Category: Featured
ADB lowers Sri Lanka growth in 2016 to 5-pct from 5.3-pct
Sep 28, 2016 (LBO) – The Asian Development Bank (ADB) has lowered the economic growth forecast for Sri Lanka to 5.0 percent for 2016 from 5.3 percent saying growth prospects for Sri Lanka edge lower on weak industrial performance and fiscal consolidation. “ADB lowered the GDP growth rate to 5.0 percent for Sri Lanka in […]
Sri Lanka attracts major container ship MSC Maya to Colombo
Sep 27, 2016 (LBO) – Sri Lanka’s Colombo International Container Terminal (CICT) attracted one of the largest container ships in the world ‘MSC Maya’ with a capacity of 19,224 TEUS to the Colombo Port recently. Switzerland-owned Mediterranean Shipping Company’s MSC Maya made Colombo’s maiden call on 16th September 2016, replacing a smaller vessel owned by […]
Infrastructure: Sri Lanka Megapolis development on right track, says UDA DG
Sept 27, 2016 (LBO) – Sri Lanka is pushing ahead with ambitious Megapolis development plans keeping in mind the need to strengthen public sector capacity, a senior government official said. The Western region Megapolis is being designed around clusters in financial services, industry and manufacturing, airport related activity, technology, logistics, forestry and tourism, said Sumedha […]
Sri Lanka’s Commercial Bank kicks off operations in Maldives
Sep 26, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon today started operations of its subsidiary in Male, Maldives, the bank said in a stock exchange filing. Commercial Bank of Maldives private limited is a fully-fledged banking subsidiary which is set up in partnership with a Maldivian company. The bank last year said the […]
Sri Lanka eyes FTA and increased funding from South Korea
Sept 26, 2016 (LBO) – Sri Lanka is interested in entering into a Free Trade Agreement with South Korea in the future, a senior minister revealed. International Trade Minister Malik Samarawickrama in a recent visit to Korea has conveyed Sri Lanka’s interest on an FTA to Korean Vice Minister of Trade. The Sri Lankan embassy […]
Infrastructure: Friction free inter-agency cooperation key, says PUCSL DG
Sep 26, 2016 (LBO) – Sri Lanka needs mechanisms and skills to manage multiple agency involvement in order to ensure the proper and timely implementation of its planned mega infrastructure projects, a senior official said. “There is multiple agency involvement in managing infrastructure projects. We have implementation agencies involvement like land, environment, regulatory and local […]
Fund flows into emerging markets at three-year high
Sept 26, 2016 (LBO) – After cash outflows over the last few years, money flowing back into emerging markets has hit a three-year high. Investors have chanelled more than 9 billion dollars into emerging market funds and the benchmark MSCI emerging market fund is up nearly 15 percent, CNBC reported. In a recent note to […]
Infrastructure: Sri Lanka should rethink housing for urbanizing population
Sep 23, 2016 (LBO) – Sustainable city development will need to entail alternative housing for urban poor as they are service providers for city dwellers, industrial hub and the ports while also looking at affordability for the middle income earner, a senior official said. “A paradigm shift is required. We need to rethink key areas […]
‘s Financial Intel Unit signs MOU with Singapore authority
Sept 22, 2016 (LBO) – The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU) has entered into a memorandum of understanding with the Suspicious Transaction Reporting Office of Singapore (STRO) to facilitate exchange of information on money laundering and terrorist financing. The MOU has been entered into “within the framework of each […]
Infrastructure: Port city to transform Colombo, boost facilities
Sep 22, 2016 (LBO) – Sri Lanka’s planned Port City project says its vision is to offer a modern and sustainable lifestyle without comprising services delivered to attract high net-worth individuals in the region. Several hectares of public parks will increase facilities available to the public and the amount of commercial office space in Colombo […]
New markets needed to offset Sri Lanka Tea downturn: OBG
Sept 21, 2016 (LBO) – Adverse weather conditions, combined with rising costs and greater competition, threaten to weaken Sri Lanka’s position in the global tea industry, though efforts to develop new markets could help offset downturns in exports and revenue, the Oxford Business Group said in a note on the economy. Flooding in mid-May struck […]
Sri Lanka committee to look in to Norochcholai environmental issues
Sep 21, 2016 (LBO) – Sri Lanka’s Public Utilities Commission (PUCSL) has appointed a 7 member committee to look at the environmental damage allegations that have been leveled against the Norochcholai power station. “We have received several complaints about this so we appointed a committee that is qualified to look into this matter,” Damitha Kumarasinghe, […]