Category: Industry
Sri Lanka approves two wind power plants in Chunnakam
Dec 01, 2016 (LBO) – Sri Lanka’s cabinet has given the approval to award tenders establish two wind power plants of 10 megawatts each in Chunnakam. “The government has paid its attention on generating a larger portion of electricity requirement by renewable energy sources and it is proposed to establish solar and wind power plants,” […]
New legal framework for solar in Sri Lanka, no more licences
Nov 30, 2016 (LBO) – Sri Lanka’s power regulator, Public Utilities Commission of Sri Lanka (PUCSL), has decided to remove the legal barriers for consumers who wish to enter into electricity generation based on solar power. “It has been proposed to exempt the electricity consumers, who generate electricity in small scale through rooftop solar power […]
Sri Lanka to improve essential utility services in Western Megapolis
Nov 30, 2016 (LBO) – Sri Lanka’s cabinet has granted approval to improve new utilities and infrastructure required for the Western region Megapolis. It is expected that there will be an increased demand for essential utility services such as transport, electricity, water, drainage and waste disposal with the implementation of the main plan of the […]
Seylan secures a USD 15 mln term facility from UAE
Nov 30, 2016 (LBO) – Seylan Bank has successfully raised a 5-year 15 million US dollar facility from the National Bank of Ras Al Khaimah (RAKBANK) of the United Arab Emirates, the bank said in a statement. Alpen Capital (ME) Limited, an investment banking advisory firm, also based in the UAE acted as the sole […]
Vote on Facebook for your favourite feature on Emirates Economy Class
(PRESS RELEASE) – Even among seasoned travellers, air travel invariably generates a conversation and now Emirates is engaging in one with its customers and fans in Sri Lanka via social media. The global connector of people, places and experiences has invited its Facebook fans in Sri Lanka to vote for one of three features that distinguish […]
Janashakthi Nurture the Next Generation of Insurance Professionals
(PRESS RELEASE) Janashakthi Insurance recognised six students of the Wayamba University ‘Insurance and Valuation Degree’ batch for their outstanding performance at a special awards ceremony recently, where the batches of 2015 and 2016 were awarded Gold, Silver and Bronze medals along with cash prizes. The specialised degree offered exclusively at the Wayamba University is powered […]
‘s Comm Bank opens money transfer from Italy
Nov 28, 2016 (LBO) – Commex Sri Lanka, a fully-owned subsidiary of Commercial Bank of Ceylon, has inaugurated its money transfer operation in Italy, following the grant of a money transfer licence from the Bank of Italy. The bank said Commex Sri Lanka of Via Giacomo Leopardi, Rome, incorporated and registered in Italy under the […]
Sri Lanka establishes resident mission in Ethiopia
Nov 28, 2016 (LBO) – Sri Lanka has established a resident mission in Addis Ababa, Ethiopia to broaden ties with the nation located in the Horn of Africa. “With a view to broadening political, trade and economic relations with Ethiopia and also forge closer relations with the African Union (AU) that is headquartered in Addis […]
Pan Asia Bank CEO resigns and appointed NDB CEO
Nov 24, 2016 (LBO) – National Development Bank announced the appointment of P L D Neomal Seneviratne as the Chief Executive Officer/Director of the bank with effect from 1st January 2017. Seneviratne counts more than 26 years of experience in the Banking industry, of which the last 3 years were with Pan Asia Bank where […]
Fitch says capitalisation in banking sector needs to be shored up
Nov 24, 2016 (LBO) – Sri Lanka’s Fitch Ratings said that capitalisation in the banking sector needs to be shored up and certain regulatory forbearances have contributed to bank undercapitalisation. Releasing a statement the rating agency said they are of the view that the reported capital adequacy ratios of banks in Sri Lanka continue to […]
Sri Lanka to explore and assess gem deposits
Nov 24, 2016 (LBO) – Sri Lanka’s cabinet has decided to implement a project to explore and assess gem deposits in Sri Lanka within 2017 and 2021, a statement said. “It has been assessed that gem deposits are spread in around 70 percent of land in Sri Lanka but only 10 percent of them are used […]
Western Province interconnected roads to be upgraded
Nov 23, 2016 (LBO) – Sri Lanka’s cabinet has approved a proposal to improve 26 damaged interconnected roads in the Western Province. The project will cover a total length of 30 km in Colombo, Moratuwa, Mahara and Avissawella areas by laying carpet at an estimated cost of 208.5 million rupees through the Provincial Road Development […]