Category: Industry
‘s ministries should be aligned to be more effective
Sep 30, 2016 (LBO) – Sri Lanka’s budget allocations for national road development are high, but it needs to be attuned to needs, and ministries should be properly allocated, a senior official said. “The problem is that we have fragmented systems, especially transport and highways are two different ministries so it is very difficult for […]
Sri Lanka’s Central Bank allows foreign investors full control: CIFL
Sep 29, 2016 (LBO) – Sri Lanka’s troubled Central Investment and Finance Company says the Monetary Board has assured that investors would get 100 percent control once the proposed investment materializes. Clarifying a newspaper report, CIFL said that such intervention would be subject to other circumstances of the mechanism of proposed investment. The investors have […]
Sri Lanka lube market grows 6.8-pct in 2015: report
Sep 29, 2016 (LBO) – Sri Lanka’s lubricant market has grown by 6.8 percent to 23.4 billion rupees in 2015, with 10.1 percent growth in automotive and 7.7 percent increase in industrial lube, the lubricant market report 2015 showed. The report compiled by its regulator Public Utilities Commission, however, said the marine lubricant market has […]
One in four Sri Lankan households own a computer: survey
Sep 29, 2016 (LBO) – At least one computer is available in 24 percent of households in Sri Lanka, in urban as well as rural areas, the Department of Census and Statistics said in its Computer Literacy report for 2015. “That is about one out of every four households owns either a desktop or a […]
Blackberry ends manufacture of iconic smartphone
Sept 29, 2016 (LBO) – BlackBerry says it will no longer manufacture the iconic smartphone and will instead outsource the function to partners. BlackBerry CEO John Chen said the company will prioritize software development, including apps and security. “We are reaching an inflection point with our strategy,” Chen said. “Our financial foundation is strong, and […]
US based BlackRock shows interest in Srilankan airlines: Minister
Sep 28, 2016 (LBO) – Two global investment managers, US based BlackRock and TPG Capital, have shown interest in crisis-hit SriLankan Airlines which is looking for a partner, a minister said. “BlackRock and TPG Capital, two global investment management firms are among the interested parties in addition to some Chinese airlines,” Malik Samarawickrama, minister of […]
Indian Minister says “not bitter” over Sampur, will look at LNG option
Sep 28, 2016 (LBO) – India has had “no bitter experience” and will not be pulled back by the halting of the Sampur coal power plant and will engage with Sri Lanka in a way both countries benefit out from it, a visiting Indian minister said. “These are national priorities and international commitments, both of […]
Cinnamon Life launch second residential tower ‘The Suites at Cinnamon Life’
(PRESS RELEASE) – Sri Lanka’s most iconic mixed development project, Cinnamon Life, announced the launch of ‘The Suites at Cinnamon Life’, the second residential tower to be constructed as part of a 4.5 million square foot integrated resort by Waterfront Properties (Private) Limited, a member of the John Keells Group. At the time of launch, […]
Sri Lanka’s Citrus Leisure proposes to restructure group
Sep 27, 2016 (LBO) – Sri Lanka’s Citrus Leisure has proposed restructuring its group subject to the relevant regulatory approvals, the company said in a stock exchange filing. The board has decided to dispose company shares in Waskaduwa Beach Resort (CITW) in exchange for Hikkaduwa Beach Resort (CITH) shares. It will be carried out after […]
Sri Lanka attracts major container ship MSC Maya to Colombo
Sep 27, 2016 (LBO) – Sri Lanka’s Colombo International Container Terminal (CICT) attracted one of the largest container ships in the world ‘MSC Maya’ with a capacity of 19,224 TEUS to the Colombo Port recently. Switzerland-owned Mediterranean Shipping Company’s MSC Maya made Colombo’s maiden call on 16th September 2016, replacing a smaller vessel owned by […]
Infrastructure: Sri Lanka Megapolis development on right track, says UDA DG
Sept 27, 2016 (LBO) – Sri Lanka is pushing ahead with ambitious Megapolis development plans keeping in mind the need to strengthen public sector capacity, a senior government official said. The Western region Megapolis is being designed around clusters in financial services, industry and manufacturing, airport related activity, technology, logistics, forestry and tourism, said Sumedha […]
SriLankan Airlines adds Lahore as 100th destination
Sep 27, 2016 (LBO) – SriLankan Airlines said they would commence services between Lahore in Pakistan and Colombo from 27th September 2016, to enhance its focus on Asia. “This is an important step in our strategy of increasing our focus on Asia, from the Middle East in the west to China and Japan in the […]