Category: Featured
Korean firm wants to revive KKS cement with USD450mn investment
June 03, 2016 (LBO) – Korea’s AFKO group is interested in reviving the Kankesanthurai cement plant with a 450 million dollar investment, the Ministry of Industry and Commerce said in a statement. AFKO Group, which merged with Korea’s multinational chaebol Hyundai Group in 2008, has its own construction and cement projects in several countries. The […]
Sri Lanka drops Bus Rapid Transport proposal from Megapolis
June 02, 2016 (LBO) – The transport committee of Sri Lanka’s Western Megapolis has dropped an earlier proposal to introduce a Bus Rapid Transport (BRT) system due to reasons including inability to add additional bus lanes. The decision has been reached after analyzing a feasibility study by Moratuwa University which shows that the proposed BRT […]
Neoliberalism oversold? Inequality throttles growth, say IMF economists
June 02, 2016 (LBO) – Instead of delivering growth, some neoliberal policies increase inequality which in turn jeopardize sustainable development, three IMF economists say in a recent article. Neoliberalism refers to capitalism in its purest form where privatization, deregulation, and the “freeing of the market” are keys to a flourishing economy. The senior IMF economists […]
Federal proposal among Sri Lankan views on constitutional reform: PRC
June 01, 2016 (LBO) – Sri Lanka’s Public Representations Committee (PRC) on constitutional reforms has received various proposals from the public including proposals for a federal solution with separation of power, the committee said. The Chairman of the Committee Lal Wijenayake told reporters Wednesday that the public had different views on the nature of the […]
Sri Lanka to sign MoU with Singapore’s Surbana Jurong to develop Trinco
Jun 01, 2016 (LBO) – Sri Lanka’s Minister of International Trade said that Surbana Jurong, a firm specializing in urbanization and infrastructure development, will sign a memorandum of understanding with the government to develop Trincomalee. “Surbana Jurong will also be developing a Master Plan for the Trincomalee region,” Malik Samarawickreme, minister of development strategies and international […]
Shangri-La opens 145-acre resort in Hambantota Sri Lanka
June 01, 2016 (LBO) – Shangri-La opened its 145-acre Hambantota Resort & Spa in the Southeast Sri Lanka on Wednesday, one of the major hotel chains to enter the island after the end of a war with Tamil Tiger separatists. The 300-room beachfront resort, which includes an 18-hole golf course and an artisan village, launched […]
SL Funds: Equity Unit Trusts now outperform market, says Guardian Acuity
May 27, 2016 (LBO) – There’s good news in fund management. Most of the professionally managed funds that invest in the Colombo market tend to outperform the market. In 2014, for instance, the Guardian Acuity Equity Fund, gave a return of 37.9 percent, compared with the All Share Price Index (ASPI) which rallied 23.4 percent. […]
Sri Lanka’s Islamic Finance sector growing, lacks skilled staff: report
May 26, 2016 (LBO) – Sri Lanka’s Islamic Finance sector continues to grow steadily but lacks staff that are qualified and have technical knowledge, the recently launched Islamic Finance country report 2016 said. “Despite the growth in the number of players, not a great deal of progress has been made in terms of the numbers […]
‘s promised reforms, repeal of PTA delayed: Int. Crisis Group
May 25, 2016 (LBO) – Sri Lanka’s reform agenda has slowed and the Tamil minority is beginning to doubt the government’s ability to fulfill pledges made, the International Crisis Group said in its latest report. Sri Lanka ended a war with Tamil Tiger separatists in 2009 and promised to repeal the Prevention of Terrorism Act […]
Upper limit for Sri Lanka bank leasing to be imposed: Finance Minister
May 18, 2016 (LBO) – Several changes to Sri Lanka’s financial services will be enacted soon such as leasing services offered by banks, Finance Minister Ravi Karunanayake said, speaking at a forum in Colombo. A proposal in the budget that banks should stop leasing from June 1 will be modified, he said. “Finally, it is […]
Crisis-hit Venezuela near collapse, says new oil deal with China
May 17, 2016 (LBO) – Venezuela says it has reached a deal with China to improve loan terms as falling oil prices have driven the oil-exporting country into economic crisis and collapsed its currency. Venezuelan Economy Vice-President Miguel Perez told Reuters that all conditions, including loan time frames, investment amounts and non-financial aspects, had been […]
Joint Opposition MP imports first tax-free vehicle for this year
May 11, 2016 (LBO) – A Parliamentarian aligned with the joint opposition has imported a brand new Range Rover under the tax-free vehicle scheme of the Parliament, further widening the burden to taxpayers. The former Minister who usually shouts against the policies of this government is the first Parliamentarian who has cleared the vehicle from […]