Lanka News – Lanka Gazette – Sri Lanka News Portal

The new BoI Chairman Jayampathi Bandaranaike said during the next five years, his economic agency will focus mainly on six areas, which are manufacturing of non- traditional and high value-added sector, manufacture of apparel fabrics and accessories, tourism and leisure, information technology and IT enabled services, agriculture, agri- processing, deep sea fishing, dairy and livestock and the infrastructure.
Although the BoI is focused on major development activities, it is said that Minister of Economy Development Basil Rajapaksa has nearly 40 institutions under his purview. But the new Chairman sees it as a greater opportunity for synergies and better interaction between economic agencies, when all are placed under one ministry”. Continue Reading

Shell Gas is said to be reviewing its portfolio of Liquefied Petroleum Gas (LPG) business at present. A Shell Gas Lanka Ltd spokesman on May 6 announced that the company is going through a “review of ownership options”.
Under this review, the company would allow third parties to be involved in the LPG business. According to Bloomberg, more than six private equity firms are bidding for Shell PLC’s LPG assets. Companies such as Advent International PLC and PAI Partners are also among those interested in bidding. Continue Reading

The World Bank has approved support totaling US$ 108 million to Sri Lanka for three development projects in local infrastructure, higher education and tourism.
Out of the total US$50 million was for the North East Local Service Improvement Project while another US$40 million has been allocated for the Higher Education for the Twenty-First Century Project. The remaining US$18 million was reserved for the Sustainable Tourism Project. Continue Reading

The week at the CSE saw much volatility as investors took profits and drove the indices down on the first two days of the week. The week saw the ASI index of all companies close down to a weekly low of 4,215 on Tuesday, but recovered and closed on Friday at 4,25. The net gain for the week for the broader market index was 29 points or 0.7 %. The more sensitive Milanka Price Index closed the week 36 points or 0.8% higher, after recovering from the Wednesday’s low of 4,742. The choppy ride was also partly due to unresolved crisis in the European region which also saw commodity prices fall in international markets. Continue Reading