Category: Industry
Sri Lanka postal service records Rs3bn loss last year
June 25, 2015 (LBO) – Sri Lanka’s government owned postal service has recorded 2,984 million rupees of loss in 2014 following a salary hike, Postal Services Ministry data showed. The income for the year 2014 was 6,557 million rupees, an 11 percent increase against the previous year mainly due to the increase of stamp income […]
Lanka Sathosa to be rescued with Rs7.5bn treasury funding; KPMG to help restructure
June 25, 2015 (LBO) – Lanka Sathosa, a state owned retail store will be given a 7.5 billion rupee bail out from the treasury and audit firm, KPMG has been appointed to look into ways of re-structuring it, a Minister said. “The Finance Minister Ravi Karunanayake had agreed to give 7.5 billion rupees from the […]
State banks profits up 11-pct from January to May 2015
June 24, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake says there is a 11 percent increase in the overall profits of the three state banks over the first five months of this year. “Overall profits at National Savings Bank, Bank of Ceylon and People’s Bank have increased by 11 percent,” Karunanayake said. “We […]
Sri Lanka’s hotel sector challenged due to increase of graded room supply: Hayleys
June 23, 2015 (LBO) – Sri Lanka’s Hayleys, a hotel operator says the hotel sector is challenged due to increase of graded room supply as several new domestic and international players expanding capacity. “The increased supply of graded hotel rooms has led to severe price competition and margin erosion, particularly given the prevalent shift in […]
SLT in aggressive chase for new markets in the region
June 23, 2015 (LBO) -Sri Lanka Telecom (SLT) is aggressively pursuing new markets in the region through strategic direction of building international connectivity, a statement said. SLT says its global coverage was strengthened via multiple undersea optical fibre cable systems: SEA-ME-WE 3, SEA-ME-WE 4, Bharat-Lanka (between India and Sri Lanka) and Dhiraagu (between Maldives and […]
‘s state-owned enterprises in commercial business skew the market: Mano
June 22, 2015 (LBO) – Sri Lanka State-Owned Enterprises in commercial business have an unfair advantage over other private companies which leads to a skewed market, a private enterprise leader said. This problem is compounded when the public is not aware of the situation due to an unavailability of information, he added. “ In my […]
Sri Lanka to recover GSP+ after Human Rights Council sessions in Geneva: PM
June 22, 2015 (LBO) – Sri Lanka will regain the GSP plus trade concession after the Human Rights Council sessions which are to be held in Geneva in September, Prime Minister Ranil Wickramasinghe said. The European Union withdrew the concessions in 2010 expressing deep concern over alleged human rights violations said to have occurred during […]
Sri Lanka to develop national transmission network with USD200mn Japanese loan
June 20, 2015 (LBO) – Sri Lanka’s Foreign Minister Mangala Samaraweera and his Japanese counterpart Fumio Kishida on Friday signed an agreement for a project to develop the national transmission and distribution network in the island.The project with a value of 200 million US dollars is to be granted under the 45th Yen Loan Package, […]
Sri Lanka’s Hayleys and UNDP to promote seaweed farming in North
Jun 19, 2015 (LBO) – Sri Lanka’s Hayleys Aquagri, a subsidiary of Hayleys Group with the United Nations Development Programme (UNDP) said they would support to expand seaweed farming in select islands in the Islands Jaffna District, a statement said. Joern Soerensen, UNDP Country Director and Hayleys Agriculture Holdings, Managing Director and Executive Director of […]
Sri Lanka’s EDB to tap Canadian market through increased connectivity
June 19, 2015 (LBO) – Sri Lanka’s Export Development Board (EDB) has partnered with the Trade Facilitation Office of Canada to enhance EDB’s capacity to assist small and medium sized exporters.The Canadian market access and capacity building services program includes Canadian market familiarization tours, market entry study and training programs, the Canadian High Commission said […]
SMEs to drive banking loan growth going forward: Asia Securities
June 19, 2015 (LBO) – Sri Lanka Asia Securities says that small and medium enterprises (SME) will drive banking loan growth going forward. “The SME sector is expected to drive the economic growth going forward,” Asia Securities says in a recently launched banking report titled ‘Banks: An Evolving Story of Elephants and Cheetahs’. Banking Loan […]
SriLankan flight experiences turbulence, minor injuries to crew
June 18, 2015 (LBO) – Sri Lanka’s state airline, SriLankan Airlines’ Colombo bound flight UL 564 from Paris had experienced a turbulent weather conditions over the Arabian Sea, close to India, landed safely at BIA this morning, the airline said in a statement.The Aircraft was an Airbus 330-200. SriLankan says the flight was carrying 193 […]