Category: Industry
ADB approves USD115mn loan for power sector in Sri Lanka
Jul 27, 2016 (LBO) – The Asian Development Bank (ADB) has approved a loan of 115 million US dollars and 3.8 million in grants to help Sri Lanka achieve 100 percent electrification and improve the reliability of electricity supply, a statement said. “Sri Lanka’s national electrification rate has gone from 29 percent to 98 percent in […]
China special investment zone to create 1mn jobs in Hambantota
Jul 26, 2016 (LBO) – The Chinese government has requested for 15,000 acres of land in Hambantota for a special economic zone that will create around one million job in this area, the Minister of Development Strategies and International Trade said Tuesday. “Apart from the Chinese Free Trade Agreement, Chinese officials are also in discussions […]
Malik assures ETCA and other FTAs won’t impact local jobs
Jul 26, 2016 (LBO) – Sri Lanka is currently at the formulating stage of Free Trade Agreements with China and Singapore and an “Economic Technology Cooperation Agreement” with India but these agreements will not lead to locals losing jobs, a minister said. “The government will not consider Mode 4 of the general trade agreement on […]
Sri Lanka CEB, LECO must keep regulatory accounts from 2017: PUCSL
Jul 26, 2016 (LBO) – Sri Lanka’s Public Utilities Commission (PUCSL) today launched training for regulatory accounts for Ceylon Electricity Board (CEB) and the Lanka Electricity Company staff. The two utilities are required to prepare and submit their accounts according to the newly introduced accountancy guidelines by the Commission by year 2017. “The regulatory accounts […]
Sri Lanka’s Agalawatte employees agree to work with Browns
July 26, 2016 (LBO) – The Joint Employees’ Union for the Protection of Agalawatte Plantations has agreed to work with Browns who purchased 60 percent of Agalawatte shares from Mackwood Plantations. The union’s convener Lakshman Kumara told LBO that their main issue of job security has been taken care of during today’s discussions with Browns […]
Textured Jersey profit up 63 pct, eyes growth from acquisitions
July 26, 2016 (LBO) – Textured Jersey, a leading knitted fabric company, said profits after tax grew by 63 percent to reach 2.2 billion rupees in the year to March, with the company looking forward to growth from its recent acquisitions. Turnover grew by 30 percent over the previous year to reach 17.8 billion rupees, […]
Mandatory offer by Brown to purchase Eden Hotels expires
Jul 26, 2016 (LBO) – The mandatory offer made by Browns Hotels and resorts to purchase all the remaining ordinary shares of Eden Hotel Lanka has expired as of 22 July 2016, a statement said. The Colombo Stock Exchange said in a filing that further to the mandatory offer made by Brown Hotels and Resorts to […]
New Sales head at Altair
Indocean Developers, the promoter of the Altair twin tower high rise, has announced the appointment effective 15th July, of Jay Dias as Head of Sales and Marketing. Mr. Dias was till recently Head of Sales for City Hotels at Cinnamon Hotels & Resorts and was previously the Director Sales & Marketing at the John Keells […]
Maga Engineering to rehabilitate rural roads at Rs13.2bn
Jul 26, 2016 (LBO) – Sri Lanka’s construction firm Maga Engineering was recently awarded the contract to rehabilitate and improve rural roads in four districts of Sri Lanka, the company said. The project is formulated and financed by the Asian Development Bank and implemented by the Road Development Authority under the Integrated Road Investment Program […]
Commercial Bank in World’s Top 1000 Banks
The Commercial Bank of Ceylon PLC hasbecome the only Sri Lankan bank to be ranked among the Top 1000 Banks of the World for the sixth year running, setting yet another benchmark for consistency. This prestigious ranking is published annually by ‘The Banker’ magazine of the UK, and the 2016 list is based on the […]
Major natural gas reserve found in Indian Ocean: USGS
July 26, 2017 (LBO) – The U.S. Geological Survey (USGS) says it has assisted the Government of India in the discovery of large, highly enriched accumulations of natural gas hydrate in the Bay of Bengal. “Advances like the Bay of Bengal discovery will help unlock the global energy resource potential of gas hydrates as well […]
Sri Lanka to accelerate issue of licenses for micro finance
July 25, 2016 (LBO) – Sri Lanka’s Cabinet Committee on Economic Management has decided to accelerate the license issuing process for Micro Finance Institutions (MFIs). Though the recently passed Micro Finance Act gives a grace period for NGO’s to obtain a license, the committee has decided to issue licenses well before the grace period lapses. […]