Category: Industry
Improved Swedish interest in Sri Lanka imports after GSP+
An increased interest to import products from Sri Lanka to Sweden has been noticed since the GSP+ came in to function. This was confirmed on Tuesday 20th June during a well-attended breakfast seminar in Stockholm at the premises of the Swedish National Board of Trade. The seminar was organised by the Sri Lankan Embassy in […]
SriLankan hosts ‘Rumble in Jungle’ mountain biking race 2017
SriLankan Airlines successfully conducted ‘Rumble in the Jungle’ the premier mountain biking event that attracts local and international cycling pros and enthusiasts recently . Conducted for the fourth consecutive year, ‘Rumble in the Jungle’ is a grueling yet thrilling race that enables local and international participants to experience the diverse beauty of the island. On […]
Fitch expects more interest rate pressure for Sri Lankan corporates
June 20, 2017 (LBO) – Fitch Ratings says it expects rising domestic interest rates to hurt Sri Lankan corporates over the next 12 months. Releasing a statement, the rating agency said borrowing costs of corporates have increased more than 200bp in the 12 months to March 2017. The Central Bank increased policy rates by 125bp […]
Sri Lanka calls EOIs for ferry system in Colombo
June 19, 2017 (LBO) – Sri Lanka’s Megapolis Ministry said it has called for expressions of interest to establish a ferry system in Colombo canals through a public-private partnership. “Tenders will close on 24 July and a potential shortlist of investors is to be announced in nine weeks,” issuing a statement, the ministry said. “The […]
Waters Edge to create largest banquet facility in Sri Lanka
Waters Edge yesterday commenced an extensive expansion project of the 4-floor banquet facility. Lead by the ideas and efforts of Minister of Megapolis and Western Development Patali Champika Ranawaka, Chairman of Waters Edge Chamath De Silva and General Manager Rohan Fernandopulle, the groundbreaking ceremony was also attended by officials from the Urban Development Authority and […]
Sri Lanka plans trade, business delegation to Bangladesh
June 16, 2017 (LBO) – Sri Lanka’s Ministry of Industry and Commerce plans a trade and business delegation visit to Bangladesh next month, on the back of a three-fold rise in trade between the two countries, a statement said. “Bilateral trade between the two countries tripled since 2010 but there is unexplored potential,” said Minister […]
‘s Long Term Energy Generation Plan not in keeping with govt policy: SEMA
June 16, 2017 (LBO) – The Least Cost Long Term Generation Expansion Plan (LCLTGP) 2018-2037 proposed by the Ceylon Electricity Board (CEB) is not in line with the policy of the government, the Strategic Enterprise Management Authority (SEMA) said. “According to the CEB’s plan only 35 percent of the islands energy demand will be met […]
‘s quality mall space shortage to continue: JLL
June 16, 2017 (LBO) – As Sri Lanka’s tourist arrivals rise and the local consumer becomes more brand conscious along with demand for better quality goods and services, an existing shortage of quality mall space is likely to continue in the short to medium term, a new report said. Jones Lang LaSalle, a property consultancy […]
Srilankan Airlines says media misguided, losses dramatically reduced
June 15, 2017 (LBO) – Srilankan Airlines said on Thursday that media was misguided when reporting losses and the airline had dramatically reduced the annual loss since the formation of the Unity government. “Contrary to inaccurate reports in the press, the management of SriLankan Airlines would like to point out that since the Unity Government […]
Commercial Bank leads Sri Lanka’s SME financing in 2016
June 15, 2017 (LBO) – Sri Lanka’s SME sector has been injected with 719 billion rupees by both state and private sector banks in 2016, with Commercial Bank of Ceylon leading with 273 billion rupees in such lending. Department of Development Finance said in a report that in 2015, 604 billion rupees was granted by […]
‘s power grid may be replicated elsewhere
June 15, 2017 (LBO) – Cybersecurity researchers say the 2016 attack on Ukraine’s power grid that deprived part of its capital Kiev of power was caused by a cyberattack — specifically, of the grid-sabotaging malware variety. A week before last Christmas, hackers struck an electric transmission station north of the city of Kiev, blacking out […]
Sri Lanka seeks more air connectivity with Gulf region
June 07, 2017 (LBO) – Sri Lanka wants to improve its air connectivity with Gulf countries in order to mitigate the effects of the break off of air connectivity between Qatar and Saudi Arabia, the UAE, Bahrain, Egypt and Yemen. As a result of growing crisis in the Gulf region, the state-owned flag carrier of […]