Category: Industry
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 […]
Sri Lanka and Russia to maintain strong bonds and expand bilateral cooperation
May 08, 2015 (LBO) – Sri Lanka and Russia should continue to maintain their strong friendship and close bilateral ties, irrespective of international trend,President Maithripala Sirisena had said.This was discussed when Ambassador of Russia to Sri Lanka, Alexander A Karchava, called on the President at the Presidential Secretariat on Thursday (May 07), the president office […]
‘s FCID is politically biased: Gammanpila; Police denies
May 07, 2015 (LBO) – Sri Lanka’s Police Financial Crimes Investigation Division is a mere political tool that certain politicians get hammered, provincial councilor Udaya Gammanpila said.Gammanpila, the General Secretary of Pivithuru Hela Urumaya, told reporters Thursday that the newly established division is politically biased. “There is nothing in the world history; choosing complaints to […]
Sri Lanka’s President Sirisena said special attention should be paid for educational reforms
May 07, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena says that special attention should be paid to the reforms to be done in the education sector taking into account today’s commercialized society. He was quoted in a statement saying that separating schools as Sinhala, Tamil and Muslim is not suitable in the current social […]
Sri Lanka’s vehicle registration up due to low interest leasing facilities and Yen depreciation
May 07, 2015 (LBO) – Sri Lanka’s vehicle registration grew 31.5 per cent to 429,556 in 2014, backed by low interest leasing facilities, Japanese Yen depreciation against Sri Lankan rupee, rise of hybrid vehicle imports and increase in of motor cycle registration, the Central Bank said. “The number of new vehicles registered during 2014 increased […]
Sri Lanka’s mobile internet usage grows 85.8-pct in 2014: CB
May 07, 2015 (LBO) – Sri Lanka’s total internet connections grew 68.4 per cent during 2014 largely supported by growth in mobile internet usage, a Central Bank report said. “Total internet connections grew by 68.4 per cent during 2014 raising internet penetration (connections per 100 persons) to 16.4,” a recent Central Bank annual report said. […]