Category: Featured
Sri Lanka to sign ETCA by end 2016: PM at India Economic Summit
Oct 07, 2016 (LBO) – Sri Lanka expects to sign the Economic and Technology Co-operation Agreement (ETCA) with India by the end of this year, Prime Minister Ranil Wickremesinghe said. Addressing the India Economic Summit 2016, Prime Minister Wickremesinghe said it will help Sri Lanka to strengthen economic ties. “The proposed ETCA will be signed […]
Sri Lanka to build 100,000 bpd refinery with India
NEW DELHI, Oct 6 (Reuters) – Sri Lanka will build a second refinery with a capacity of at least 100,000 barrels per day (bpd) in a tie-up with Indian Oil Corp, a top Sri Lankan official said on Thursday, a move that strengthens New Delhi’s engagement with Colombo. India has been vying for major projects […]
Central Bank, immigration office to tackle money laundering
Oct 06, 2016 (LBO) – Sri Lanka’s Central Bank has joined with the immigration office to receive information in order to facilitate investigations and prosecutions on money laundering and terrorist financing. The bank’s Financial Intelligence Unit recently entered into a Memorandum of Understanding with the Immigration and Emigration Department in this regard in terms of […]
Colombo Fort pavement hawkers to be relocated to new building
Oct 06, 2016 (LBO) – The Megapolis Ministry has received cabinet approval to relocate pavement hawkers and shops in the Colombo Fort area. It was proposed to relocate pavement hawkers at Olcott Mawatha to open up the area for convenient pedestrian movement while providing access to valuable land. The estimated cost of this project is […]
Coal carrier Ceylon Princess arrives in Sri Lanka
Oct 06, 2016 (LBO) – Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to power plants. Speaking at the occasion Minister of Port and Shipping said that this will ensure energy security. “Having our own ships will ensure some stability in coal […]
SriLankan Airlines says loss reduced, six A320s on the way
Oct 05, 2016 (LBO) – SriLankan Airlines said in the financial year ending 31st March 2016, the airline recorded a reduced loss of 9.03 billion rupees, which represents a 45 percent improvement compared to the previous year. “At the end of the last financial year, without the ‘one-off’ payment relating to cancellation of the lease […]
SriLankan Airlines adds new routes Jakarta, Gan Island
Oct 05, 2016 (LBO) – SriLankan airlines said in a bid to boost regional routes and higher profits it will add Jakarta in Indonesia and Gan Island in Maldives to its destinations from end of October 2016. “Gan, in the Maldives, will be the first such new destination, and SriLankan will be the only international […]
Sri Lanka tourist arrivals grow 3.6 pct in September
Oct 05, 2016 (LBO) – Tourist arrivals to Sri Lanka rose 3.6 percent in September to 148,499 visitors compared with the same month last year, official data showed, a slower rate of growth compared to previous months. Arrivals during the first nine months of the year were up 14.6 percent to 1,508,405 visitors. China continued […]
Sri Lanka’s growth will be below average for South Asia: World Bank
Oct 05, 2016 (LBO) – Sri Lanka’s growth will be below average for South Asia which the World Bank expects to grow by 7.1 percent this year and 7.3 percent in 2017. According to the World Bank’s twice-a-year South Asia Economic Focus released yesterday, Sri Lanka is among the slowest growing economies in South Asia. […]
UNDP signs Rs20 mln biogas agreement with Kaduwela MC
Oct 04, 2016 (LBO) – The United Nation Development Programme (UNDP) entered into its first government co-financed project with the Kaduwela Municipal Council to effectively manage solid waste in the area to generate bio gas energy. “The 20 million rupees agreement signed today between UNDP and the Kaduwela Municipal Council will scale-up this initiative to […]
SriLankan Airlines cancels Airbus deal with USD98 mln penalty
Oct 04, 2016 (LBO) – An order for four A350 aircraft that SriLankan Airlines was to take delivery of in 2016-2017 would be cancelled, the Finance Minister said Tuesday. “The loss of purchasing these four A350 air buses would have been 900 million rupees per month and if we did not reject this it would […]
‘s Global Competitiveness rank reflects exports, govt weakness: WEF report
Oct 04, 2016 (LBO) – Sri Lanka fell three notches to 71st in terms of the Global Competitiveness Index for 2016-2017 compiled by the World Economic Forum, with poor ratings on exports, debt to GDP and labour market flexibility. Sri Lanka came in at 110th in terms of exports as a percentage of GDP, 107th […]