Category: Industry
Power officials meet Monday to investigate third island-wide power failure: Minister
Mar 14, 2016 (LBO) – Sri Lanka’s Minister of Power and Renewable Energy said senior power sector officials are to meet Monday morning to investigate two island-wide power failures on Sunday. “It was the third island-wide power failure in six months and we are now investigating it,” Thilak Siyabalapitiya, Minister, Power and Renewable Energy said. […]
Interview: Tourists need better infrastructure, says Astoria developer
Mar 12, 2016 (LBO) – Sri Lanka should take more steps to attract Chinese tourists as foreign investors increase investments in the island, a top Chinese property developer said. “We think Sri Lanka has a bright future. But Sri Lanka must improve infrastructure facilities to attract more people,” Zhong Yuan, the president of AVIC International Hotels […]
Sri Lanka’s CPC incurs Rs13.2bn loss for Jan-Nov 2015: Petroleum Minister
Mar 11, 2016 (LBO) – The marginal profit received from selling diesel is not sufficient to cover the 13.2 billion rupee loss incurred by the CPC in the first eleven months of 2015, Petroleum Minister Chandima Weerakkody said. Minister Weerakkody told Parliament that based on last December prices the state-owned Ceylon Petroleum Corporation and Lanka […]
Aitken Spence Hotel Holdings invests Rs500mn in Golden Sun Resorts
Mar 11, 2016 (LBO) – Aitken Spence Hotel Holdings has decided to accept 50 million shares of its fully owned subsidiary Golden Sun Resorts private limited in lieu of certain funds advanced by the Company. Aitken Spence hotel Holdings in a stock exchange filing said it has from time to time advanced funds to the […]
CPC to start lubricant manufacturing company with USD13mn
Mar 11, 2016 (LBO) – The Ceylon Petroleum Corporation has obtained Cabinet approval to open a State-owned lubricant manufacturing company to avoid the high expenditures on lubricants. As per the government sources, the proposed company will commence within the next two weeks with an initial investment of 13 million US dollars. 2016 budget proposed to […]
Sri Lanka to implement pre paid card system for public transportation
Mar 11, 2016 (LBO) – The cabinet approval has been obtained to implement an electronic charging system through prepaid cards.The project will be implemented with the cooperation of ICTA, Transport Board, National Transport Commission, private bus owners, public banks and IT companies. The main positive feature of electronic charging system is its ability to charge […]
Sri Lanka Meagapolis Authority Act to parliament in two months
Mar 09, 2016 (LBO) – The legal act for Sri Lanka government’s hallmark Megapolis development is now drafted and will be presented in parliament soon, a senior official said. “We hope to bring the Megapolis Act to the legislature in the next two months,” Ranjith Fernando, chairman of the Urban Development Authority said. “This act […]
Thailand calls for FTA with Sri Lanka; triple bilateral trade by 2020
Mar 10, 2016 (LBO) – Thailand, South East Asia’s second largest economy has officially called for an FTA with Sri Lanka as both countries pushing for a three-fold increase in bilateral trade by 2020. Bilateral trade between Sri Lanka and Thailand hovered at 500 million US dollars in 2015. “Thailand is proposing a Free Trade […]
Sri Lanka extends Colombo Port City Project agreement by 6 months
Mar 10, 2016 (LBO) – The cabinet has approved the extension of the agreement on Colombo Port City development project agreement for a further period of six months from 15 March 2016. The Cabinet Committee on Economic Management has recommended allowing resumption of the project subject to limitations and conditions stipulated in the EIA report. […]
Government proposals may lead to lubricant market fragmentation: Chevron
Mar 10, 2016 (LBO) – Chevron Lubricants Lanka, a leader in the island’s lubricant industry says the market may be at risk of further fragmentation as the government proposed to open up the lubricant market. “We have concerns about the 2016 budget proposals in respect of the lubricant industry,” said Kishu Gomes, Chief Executive Officer […]
Sri Lanka bought planes instead of building houses: PM
Mar 10, 2016 (LBO) – Sri Lanka’s Prime Minister said on Thursday the nation is plagued with incompetencies of the former regime and the homeless could have been housed with the funds mishandled. “If they (the former government) did not buy those eight planes then we could have built houses for the people,” Premier Ranil […]