Category:
Debt Protection
Jan 28, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board may be asked to import fuel directly to protect the main petroleum distributor from mounting unpaid dues, a media report said.A temporary surcharge on electricity was imposed in February 2012 as part of measures to avert a balance of payments crisis partly triggered by […]
Sri Lanka to host South Asia economic policy summit
Jan 28, 2013 (LBO) – Sri Lanka will host the 6th South Asia Economic Summit (SAES), a policy forum that brings together academia, government, civil society and the private sector in the region, each year. “The emerging growth opportunities and challenges for South Asia in the context of changing global economic dynamics will come into […]
Sri Lanka firms find ways to battle tough times
Jan 27, 2013 (LBO) – Sri Lankan firms can ride out tough times by maintaining a lean culture, grabbing opportunities that are present in such periods and becoming more responsive to customer needs, top executives said. “Whether you are in tough times or not, it is important to have a lean culture,” Hilmy Cader, head […]
Sri Lanka Keells hotels net down 22-pct
Jan 26, 2013 (LBO) – Keells Hotels Plc, which has operations in Sri Lanka and the Maldives said net profit for the December 2012 quarter fell 22 percent to 222 million rupees from a year earlier, amid higher interest costs.In the nine months to December Keells Hotels’ Sri Lanka operations lost 117 million rupees, reversing […]
Oil Law
Jan 26, 2013 (LBO) – Sri Lanka will update its petroleum exploration law to bring the rule in line with the latest international practices, information minister Keheliya Rambukwelle said.Amendments to Sri Lanka’s Petroleum Resources Act, No.26 of 2003, have been approved by the cabinet of ministers, he said. The changes proposed by President Mahinda Rajapaksa […]
Sri Lanka gets Hungarian credit for Colombo water supply
Jan 25, 2013 (LBO) – Sri Lanka will sign up export-import credits of 34 million Euros from Hungary to rehabilitate two water treatment plants supplying the capital Colombo, information minister Keheliya Rambukwelle said.The Hungarian Export Import Bank will provide 16.714 million US dollars to rehabilitate a treatment plant in Labugama and 17.383 million to a […]
‘s Sampath Bank commissions forex changing ATM
Jan 24, 2013 (LBO) – Sri Lanka’s Sampath Bank, the first domestic bank to operate automated teller machines in the island commissioned an ATM that can change foreign exchange into rupees Thursday.The machine can detect counterfeit notes and also dispense change in coins, he said. “Sampath Bank is one of the most innovative banks introducing […]
Sri Lanka hosts tea producer forum
Jan 24, 2013 (LBO) – An International Tea Producers’ Forum formed in Colombo will work to secure their common interest, Sri Lanka’s plantation industries minister Mahinda Samarasinghe said. “With an intergovernmental membership of seven of the world™s largest tea producing countries, ITPF will serve as a powerful new channel to tackle the challenges facing the […]
Sri Lanka regulator starts power price revision process
Jan 24, 2013 (LBO) – Sri Lanka’s power regulator has kicked off a process to revise tariffs saying it has received cost estimates from the main state-run transmission and distribution licensee. Regular energy price revisions based on a rule of law allows the exchange rate to strong and inflation low. A depreciating exchange rate destroys […]
Sri Lanka sets 25 year minimum age for maids to Saudi
Jan 24, 2013 (LBO) – Sri Lanka has set a minimum age of 25 years for women seeking to work as maid in Saudi Arabia and 23 years for another seven Middle Eastern countries, information minister Keheliya Rambukwelle said.Rambukwelle said the government would like to phase out sending women as domestic workers gradually. The requirement […]
Sri Lanka BOI appoints new chief
Jan 24, 2013 (LBO) – Sri Lanka’s Board of Investment said Lakshman Jayaweera, a Sydney based chemical engineer and entrepreneur, had been appointed as its chairman and director general. The appointment of a person with an overseas private sector background will help Sri Lanka attract investment at a time when global foreign direct investments have […]
Sri Lanka rupee weakens amid liquidity surge
Jan 23, 2013 (LBO) – Sri Lanka rupee has weakened over the past two days amid a surge of liquidity in interbank markets, with the spot US dollar quoted at around 126.85/95 in morning trade Wednesday, dealers said. On Tuesday the rupee closed at 126.75/85 to the US dollar down from Monday’s 126.62.66 levels. Excess […]