Category: Featured
Sri Lanka Central Bank resolves four insolvent institutions
Oct 19, 2016 (LBO) – Sri Lanka’s Monetary Board says it has approved repayments to depositors and investors in four insolvent financial institutions. The Monetary Board approved repayment of depositors of three finance companies, The Standard Credit Finance Ltd., City Finance Corporation Ltd. and Central Investments and Finance PLC, and legitimate investors in government securities-linked […]
‘s power users to be compensated for damages: PUCSL
Oct 19, 2016 (LBO) – Sri Lanka’s electricity consumers will be compensated for the damages to equipment due to abnormal voltages and phase reversals in the distribution systems from 13th January 2017, the power regulator said. The implementation of the regulation will be completed in three stages over three years from the day the regulations […]
Opinion: Perpetual and the problem of unfettered capitalism
By Chamath Ariyadasa Questions about rampant capitalism are raised not just in Sri Lanka but in all developed financial markets. Hence, calls for a more subdued, socially conscious process reverberate here as well, and these arguments are important. Once we set the rules, the private sector steps in to maximise profit — acting within the […]
Finance Minister obtains proposals for budget from Ceylon Chamber
Oct 18, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake recently met with the committee members of the Ceylon Chamber of Commerce to obtain their views on the upcoming Budget presentation. The discussion was chaired by Chairman of the Chamber Samantha Ranatunga and each committee member was given an opportunity to express their views […]
Sri Lanka exports, imports decline; BOP in surplus
Oct 17, 2016 (LBO) – Sri Lanka’s exports fell 4.4 percent to 891.2 million US dollars in July, while imports also fell at a faster 6.6 percent to 1,432.8 million US dollars from a year earlier, official data showed. The trade gap shrank 10 percent to 541.6 million US dollars from a year earlier. Exports […]
Asia Tourism Investment Conference in Nov gathers momentum
Oct 17, 2016 (LBO) – The inaugural Asia Hotel and Tourism Investment Conference in November in Colombo will be an influential gathering for the region focusing on challenges and opportunities in the hotel and tourism industries, the organizers said. Hot topics are likely to include land ownership, impediments to raising finance and shortage of talent. […]
New opportunities for Sri Lankan companies in India
Oct 17, 2016 (LBO) – There are new opportunities for Sri Lankan companies in India, with several internal changes going on in the country, an official of a visiting Indian business delegation said. “Within India, there are so many economic changes that could be advantageous for Sri Lanka. What is important is that this is […]
Sri Lanka to draft new counter terrorism law: Cabinet
Oct 14, 2016 (LBO) – Sri Lanka has appointed a committee to draft a new counter terrorism law, a statement on cabinet decisions said. “A committee chaired by the Minister of Law and Order and Southern Development has been appointed to draft a new counter terrorism law instead of the existing Prevention of Terrorism Act, […]
FDI key for trade and export growth: Chinese Minister
Oct 13, 2016 (LBO) – Foreign direct investment (FDI) plays a very important role for a country to develop its trade and export growth, a senior Chinese official said. “FDI is important for trade growth as it brings money, technological advantages and the latest management ideas which drive indigenous and innovative growth,” Wang Shouwen, Vice […]
‘s Rebrab to build euro 150 mln sugar refinery in Sri Lanka
Oct 13, 2016 (LBO) – The ninth wealthiest businessman in Africa, and the founder of Cevital, Issad Rebrab, will invest in Sri Lanka in a sugar refinery and a vegetable oil plant in the Southern Province, the Daily News reported. Fortune 500 ranked Rebrab said Cevital will invest 150 million Euros to build the sugar […]
Sri Lanka to provide adjustment package for FTA trade disruption
Oct 13, 2016 (LBO) – Sri Lanka will introduce a trade adjustment package for local industrialists in order to face possible trade disruptions that may occur during the initial stages of upcoming free trade agreements, a senior minister said. International Trade Minister Malik Samarawickrama said they are negotiating new FTAs with an open mind but […]
‘s Belluna in USD 50mn real-estate project
Oct 12, 2016 (LBO) – Sri Lanka’s Asia Capital and Japanese Belluna company announced the launch of an apartment development project with an investment of 50 million US dollars in Colombo, Wednesday. “This joint project cements the strong bond that both companies have in creating a new paradigm in local and foreign joint venture projects […]