Category: Featured
Coca-Cola eyes Sri Lanka for production facility: Fin Min
Jan 17, 2017 (LBO) – International beverage company Coca-Cola has expressed their interest in setting up a production hub in Sri Lanka, the Finance Ministry said in a statement. President of Coca-Cola Asia Pacific John Murphy and Executive Vice President Irial Finan met Finance Minister Ravi Karunanayake and discussed the opportunity of producing some of the Coca-Cola […]
‘s JKH files patent on energy storage nanomaterial
Jan 16, 2017 (LBO) – Sri Lanka’s John Keells Holdings plc filed its first patent jointly with the Council for Scientific and Industrial Research (CSIR) India, in the area of energy storage materials, the company said in a statement. The patent application filed at an Indian patent office in December 2016 is related to a […]
Hayleys unveils Sri Lanka’s largest capacity solar power plant in Welikande
Jan 16, 2016 (LBO) – Hayleys Group PLC, together with Windforce Pvt Ltd, have commissioned their 10 megawatt solar power plant. Located in Welikande in the Pollonnaruwa District, the solar plant has been installed with a solar tracking system that will follow the sun’s rays to ensure an incrementally higher yield of approximately 20 percent […]
Sri Lanka prepared for power crisis in 2017: Minister
Jan 16, 2017 (LBO) – Sri Lanka’s power minister says that steps have been taken to face the hydro power generation loss due to the record drought in 2016. Nevertheless, consumers are advised to conserve electricity. “We have only 36 percent capacity in our Randenigala, Victoria, Samanala … reservoirs because of the drought and this dry spell is […]
Sri Lanka taking steps to deal with troubled past: Foreign Minister
Jan 16, 2016 (LBO) – Sri Lanka will deal with her troubled past honestly and truthfully, Foreign Minister Managala Samaraweera said, speaking at the Chatham House in London last week. Sri Lanka is committed to the co-sponsored resolution worked out with the Human Rights Council in October 2015 to “deal with the past honestly and […]
Sri Lanka ratifies the ILO Maritime Labour Convention
Jan 16, 2016 (LBO) – Sri Lanka recently deposited the instrument of ratification with the International Labour Office (ILO) of the Maritime Labour Convention, 2006 (MLC, 2006), a statement said. The island is the 81st ILO member State and the 16th Asian State to have ratified the Convention and the MLC, 2006 will enter into force […]
Australia to boost Sri Lanka tourism skills with Rs1.6 bln
Jan 13, 2017 (LBO) – The Australian government will provide 1.6 billion rupees in aid and technical assistance, over four years, to strengthen Sri Lanka’s tourism sector, through training and mentoring for employees and small businesses. The program will help Sri Lanka develop a highly-skilled labour force and place Sri Lanka as a premier tourist […]
Trade deficit narrows in Sept, cumulative exports down 3pct
Jan 13, 2017 (LBO) – Sri Lanka’s trade deficit narrowed in September 2016 with an increase in export earnings for the second consecutive month, together with a reduction in import expenditure. Earnings from exports grew by 5.7 per cent to 898 million dollars in September, compared with 850 million dollars in the same month in […]
CB joins Dept for Registration of Persons against money laundering
Jan 13, 2016 (LBO) – The Financial Intelligence Unit, located at the Central Bank of Sri Lanka, has entered into a memorandum of understanding with the Department for Registration of Persons to receive information in order to facilitate investigations on money laundering and terrorist financing. “Money laundering and terrorist financing are internationally connected financial crimes […]
Sri Lanka calls international bids to add 60MW to national grid
Jan 11, 2017 (LBO) – Sri Lanka’s cabinet has decided to purchase 60 megawatts of power through an open international competitive bidding process for a short term period of six months starting from February. This 60MW is to be installed at three or more suitable locations to ease the transmission constraints that has arisen in […]
‘s GSP+
Jan 11, 2017 (LBO) – The European Commission said it proposed to the European Union to remove significant import duties on Sri Lankan products, to restore GSP Plus trade access to Europe’s export market. “The Commission today proposed that a significant part of the remaining import duties on Sri Lankan products should be removed by the […]
Sri Lanka cabinet approves USD1.5bn development bond issue
Jan 11, 2017 (LBO) – Sri Lanka’s cabinet on Tuesday approved a proposal to borrow 1.5 billion US dollars from the issuances of development bonds this year. Borrowings from domestic sources is estimated to be at 1,129 billion rupees and foreign sources is estimated to be 450 billion rupees. The domestic borrowings will mainly consist […]