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Better Potential
Nov 17, 2010 (LBO) – Sri Lanka’s importance as a shipping hub in South Asia has increased after the end of a long drawn out war, an international logistic group that has offices in the Middle East, Asia and Pacific said. “Sri Lanka with its strategic location provides a gateway to the Maldives where we […]
Sri Lanka carbon emissions up, but power costs down with coal plant
Nov 17, 2010 (LBO) – Sri Lanka’s first coal plant will push the island’s carbon emissions by 46 kilograms per person next year, but electricity generation costs will come down sharply, power minister Champika Ranawaka said. The coal plant will increase per capital carbon emissions by 46 kilograms to 700 kilograms a year,” Ranawaka said […]
Sri Lanka test fires coal plant furnace
Nov 17, 2010 (LBO) – Sri Lanka has successfully test fired a furnace of a 300 Mega Watt Chinese-built coal plant using liquid fuel Wednesday, in the island’s Western coastal area of Norochcholai. The first 300 MW stage is part of a 900MW coal fired complex. A ship carrying a 40,000 tonnes of coal from […]
Sri Lanka to smoothen path for investors: ministers
Nov 17, 2010 (LBO) – A Sri Lankan state committee has finalized a report that has identified issues blocking investment and has proposed remedies to fast track projects, especially by speeding relevant government approvals, ministers said. Analysts say many laws passed in the legislature contain clauses such as the need for ‘ministers’ concurrence’ which promotes […]
Sri Lanka Treasuries flat
Nov 16, 2010 (LBO) – Sri Lanka’s Treasuries yields were steady at Tuesday’s auction with 13.0 billion rupees in bills being sold with 12.0 billion maturing, the government’s debt office said. The government sold 2.7 billion rupees in 3-month bills, 6.6 billion rupees in 6-month bills and 3.8 billion rupees in 12-month bills. The 3-month […]
Sri Lanka stocks close 0.53-pct down
Nov 16, 2010 (LBO) – Sri Lanka stocks closed 0.53 percent lower, extending losses with index heavy stocks dragging the market down, brokers said. Turnover was 3.5 billion rupees. There were 53 gainers and 137 losers. “Sector wise 2.3 billion of the revenue came from diversified sector, 667 million from the hotels and 187 from […]
Cruise Call
Nov 16, 2010 (LBO) – A luxury passenger vessel, MV Le Diamant, operated by the CMA CGM shipping line, has begun calls at Sri Lankan ports following the end of the island’s 30-year ethnic war. Its second voyage is planned for May 2011. The Sri Lanka Ports Authority said the ship called at the eastern […]
Faster Pace
Nov 16, 2010 (LBO) – Chennai-based Indian Bank’s Sri Lanka branch will open new branches in former war torn areas and is looking to double its loan book over the next two and a half years, a top official said. Indian Bank has been in Sri Lanka’s capital Colombo since 1932 and has mainly been […]
Night Banking
Nov 16, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon will start a branch that will stay open 24 hours to support government efforts to expand night economic activities in Colombo, an official said. The branch in Colombo’s Fort areas is expected to start on November 19, chairman Gamini Wickramasinghe said. The government legalized […]
Drill Deal
Nov 16, 2010 (LBO) – Cairn Lanka, which bought Sri Lanka’s first offshore oil exploration block has hired a Japanese ship to start drilling wells from July 2011, the Japan Drilling Company had said. The firm will use the ship ‘Chikyu’, owned by Japan Agency for Marine-Earth Science and Technology (“JAMSTEC”) to drill three wells […]