Category: Industry
iflix adds Hindi & Tamil content for Sri Lanka internet TV viewers
iflix, the world’s leading Internet TV service for emerging markets is thrilled to announce the addition of hugely popular Hindi and Tamil programming to its world class content offering. From today, consumers can enjoy unlimited access to the best in Hindi and Tamil movies, in addition to the vast selection of popular, award-winning and iconic […]
USD1 bln expected from Hambantota port sale: CB Governor
Nov 02, 2016 (LBO) – Sri Lanka could expect a one billion dollar inflow to the economy in about five months time through the sale of a stake in the Hambantota Port, the Central Bank Governor said on Tuesday. The equity proceeds of a sale of an 80 percent stake to a Chinese investor could […]
Aitken Spence Travels Brings in Russian Charter to Sri Lanka
(PRESS RELEASE) – Aitken Spence Travels, the premier destination management company in Sri Lanka in collaboration with Coral Travel & their airline charter arm, Royal Flight in facilitating their first charter flight from Russia to Sri Lanka for winter 2016/17. The charter arrived this morning, 1st of November 2016 to the Bandaranaike International Airport. The […]
Korea Eximbank checks feasibility to create ICT hub in Sri Lanka
Oct 31, 2016 (LBO) – South Korea’s export and import bank is planning to conduct a comprehensive feasibility study to establish an ICT Hub for secondary education in Sri Lanka through a joint consulting firm. Sri Lanka has identified that the availability of highly skilled labor force is vital to the economic growth as well […]
Sri Lanka to have 500 public Wi-Fi spots before end 2016
Oct 31, 2016 (LBO) – Sri Lanka’s Digital Infrastructure Ministry is expected to complete opening of 500 free public Wi-fi spots in the island before the end of this year. The Ministry of Telecommunication and Digital Infrastructure recently reactivated 405 hotspots that underwent an upgrade. The ministry is to open 95 new public Wi-fi facilities […]
South Asia Textiles embarks on USD3mn expansion
Nov 01, 2016 (LBO) – Textile manufacturer South Asia Textiles says it will extend its one billion rupee expansion program with a three million dollar investment in state-of-the-art technology. “Some of the machinery to be introduced will be the aerodynamic Air-Flow textile dye machines with absolute minimal usage of water, a continuous washer which saves […]
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Oct 31, 2016 (LBO) – Sri Lanka’s Value Added Tax (VAT) hike 15 percent from 11 percent will make the island credit positive as it will facilitate fiscal consolidation by strengthening low revenue-to GDP ratio, Moody’s Investors Service said. “The government originally implemented the VAT hike in May, but retracted it in July after a […]
Sri Lanka to sell 80 percent of southern Hambantota port to Chinese firm
Oct 28, 2016 (Reuters) – Sri Lanka will sell to a Chinese company 80 percent of a $1.5-billion port in its south, where China has also been offered an investment zone, in a bid to cut the country’s debt burden, Finance Minister Ravi Karunanayake said. The move follows an offer made by Prime Minister Ranil […]
EU team to visit Sri Lanka next week on GSP+ application
Oct 28, 2016 (LBO) – A four member delegation from the European Parliament will visit Sri Lanka next week to look at the groundwork laid for a successful GSP+ application, a statement said. “The team will also discuss the progress on national reconciliation and ways to empower women politically and economically,” said the delegation of […]
India’s sub-sea power cable can be a solution for Sri Lanka: PUCSL
Oct 28, 2016 (LBO) – The planned laying of a sub-sea electricity cable to transmit power from India to Sri Lanka can be one solution to the island’s looming power crisis, a senior official said. “We see this as a solution, the Indo-sea cable has been in discussion for some time with a pre-feasibility also […]
Sri Lanka’s tallest residential project to have fastest elevators
Oct 28, 2016 (LBO) – Sri Lanka’s tallest residential building, the Altair project, will have country’s fastest elevators, Aitken Spence said in a statement. Aitken Spence said that world’s largest manufacturer and maintainer of people-moving products Otis has been selected to provide high-speed elevators to the project in Colombo. Elevators Private Limited, a joint venture […]
Sri Lanka’s increased VAT to be applied from Nov 01
Oct 28, 2016 (LBO) – Inland Revenue Department said the changes to VAT and NBT will be implemented with effect from November 01. Releasing a statement, its Commissioner General said further details will be updated in due course. As per the amendments passed, VAT will be increased from 11 percent to 15 percent while NBT […]