Category: Industry
‘s power users to be compensated for damages: PUCSL
Oct 19, 2016 (LBO) – Sri Lanka’s electricity consumers will be compensated for the damages to equipment due to abnormal voltages and phase reversals in the distribution systems from 13th January 2017, the power regulator said. The implementation of the regulation will be completed in three stages over three years from the day the regulations […]
SriLankan Airlines bans Samsung Note 7 on all aircraft
Oct 18, 2016 (LBO) – Sri Lanka’s national carrier, SriLankan Airlines has imposed a total ban on the carriage and usage of ‘Samsung Note 7’ on board the SriLankan and Mihin Lanka aircraft with immediate effect. The ban comes into effect subsequent to the series of incident reported on explosions of the device when connected […]
European Council President pledges to support Sri Lanka GSP+
Oct 18, 2016 (LBO) – European Council President has pledged to Prime Minister Ranil Wickremesinghe the fullest support to regain the GSP+ concessions for Sri Lanka. The support came after Premier Wickremesinghe yesterday met Donald Tusk who has been President of the European Council since December 2014. Tusk who was previously the Prime Minister of […]
Sri Lanka’s Power Ministry releases reduced power cut schedules
Oct 18, 2016 (LBO) – Sri Lanka’s Power Ministry has released new power cut schedules after the initial 3.5 hours power cut was reduced to 1.5 hours power cut. The Power and Renewable Energy Ministry said that a one hour power cut will be imposed during the day time, and a half-an-hour cut will be […]
Fitch downgrades PABC, Affirms four small and mid-sized banks
Oct 17, 2016 (LBO) – Sri Lanka Fitch has downgraded Pan Asia Banking Corporation’s (PABC) National Long-Term Rating to ‘BBB-(lka)’ from ‘BBB(lka)’ and confirmed ratings of four small, mid-size banks, a statement said. The Outlook on PABC is revised to Stable from Negative, the rating agency said in a statement. The National Long-Term Ratings on […]
Commercial Bank’s Rs5bn debenture issue opens on Oct 24
Oct 17, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon second issue of debentures for 2016 is to open on 24th October, the bank said in a statement. The Bank is seeking to raise 5 billion rupees with an option to increase it by a further 2 billion to strengthen its Tier II capital […]
Sri Lanka’s CEB imposes 3.5 hour power cuts except in Colombo CMC
Oct 17, 2016 (LBO) – Sri Lanka’s Ceylon Electricity Board has imposed a 3.5 hours power cut in the island except in Colombo city following the technical breakdown of Norochcholai Lakvijaya coal power plant. The Power and Renewable Energy Ministry said in a statement that a 2 1/2 hours power cut will be imposed during the […]
Asia Tourism Investment Conference in Nov gathers momentum
Oct 17, 2016 (LBO) – The inaugural Asia Hotel and Tourism Investment Conference in November in Colombo will be an influential gathering for the region focusing on challenges and opportunities in the hotel and tourism industries, the organizers said. Hot topics are likely to include land ownership, impediments to raising finance and shortage of talent. […]
New opportunities for Sri Lankan companies in India
Oct 17, 2016 (LBO) – There are new opportunities for Sri Lankan companies in India, with several internal changes going on in the country, an official of a visiting Indian business delegation said. “Within India, there are so many economic changes that could be advantageous for Sri Lanka. What is important is that this is […]
Sri Lanka’s Commercial Bank to raise Rs7bn from listed debenture
Oct 14, 2016 (LBO) – Sri Lanka’s Commercial Bank is to raise 7.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated, unsecured, subordinated, redeemable debentures worth 5.0 billion rupees with an option to go up to 7.0 billion rupees. The proposed […]
Verizon may renegotiate Yahoo deal after data breach
Oct 14, 2016 (LBO) – Verizon Communications Inc. may renegotiate its 4.8 billion dollar deal for Yahoo Inc. following the internet company’s recent disclosure of a data breach that affected more than 500 million accounts. Verizon’s General Counsel Craig Silliman said it was reasonable to believe that the breach represented a material event that could […]
Ravi Karunanayake complains to CID over fake social accounts
Oct 14, 2016 (LBO) – Finance Minister Ravi Karunanayake has complained to the CID that fake facebook and twitter accounts have been carried out in his name. The accounts are under the names of Ravi Karunanayake Lanka Intelligence and Ravi Karunanayake @RavikOfficial. “I have no connections whatsoever with these two pages which publishes news detrimental […]