Category: Industry
Sri Lanka Gem exports targets to cross $1bn by end 2015
May 13, 2015 (LBO) – Sri Lanka plans to increase export of local gems to one billion US dollars by the end of the year, Sri Lanka Gem and Jewelry Association said in a media release.Sri Lanka will host the 16th Congress of the International Colored Gem Stone Association from May 16th to 19th at […]
”s Merchant Finance on negative watch; withdraws rating
May 12, 2015 (LBO) – Sri Lanka’s Fitch Ratings has placed People’s Merchant Finance, national long term rating of ‘BB+(lka)’ on rating watch negative and simultaneously withdrawn the rating. Fitch is withdrawing the rating as the People’s Merchant Finance (PMF) has chosen to stop participating in the rating process, issuing a statement Fitch Ratings said. […]
Sri Lanka will not have electricity tariff revisions in 2015: Minister
May 12, 2015 (LBO) – Sri Lanka’s Minister of Power and Energy says that there are no plans to increase the electricity tariffs this year.“We are not planning to increase the electricity tariffs during the course of this year,” Minister, Power and Energy, Patali Champika Ranawaka said. “This is because the Ceylon Electricity Board (CEB) […]
Sri Lanka’s President discuss 20th amendment with all political parties
May 12, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena Monday met leaders of all political parties and discussed the proposed electoral reforms at the Presidential Secretariat, President Office said.The cabinet paper pertaining to revise the electoral system, was also discussed at the meeting. The President informed all the party representative that in written suggestions […]
Sri Lanka DFCC, NDB merger off; revisit option left open: NDB CEO
May 11, 2015 (LBO) – Sri Lanka’s National Development Bank (NDB), Chief Executive told LBO that although the merger with DFCC is off the option to revisit will be left open.“We believe that the termination of the MOU will give both institutions the flexibility to pursue their respective business strategies while leaving open a window […]
Sri Lanka’s Commercial Credit and Finance to issue Rs1bn debt
May 11, 2015 (LBO) – Sri Lanka’s Commercial Credit and Finance, to issue debenture to raise one billion rupees which will be listed on the Colombo Stock Exchange, the bank said in a stock exchange announcement. The company plans to offer 10,000,000, rated, subordinated, guaranteed, redeemable debentures at an issue price of 100 rupees each.The […]
Sri Lanka’s state owned Lankaputhra bank in trouble due to unpaid loans
May 11, 2015 (LBO) – Sri Lanka’s state owned Lankaputhra bank is going through a hard time due to non-performing loans given on the instruction of the Rajapakse regime, the Bank’s Chief told reporters at a press briefing held Colombo. Lankaputhra started operations in 2006 with an aim to finance and uplift small and medium […]
Sri Lanka to introduce regulated energy pricing formula soon: Minister
May 11, 2015 (LBO) – Sri Lanka’s subsidized energy sector will be introducing a regulated pricing formula for fuel prices soon, the Minister of Power and Energy Ministry said.“We are planning on introducing a fuel pricing formula linked to electricity tariffs or one that would change prices every three months based on global prices in […]
‘s government denies political intervention into FCID
May 11, 2015 (LBO) – Sri Lanka’s government on Monday denied any sort of undue political intervention into the Financial Crimes Investigation Division and assures the independence of the investigations carried out by all the law enforcement agencies in the country.Issuing a statement the Prime Minister’s office said the Financial Crimes Investigation Division (FCID) is […]
Sri Lanka’s oil mafia spreads false propaganda; no fuel shortage: Power Ministry
May 09, 2015 (LBO) – Sri Lanka’s Power and Energy Ministry says there is no fuel shortage in the country and requests people not to be misled by false propaganda.Oil mafia earlier spread a false statement saying oil prices will be increased shortly and now they are pretending an oil shortage in the country, the […]
Sri Lanka tourist arrivals up 8.5-pct in April 2015; India top gainer
May 08, 2015 (LBO) – Sri Lanka’s tourist arrivals rose 8.5 percent to 122,217 in April 2015, from a year earlier driven by growth in the Indian and Chinese markets, official data shows. Top generating market for April, India rose 34 percent to 23,048 from a year earlier while recording a 23 percent rise in […]
Sri Lanka’s energy sector pricing a crucial factor in country’s competitiveness: Economist
May 08, 2015 (LBO) – Sri Lanka’s energy sector price structure and availability plays a crucial part in the economy’s competitiveness, a senior economist said.“The price and availability of energy is a crucial determinant of the competitiveness of an economy and there is also a nexus between the power and energy sector and overall development […]