All Blogs
Clawback
Apr 07, 2013 (LBO) – A high powered task force will be appointed following a court order to identify assets of directors of Golden Key Credit Card Company, an unregulated financial firm that collapsed five years ago, a media report said.The Sunday Island newspaper said the team will also identify assets the directors have alienated, […]
Sri Lanka villager puts big business, grid power consumers to shame
Apr 07, 2013 (LBO) – Off-grid power users, who generate their own electricity in villages too remote for the national grid to reach, put rent-seeking big business and grid-connected householders to shame at a public hearing on a proposed tariff hike. Speaker after speaker, representing big business low user domestic customers and the renewable energy […]
Sri Lanka invites China to invest in mineral sector
Apr 07, 2013 (LBO) – Sri Lanka has asked China to invest in the mineral mining and processing sector for export especially in mineral sands and graphite, the trade ministry said.In recent years Sri Lanka’s Treasury has helped expand the trade gap with China by borrowing heavily from its Exim Bank and others (exporting Sri […]
Browns Investments Plc buys Sri Lanka hotel
Apr 05, 2013 (LBO) – Browns Investments Plc said it had bought a 51 percent stake in a 67-room luxury hotel in Dambulla in Central Sri Lanka for 500 million rupees.. The 67-roomed hotel, operated by Green Paradise (Pvt) Ltd, in Kambukkanwala, Dambulla, is close to ancient cities in Sigiriya, Anuradhapura and Polonnaruwa, the firm […]
Sri Lanka plantation workers win 18-pct wage hike
Apr 05, 2013 (LBO) – Sri Lanka’s tea and rubber estate workers have won an 18 percent hike in their basic daily wage from April 01 effective for two years, which may cost firms in excess of 250 million rupees a year, industry officials said.The basic wage was increased from 380 to 450 rupees a […]
‘s Liberty Plaza mall in Rs600mn expansion: BOI
Apr 05, 2013 (LBO) – Sri Lanka’s Colombo Land and Development Company Plc, will build a 600 million rupee expansion, through a wholly owned unit, the state investment promotion agency said.Colombo Land owns the Liberty Plaza shopping mall in the Kollupitiya upmarket area in Sri Lanka’s capital. Liberty Developers (Pvt) Ltd has signed an agreement […]
‘s subsidy calculation flawed: expert
Apr 05, 2013 (LBO) – The calculation of subsidies to customer categories by Sri Lanka’s power regulator was flawed, as the cost of supply to bulk users was lower than retail and domestic customers who were at the tail end of the grid, a top energy expert has said. “I submit to the commission that […]
Withdrawn
Apr 04, 2013 (LBO) – Fitch Ratings has confirmed and withdrawn a ‘BB-(lka)’ rating of Sri Lanka’s Vallibel Finance Plc.Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for VFL.The rating has a negative outlook.Fitch said it had withdrawn the rating as […]
Tele Credit
Apr 04, 2013 (LBO) – HSBC said it had arranged a 100 million US dollar export credit from Belgium for Etisalat Sri Lanka to expand its network with equipment made by Alcatel-Lucent. “The strong partnership with HSBC, ONDD and Alcatel-Lucent will now enable us to offer the best in technology and services to our customers.” […]