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Seeks to reduce reliance on auto fuels:
The Lanka Indian Oil Corporation (LIOC) is
getting into new areas such as petrochemicals as it seeks to
diversify its business, LIOC Managing Director Shyam Bohra said. “We
have already received all the approvals and will soon start,” he
told Business Observer.
London Stock Exchange Group’s Business Services
division (LSEG BSL) in Sri Lanka has completed the first stage of
its set-up operations, with the recruitment of over 100 tech sector
professionals for the Group’s new 26,000 sq. ft. technology centre
at Expert City in Maradana. Set up in May 2016, the LSEG facility
will be manned by 400 high-technology professionals after it becomes
fully operational by the end of this year.
Representatives of the Fibre Cement Products
Manufactures Association (FCPMA) which convened a media briefing
last week on the Cabinet decision to phase out the import and use of
asbestos in the country, said the Association will not resort to a
legal remedy but would trust the government to uphold the principles
of good governance.
Japanese experts will be in Sri Lanka within the
next few months to carry out a feasibility study for the Light Rail
Transit project funded by Japan and proposed as one of the key
future mass transit modes in the Western Province Megapolis. A JICA
team was in town last week and agreement has been reached on the
terms of reference for consultants.
The business community and consumers do not have
to worry about the increase of VAT to 15 percent, as it is only a
temporary measure until the house is put in order, State Minister of
International Trade Sujeewa Senasinghe said. He said the tax system
currently implemented in the country is confusing and added that it
has to be simplified for the benefit of the people.
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