Category: Industry
Sri Lanka minimum wage for migrant workers to increase to USD300
Sept 06, 2016 (LBO) – Sri Lanka’s Foreign Employment Bureau is to increase the minimum wage of migrant workers to 300 US dollars per month from January 2017. Foreign Employment Minister Thalatha Athukorala told a meeting that the ministry is currently holding discussions with several countries to raise the minimum wage. “We have already signed […]
Advantis extends port side logistics support to USS Frank Cable
Sept 06, 2016 (LBO) – Advantis Marine, the marine services arm of Hayleys Advantis Limited, said it has offered end-to-end port side logistics support to the USS Frank Cable (AS-40) submarine tender vessel during its recent refueling and port visit to Sri Lanka. Advantis provided all port agency and husbandry services to the vessel while […]
Uber launches cash payment for rides in Sri Lanka
Sep 06, 2016 (LBO) – Uber, the smartphone app that connects riders to drivers, has launched cash payments as an option in Colombo giving users options to choose between credit or debit cards or cash when paying. “We know that cash is still the dominant payment option for people around the world, especially in emerging […]
Sri Lanka seals USD100mn credit from World Bank for economic reforms
Sep 05, 2016 (LBO) – Sri Lanka signed a 100 million US dollar credit from the International Development Association (IDA), an arm of the World Bank, today to support economic reforms in the island. “This program will support the Sri Lankan Government’s commitment to unleash the potential of Sri Lankan enterprises to grow, become more […]
Sri Lanka to remove barriers for entrepot trade: Finance Minister
Sept 05, 2016 (LBO) – Sri Lanka’s Finance Minister says the government expects more foreign investment that would promote export oriented business inclusive of entrepot trade. Speaking at the ninth session of the Ease of Doing Business forum, Minister Ravi Karunanayake said Sri Lanka wants foreign debt to be replaced by investment which is the […]
Lanka IOC mulls expanding Trinco bunkering operations
Sept 01, 2016 (LBO) – Sri Lanka’s IOC, a subsidiary of Indian Oil Corporation, is to expand their existing bunkering operations at Trinco port as the prospects for this business line are promising, particularly given the strategic positioning of the port and its significant potential for growth, the company said. Trincomalee is the world’s 5th […]
IFC ready to finance Sri Lankan private sector projects
Sep 01, 2016 (LBO) – The International Finance Corporation, a part of the World Bank group, is ready to finance Sri Lanka’s private sector projects by providing mid to long term loans through a multiple of financing methods, an official said. “The loan component for potential partners would start from around 3 million US dollars […]
‘s Dialog launches first VoLTE network on 4G
Sep 01, 2016 (LBO) – Sri Lanka’s Dialog Axiata, announced the launch of VoLTE (Voice over LTE), enabling ultra-high quality voice and video calls over its 4GLTE Networks today. VoLTE will be available at all locations covered by Dialog’s mobile 4G network in Sri Lanka, the company said in a statement. “The technology represents the […]
HNB approves USD50 mln share issue to ADB, up to 9.9 pct stake
Sept 01, 2016 (LBO) – The Hatton National Bank PLC board has approved issuing shares for 50 million dollars to the Asian Development Bank by way of a private placement, making the development lender a strategic investor. “The proceeds of the issue of shares by private placement as aforementioned will be utilized for the purpose […]
Walkers Colombo shipyard builds & launches first vessel
Sept 01, 2016 (LBO) – Walkers Colombo Shipyard (Pvt) Ltd, a subsidiary of MTD Walkers PLC, has successfully completed the construction of its first vessel, a barge named ‘Seagulf 1’, to re-enter the local ship building industry. The barge designed and constructed entirely by in-house engineering teams under the guidance of Sarath Obeysekera, Managing Director […]
Sri Lanka approves 10 acres in Muthurajawela for solid waste energy
Aug 31, 2016 (LBO) – Sri Lanka’s cabinet has approved leasing out 10 acres of land for implementing a project for generating electricity through solid waste. “This can be used as a solution to the waste disposal issue,” a statement on approved cabinet decisions said. The land is owned by the Sri Lanka Land Reclamation […]
Sri Lankan rupee steady after cbank chief allays fears of upward pressure
COLOMBO, Aug 31 (Reuters) – The Sri Lankan rupee traded steady on Wednesday, a day after the country’s Central Bank Governor Indrajith Coomaraswamy said the currency was not under upward pressure as capital inflows had not been of sufficient magnitude to exert such pressure. Dealers said the rupee could appreciate if the central bank does […]