Category: Industry
Sri Lanka’s Commercial Bank kicks off operations in Maldives
Sep 26, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon today started operations of its subsidiary in Male, Maldives, the bank said in a stock exchange filing. Commercial Bank of Maldives private limited is a fully-fledged banking subsidiary which is set up in partnership with a Maldivian company. The bank last year said the […]
Finance Ministry says merchants will pay lower VAT despite hike
Sep 26, 2016 (LBO) – Sri Lanka’s Finance Ministry says retail and wholesale merchants will have to pay a lower VAT payment than expected despite the rate hike from 11 to 15 percent. Under the proposed VAT amendment bill, the VAT will really be charged only on the revenue accumulated on the sale of VAT liable […]
Sri Lanka eyes FTA and increased funding from South Korea
Sept 26, 2016 (LBO) – Sri Lanka is interested in entering into a Free Trade Agreement with South Korea in the future, a senior minister revealed. International Trade Minister Malik Samarawickrama in a recent visit to Korea has conveyed Sri Lanka’s interest on an FTA to Korean Vice Minister of Trade. The Sri Lankan embassy […]
Infrastructure: Friction free inter-agency cooperation key, says PUCSL DG
Sep 26, 2016 (LBO) – Sri Lanka needs mechanisms and skills to manage multiple agency involvement in order to ensure the proper and timely implementation of its planned mega infrastructure projects, a senior official said. “There is multiple agency involvement in managing infrastructure projects. We have implementation agencies involvement like land, environment, regulatory and local […]
Overseas Realty to raise Rs7.3bn in rights issue for Havelock City
Sept 26, 2016 (LBO) – Sri Lanka’s Overseas Realty is to raise 7.3 billion rupees by way of a rights issue, the company said in a stock exchange filing. The company is to issue 355 million new ordinary shares at 20.50 rupees each in the ratio of two new shares for every five shares held. […]
‘s Mattala international airport gets seven expressions of interest
Sept 26, 2016 (LBO) – The Mattala Rajapaksa International Airport (MRIA) has received seven offers for EOIs from mainly European-based aviation related firms, a media report said. The MRIA called for expressions of interest in June from investors to undertake investments and commercial operations in Hambantota through the Transport and Civil Aviation Ministry, the Sunday […]
ADB to give Sri Lanka USD24.2Mn for transport feasibility studies
Sep 23, 2016 (LBO) – The Asian Development Bank (ADB) will help Sri Lanka prepare studies and designs for new road, railway, and port projects to assure the islands transport system is ready to support economic growth in the medium term. “With 24.42 million US dollars in ADB technical assistance, the Road Development Authority will […]
Sri Lanka’s Mattala International Airport feasibility cost just Rs1mn: Harsha
Sept 23, 2016 (LBO) – Sri Lanka’s previous administration has spent only one million rupees for the feasibility study of the Mattala International Airport, a Minister revealed. Deputy Foreign Minister Harsha de Silva pointed out that the then government has spent just one million rupees before wasting 350 million US dollars for setting up the […]
Infrastructure: Sri Lanka should rethink housing for urbanizing population
Sep 23, 2016 (LBO) – Sustainable city development will need to entail alternative housing for urban poor as they are service providers for city dwellers, industrial hub and the ports while also looking at affordability for the middle income earner, a senior official said. “A paradigm shift is required. We need to rethink key areas […]
Sri Lanka’s CIFL awaits response from German investor for bailout
Sept 23, 2016 (LBO) – Sri Lanka’s troubled Central Investment and Finance Company says they are awaiting a response from a prospective German investor indicating their future plan of action to revive CIFL. In a stock exchange filing, the company said they submitted all clarifications to the investor delegation who visited the island recently. A […]
‘s solar energy drive
COLOMBO (Thomson Reuters Foundation) – An ambitious plan by the Sri Lankan government to outfit 100,000 homes with solar panels, to turn them into power producers for the national grid, may be too expensive for many families to afford, experts warn. Sri Lanka’s government this month launched a “battle for solar energy” that aims to […]
Germany to get first zero-emission hydrogen-powered train
Sept 22, 2016 (LBO) – The world’s first CO2-emission-free train powered by hydrogen has been unveiled at the Berlin InnoTrans trade show and is due to start operations late next year. Dubbed hydrail, the train developed by French company Alstom was presented to the public on Tuesday. “Coradia iLint is a new CO2-emission-free regional train […]