Category: Industry
Fitch affirms nine Sri Lankan banks, revises sector outlook to negative from stable
Jan 13, 2016 (LBO) – Fitch Ratings, a credit ratings agency has affirmed the long-term issuer default ratings (IDRs) of nine local banks and revised its sector outlook to negative from stable, a statement said. It affirmed the National Savings Bank (NSB) at ‘B+’; Outlook Negative, Bank of Ceylon (BOC) at ‘B+’; Outlook Negative and […]
Sri Lanka calls international bids to add 60MW to national grid
Jan 11, 2017 (LBO) – Sri Lanka’s cabinet has decided to purchase 60 megawatts of power through an open international competitive bidding process for a short term period of six months starting from February. This 60MW is to be installed at three or more suitable locations to ease the transmission constraints that has arisen in […]
‘s GSP+
Jan 11, 2017 (LBO) – The European Commission said it proposed to the European Union to remove significant import duties on Sri Lankan products, to restore GSP Plus trade access to Europe’s export market. “The Commission today proposed that a significant part of the remaining import duties on Sri Lankan products should be removed by the […]
New offers for Sri Lankan travelers on Emirates
(PRESS RELEASE) – Sri Lanka, 11 January 2017 – New year, new adventures. Emirates is making it even more attractive for globalistas travelling from Sri Lanka to say “hello” to new destinations and experiences in 2017 with its offer of special fares to a wide range of cities across six continents. The sale, commencing on […]
Access Engineering invests in Rs10bn mixed development
Jan 11, 2017 (LBO) – Sri Lanka’s Access Engineering has invested 2.295 billion rupees in a joint venture to build a mixed development project at Colombo 15. The joint venture, Hotel 10 (Private) Limited, comprises of Mustafa’s PTE LTD, China Harbour Engineering Company (Lanka) Limited and Access Engineering PLC. The company said in a stock […]
Sri Lanka’s main Airport congestion now under control: Minister
Jan 10, 2017 (LBO) – Sri Lanka’s Tourism Development Minister says the initial congestion caused as a result of the partial closure of the Katunayake International Airport beginning January 6 has now been eased. The airport is closed from 8.30 am to 4.30 pm daily for a period of three months to carry out resurfacing […]
Sri Lanka tea see good demand at auction
Jan 11, 2016 (LBO) – Sri Lanka tea’s weekly Auction concluded seeing good demand with high grown tea prices recording gains and low grown teas fluctuating, a report said. “There was good demand. Prices for low grown teas tend to fluctuate whilst the prices for high and medium grown small leaf teas continued to be buoyant,” […]
Yahoo to be named Altaba, Mayer to leave board after Verizon deal
Jan 10, 2017 (Reuters) – Yahoo Inc said Monday that it would rename itself Altaba Inc and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc. Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and […]
‘s credit rating upgrade depends on IMF compliance: Fitch
Jan 10, 2017 (LBO) – Sri Lanka’s potential improvements in sovereign credit profiles will depend on the country’s level of compliance with IMF conditions, as implementation risks are often high, Fitch Ratings says. Support from the IMF has helped to mitigate external liquidity risks and reduced the medium-term default risks in several frontier markets that entered […]
Sri Lanka’s Laugfs buys third LPG carrier vessel for USD2.9mn
Jan 06, 2017 (LBO) – Sri Lanka’s Laugfs Maritime Services has purchased its third Liquefied Petroleum Gas (LPG) carrier vessel for 2.875 million US dollars. The company said in a stock exchange filing that the vessel earlier named as “Lady Martine” will be renamed as “Gas Courage” under the Sri Lankan flag. Laugfs Maritime Services […]
Hambantota port proceeds to be used to pay-off higher interest loans: Ravi
Jan 05, 2017 (LBO) – Sri Lanka’s government is planning to use Hambantota port proceeds to pay off higher interest loans which have already been taken, Finance Minister Ravi Karunanayake said. Karunanayake told reporters Thursday that the expected value of 1.1 billion US dollars will be initially used to pay off the loans taken at […]
‘s main airport check-in time increases
Jan 05, 2017 (LBO) – Sri Lanka’s Bandaranaike International Airport day-time shut down for a runway repair has resulted in airport authorities increasing the reporting and check-in-time for flights to avoid delays. “This means that you need to arrive 5 hours early for any flight and not the usual 3 hours. So there will be […]