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Thursday, 16 June 2016 08:40

Fire erupts aboard a vessel at SAGT

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A fire broke out in one of the containers at the Colombo port on a transshipment vessel, Ports Authority officials said yesterday.

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In a quest of finding a strategic partner for Sri Lankan Airlines which has now become a heavy financial burden to the country, the government has decided to select the audit firm KMPG to expedite the re-orientation process, officials said.

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The much hyped revival of Kantale Sugar factory is to be further delayed due to Treasury’s hold up in the signing of share holder agreement with the foreign investor although the Board of Investment (BOI) has entered into an investment agreement one year ago.

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Asia Asset Finance Plc (AAF) has made considerable progress in its business especially in gold backed loans and micro finance in its first complete financial year ending March 31 2016 after the company’s tie up with Muthoot Finance a 128 year old Indian family owned firm, AAF officials said.

Wednesday, 15 June 2016 08:16

IMF faults inaction

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Reuters: The International Monetary Fund (IMF) said on Tuesday that Sri Lanka’s economic outlook is facing risks from the government’s inaction on key policies and a significant deterioration in the external environment.

Sri Lanka’s finances are in a precarious situation because of high external debt, partly due to heavy infrastructure borrowing under the previous government.

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Mireka Capital Land has signed an agreement with the Board of Investment of Sri Lanka for the development of its commercial complex at Havelock City. 

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With a view of popularising green transportation in Sri Lanka, the Government will soon take a policy decision on promoting eco friendly three-wheelers.

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The much awaited Sri Lanka’s Agency for Development is to be established within the next two months to fast tract, streamline and attract Foreign Direct Investments (FDI), official sources disclosed.
The Development Special Provisions Bill which provides provisions to set up this agency will be presented in parliament for its enactment soon.

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Several mini hydro projects are being built or planned today in many protected areas such as in the state forest reservations that result in environmental degradation said. Dr. Eric Wikramanayake, a senior scientist on the topic of “Awareness Session for Financial Institutions on Mini Hydro Power Projects” held at the Sri Lanka Foundation Institute at Colombo 7. The awareness session was organized by the Environmental Foundation Ltd.

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