Category: Featured
Issues of fisherfolk affected by Colombo Financial City to be discussed
Oct 24, 2016 (LBO) – Sri Lanka’s Ministry of Megapolis has appointed a committee to look into the grievances being voiced by the fishing community due to the construction of the proposed Colombo Financial Center, previously called the Colombo Port City. The ten member committee will comprise five fishermen from the area and five personal […]
Sri Lanka introduces electronic card to charge electric vehicles
Oct 24, 2016 (LBO) – Sri Lanka’s Power Ministry has introduced a new rate structure and an easy-to-use electronic card when charging electric vehicles. As per the new rates system, consumers will have the option of getting much lower rates for charging at off peak hours. The new tariff system proposed by the Ceylon Electricity […]
Acceptance of e-documents an urgent matter: Sri Lankan companies
Oct 24, 2016 (LBO) – Sri Lanka’s trading companies say acceptance of electronic documents is a matter that requires urgent attention. The Import Section of the Ceylon Chamber of Commerce in partnership with Verité Research held a round-table discussion on “Acceptance of Electronic Documents: One small step for the government, one giant leap for businesses” […]
Sri Lanka inflation accelerates to 4.7-pct in September
Oct 21, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose to 4.7 percent in September from the 4.5 percent reported a month ago, data from the state statistics office showed. In September contribution to the inflation from food group was 2.1 percent while non-food group was 2.7 percent. […]
Sri Lanka to issue gazette reducing essential drug prices today
Oct 21, 2016 (LBO) – The special gazette notification announcing the price reduction of 48 essential medical drugs will be issued midnight today, Health Minister Rajitha Senaratne said. Senaratne said that the prices of drugs will be reduced up to 85 percent through this gazette notification. The 48 essential medicines include those used in the […]
Sri Lanka central bank considers revamping primary auctions
Oct 21, 2016 (LBO) – Sri Lanka’s Central Bank is considering revamping the Primary Auction system for government securities, sources said. The proposed system would overhaul the auction bidding process and introduce non-competitive bidding so as to create a level playing field. The move likely follows heavy profits made by one primary dealer from government […]
World Bank raises 2017 forecast for crude oil to USD55 per barrel
Oct 21, 2016 (LBO) – The World Bank is raising its 2017 forecast for crude oil prices to 55 US dollars per barrel from 53 per barrel following OPEC’s preparation to limit production. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 percent overall next year, a larger increase […]
Ceylon Chamber welcomes relaxing export proceeds rule
Oct 20, 2016 (LBO) – Ceylon Chamber of Commerce has welcomed the move to ease the rule on repatriation of export earnings, increased from the earlier 90 days to now 120 days, as formalized by a Gazette notification issued recently. The Chamber pointed out that this rule hurts Sri Lanka’s export competitiveness, compromises export orders, […]
Sri Lanka allocates Rs1.8tn for 2017 in Appropriation Bill
Oct 20, 2016 (LBO) – Sri Lanka’s government has allocated 1,819 billion rupees to meet the estimated expenditure requirements of next year through the appropriation bill presented to the Parliament today. Presenting the bill, Finance Minister Ravi Karunanayake said the cabinet approval has duly been granted for the bill. As per the released bill, the […]
Sri Lanka to develop IT platform for tea with Rs220mn
Oct 19, 2016 (LBO) – Sri Lanka is to introduce an industry-wide and real-time IT solution to integrate functions associated with tea in order to improve productivity and quality across the industry. The proposed IT backbone will acquire, store, analyze and report on industry-related data and will integrate the entire value chain with efficient monitoring […]
Sri Lanka to regulate petroleum industry through PUCSL
Oct 19, 2016 (LBO) – Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the petroleum industry. “The government has noted the importance of transferring Ceylon Petroleum Corporation to the regulatory scope of the Public Utilities Commission of Sri Lanka,” a statement on cabinet decisions said. The proposal was […]
Sri Lanka to conduct feasibility studies for 5 LRTs excluded by JICA
Oct 19, 2016 (LBO) – Sri Lanka’s cabinet has approved conducting of detailed feasibility studies for five remaining light railway transits (LRTs) with an estimated cost of 300 million rupees. Megapolis Ministry has initially identified 7 lines to be constructed in the Colombo district to cater to the transport demand while leaving provisions for further […]