Category: Industry
Sri Lanka signs articles of agreement for Asian Infrastructure Investment Bank
June 29, 2015 (LBO) – Sri Lanka on Monday signed the articles of agreement for the China led Asian Infrastructure Investment Bank which is expected to be operational by the year end. Representatives from 57 prospective founding members of the Asian Infrastructure Investment Bank including Sri Lanka gathered on 29 June 2015 in Beijing at […]
ICC urges Sri Lanka Cricket to hold its elections before October
June 27, 2015 (LBO) – The International Cricket Council has urged Sri Lanka’s Sports Minister to hold elections before the next ICC Board meeting in October, saying the ICC may take further action against Sri Lanka Cricket in the event of further non-compliance. The decision has been taken at the ICC Annual Conference concluded yesterday in […]
Sri Lanka signs loan agreements with OPEC fund for international development
June 26, 2015 (LBO) – Sri Lanka’s government has signed two loan agreements with OPEC fund for international development on Friday to obtain a part financing for rehabilitation of a A5 road corridor from Badulla to Chenkaladi. The road which is one of the major highways linking parts of the Central Province to Eastern Province […]
Emirates airlines Dubai bound flight makes emergency landing in Sri Lanka
Jun 26, 2015 (LBO) – An A380 flight of Emirates Airlines with 501 passengers from Sydney to Dubai made an emergency landing in Colombo, an airport duty manager said.“Emirates flight EK413 from Sydney to Dubai on 25th June was diverted to Colombo due to a technical fault,” a statement from the Airline said.“The aircraft landed […]
Exports drop 7.4-Pct in April 2015 YOY; trade gap widens: Central Bank
June 25, 2015 (LBO) – Sri Lanka’s export earnings dropped 7.4 percent to 708 million US dollars in April 2015 from a year earlier mainly due to the reduction in tea and petroleum product exports, the Central bank said. The reductions recorded in exports earnings from tea, petroleum products, sea foods, rubber products, textiles and […]
International Cricket Council confirms Zaheer Abbas as new President
June 25, 2015 (LBO) – Former Pakistan captain Zaheer Abbas has assumed the role of the ICC President on day three of the 105 member ICC Annual Conference week in Barbados on Wednesday.Zaheer began his one-year term and thanked the ICC Board and the Full Council for confirming his nomination, ICC said in a statement. […]
World Bank to give USD50mn for early childhood development in Sri Lanka
Jun 25, 2015 (LBO) – The World Bank said it has approved a 50 million US dollar credit to improve the quality and increase access to Early Childhood Development (ECD) services in Sri Lanka. “Early investment in human capital development is particularly effective at increasing the ability of disadvantaged children to access learning opportunities,” a […]
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 […]