Magistrate on a […]