Lanka Business Online

Herath retires from T20I and ODIs – ‘I want to make room for fresh talent to be groomed’

Sri Lanka’s dependable veteran spinner Rangana Herath has announced his retirement from T20 and ODI cricket. In a letter addressed to Sri Lanka Cricket, Herath says he would like to concentrate on Test cricket – which has always been his personal passion. He went on to say “Every cricketer has to stop at the right time, I feel it’s time to make room for fresh talent to be groomed with the 2019…

Opinion: When You Don’t Know That You Don’t Know

By Arosha Jayasundera

To be in a state of bliss is great, when you happily chug along at your own pace. But how long can it last? In the absence of benchmarks, we can imagine that we are doing just fine. Perhaps this is an affliction which affects many of the South Asian countries. Certainly it applies to many companies in Sri Lanka. If not, I challenge those companies to prove that it is not the…

Sri Lanka’s transport reforms lack political will: Kumarage

Apr 22, 2016 (LBO) – Sri Lanka’s politicians should lead from the front and drive much needed transport reforms which have evolved through changes in social and economic conditions, a senior official told LBO.

“Vehicles gridlocked in Colombo traffic is something we are all familiar with by now. But what are we doing about it?” Amal Kumarage, senior professor of the Moratuwa University’s…

BOC ATMs dispensed record Rs30bn during Avurudu Season

The Bank of Ceylon, Leader in the Sri Lankan Banking Industry has set a bench mark of dispensing a record breaking Rs.30.72 Billion from its ATMs during Avurudu season. The Bank has made every possible arrangement to provide the utmost convenient and easy access to cash for its customers during this festive season. Bank has installed over 50 Cash Deposit Machines (CDMs) covering the entire…

Sri Lanka joins 9 countries that reformed fisheries governance

Apr 22, 2016 (LBO) – Sri Lanka has joined the growing list of countries that have reformed their fisheries governance systems following a lift of ban by the European Commission yesterday.

Subsequent to specific warnings by the European Union, a total of ten countries (Sri Lanka, Ghana, Papua New Guinea, Korea, the Philippines, Fiji, Belize, Panama, Togo and Vanuatu) have so far reformed their…

Pujitha Jayasundara wins Sri Lanka’s IGP race

Apr 20, 2016 (LBO) – Sri Lanka’s President Maithripala Sirisena has appointed Pujitha Jayasundara as the new Inspector General of Police.

President’s Media Division said the President has presented the letter of appointment to Jayasundara today (April (20) at the Presidential Secretariat.

President Sirisena recently submitted the names of three Senior Deputy Inspectors Generals of Police, to the…

Sri Lanka tea sees better demand for high grown small leafs

Apr 20, 2016 (LBO) – Sri Lanka’s tea at auction offerings saw good demand all round with better demand for high grown small leaf teas, Forbes & Walker Tea Brokers said in their latest report.

“Consequent to the smaller volume on offer coupled with the absence of an auction last week on account of Sinhala/ Tamil New Year there was good demand all round,” the report said.

“Indeed an encouraging…

Sri Lanka plans new railway for coal transportation

Apr 20, 2016 (LBO) – Sri Lanka’s government is planning to build a new railway track from Maho to Puttalam to transport coal from Trincomalee to Norochcholai through railway lines, the Power Minister said.

Power Minister Ranjith Siyambalapitiya speaking at a press briefing on Wednesday said the ministry is currently in talks with the Railway Department to buy few engines.

“We have conducted…

Sri Lankan delegation in Pakistan to revive Buddhist Gandhara trail

A high level delegation of 40 high ranking Sri Lankan Buddhist Monks as well as eminent Buddhist scholars led by Speaker of the Sri Lankan Parliament Hon. Karu Jayasuriya left for Pakistan last evening for a week-long visit from April 18 to 25, 2016.

The delegation comprises senior monks of all Buddhist chapters including Most Ven. (Dr) Ittpahane Dhammalankara Nayake Thero, Kotte Sri Kalyani…

CEB responds to shortcomings pointed out by power regulator

Apr 20, 2016 (LBO) – Sri Lanka’s Ceylon Electricity Board (CEB) has responded to shortcomings pointed out by the Public Utilities Commission of Sri Lanka (PUCSL) after recent island-wide power failures.

In a letter dated 28th March, 2016, the CEB has agreed to the recommendations, but does not include a detailed explanation for the island-wide power failure.

The Commission earlier demanded an…

Sri Lanka’s ageing population poses socio-economic challenges

By Zahran Sikkanther Lebbe

Sri Lanka’s rapidly ageing population poses serious challenges on several fronts. Selected socio-economic challenges of this demographic transition are highlighted here calling attention of policy makers to implement fruitful interventions to preserve the rights of the elderly and to ensure their financial stability, social security and easy access to healthcare.

Statis…

Clinton, Trump lead in New York primary

Apr 20, 2016 (LBO) – Democratic presidential candidate Hillary Clinton won New York’s Democratic primary reasserting her position over rival Bernie Saners in the fight for the presidential nomination.

In the Republican contest, Donald Trump defeated Ohio Governor John Kasich and Texas Senator Ted Cruz by a wide margin.

Sanders had surged over the past several weeks, winning seven of the eight…

World’s oldest barbershop to set up in Sri Lanka

Apr 19, 2016 (LBO) – The world’s oldest barbershop, Truefitt & Hill, is to start business in Sri Lanka and is looking for suitable partners, a statement said.

“After the successful opening of this international barber shop in Mumbai, Delhi and Bangalore, we are very eager to expand in Sri Lanka,” Istayak Ansari, Director, Lloyds Luxuries said.

“We are looking for suitable partners to enter into…

Seylan Bank to sell Rs.5bn in debt

Apr 20, 2016 (LBO) – Seylan Bank will sell up to five billion rupees in listed debt, the bank said in a statement.

“The Bank’s board has approved to issue three billion rupees of debt with a further option to sell another two 2 billion rupees,” . a stock exchange filing said. The debentures will be issued for tenures of five and seven years and have a coupon on 100 rupees.

“The interest…

Global Ambassador of Cochlear Brett Lee on a visit to Sri Lanka – promoting hearing wellness

Wickramarachchi Opticians and Hearing Aids. subsidiary of J.M. Wickramarachchi & Co.  celebrated its 40th anniversary as well as serving over 400 Cochlear Hearing implant success stories at a gala celebration launched together with Global Ambassador, Australian Cricketer Brett Lee. The celebration was held at the Galle Face Hotel, Colombo amidst a gathering of over 100 stakeholders in the health…

Commercial Bank Dispenses Rs 21.54 billion in first 14 days of April

The Commercial Bank of Ceylon smashed itsrecords for cash dispensed via the Bank’s automated teller machine (ATM) network over a 14 day period this ‘Avurudu’ season, dispensing a jaw-dropping Rs 21.54 billion between 1stand 14thApril.

On four of these 14 days, the 625-terminal network dispensed more than Rs 2 billion a day, with the peak of Rs 2.504 billion being achieved on Friday, 8th April, a…