Category: Industry
Sri Lanka to finalize Hambantota port deal by next month
Nov 18, 2016 (LBO) – Sri Lanka expects to finalize the deal with regard to the loss-making Hambantota port within three weeks, Ports Minister said. Minister Arjuna Ranatunga told Parliament Friday that under the new arrangement, the port will be operated as a PPP venture project between Sri Lanka and Chinese investors. “A Chinese company […]
Sri Lanka hotels report sharp rate growth of 15 pct: STR
Nov 18, 2016 (LBO) – A study by analytics firm STR shows that Sri Lanka’s hotel market recorded strong performance growth through September 2016, driven by a sharp increase in the average daily rate (ADR). In year-over-year comparisons with the first nine months of 2015, Sri Lanka hotels reported a 15 percent increase in ADR […]
Sri Lanka power regulator worried over delayed power plant construction
Nov 18, 2016 (LBO) – Sri Lanka’s Public Utilities Commission has issued a directive to CEB expressing its grave concern over the delay in constructing the power plants according to the approved Least Cost Long Term Generation Expansion Plan (LCLTGEP). “The Public Utilities Commission of Sri Lanka approved the LCLTGEP on 15th of September 2016 and it […]
Sri Lankan real estate sector sees office demand spike: OBG
Nov 18, 2016 (LBO) – The office segment of Sri Lanka’s property market is likely to see rising levels of activity over the next few years, as developers scramble to bridge a shortage of premium space, the Oxford Business Group said. There is an expanding gap between available space and demand in Colombo, according to […]
Anantaya – Chilaw wins at World Luxury Hotel Awards 2016
(PRESS RELEASE) – Anantaya Resort & Spa – Chilaw did Sri Lanka proud on the global tourism stage, grabbing the Country Award for Luxury Hotel and Conference Centre in addition to walking away with the coveted Regional Award for Luxury Wedding Destination at the 2016 World Luxury Hotel Awards ceremony held in Qatar. Setting a […]
SLT to power Lanka Government Network, LGN 2.0
Nov 17, 2016 (LBO) – Sri Lanka Telecom has been chosen as the total communication service provider and communication infrastructure provider to the Lanka Government Network, in a collaborative move by the national government and the Information and Communication Technology Agency of Sri Lanka (ICTA), a statement said. The LGN is a strategic project produced […]
Sri Lanka Water Board may incur Rs9bn loss in 2017
Nov 17, 2016 (LBO) –Sri Lanka’s state-owned water supplier has warned that it may suffer from a loss of 9 billion rupees next year if the proposed tariff increase was not granted. Water Supply Minister Rauff Hakeem told reporters in Colombo that the Sri Lanka Water Board is not currently a loss making institution. “But […]
Sri Lanka offers long-term contracts to import refined petro products
Nov 17, 2016 (LBO) –Sri Lanka’s cabinet has granted its approval to offer three longer term contracts to Indian and Singapore companies to purchase refined petroleum products to meet the country’s demands. These contracts cover a period of 8 months starting December this year as the existing contracts for purchase of refined petroleum products have […]
‘s prospects for LNG investment high, especially from Japan: advisory firm
Nov 16, 2016 (LBO) – Sri Lanka’s prospects for attracting investments in LNG, power plants, and natural gas infrastructure are good, especially if the island looks towards Japan, a global advisory firm said. Sri Lanka enjoys “Comprehensive Partnership” status with Japan, supported by close ties between Prime Minister Ranil Wickremesinghe and Japanese Premier Shinzo Abe, […]
EU-Sri Lanka launch EUR 8mn project for SME trade competitiveness
Nov 16, 2016 (LBO) – The European Union has launched a 8 million euro project that will help Sri Lanka increase its small and medium enterprise trade competitiveness in regional and European markets. “This project has been jointly designed with the Government of Sri Lanka, and brings together policymakers, government agencies, business leaders, chambers of […]
Janashakthi reports Profit Before Tax of Rs.894 million in nine months ended 30th September
(PRESS RELEASE) – Janashakthi Insurance PLC (Janashakthi) reported a consolidated Profit Before Tax (PBT) of Rs.894 million for the nine months ended 30th September 2016, a remarkable growth of 131% over the same period in 2015. Consolidated Gross Written Premiums (GWP), which stood at Rs.9.8 billion at the end of the period in review, […]
Sri Lankan market crowded, Asian telcos under pressure in 2017: Fitch
Nov 15, 2016 (LBO) – Sri Lanka continues to be a crowded market with five operators serving a population of 21 million and set for consolidation, Fitch Ratings said in a statement. “We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek mergers and acquisition to strengthen […]