Category: Industry
Jetwing Lighthouse to build new hotel at Unawatuna for Rs350mn
May 05, 2016 (LBO) – Sri Lanka’s hotels and travel sector front runner Lighthouse Hotel has decided to construct a new hotel through incorporation of a fully owned subsidiary. The company said in a stock exchange filing that the Board of Directors has approved a proposal to build the hotel with 36 rooms at Unawatuna area for […]
S. Korea asks Sri Lankan returnee workers to claim insurance benefits
The Employment Permit System Centre of the Human Resources Development Service of Korea (EPS Centre of HRD Korea) in Sri Lanka filed claims for returnee workers who previously worked in South Korea and were not compensated for their Return Cost (Air Ticket) Insurance and Departure Guarantee Insurance. The Return Cost Insurance should be obtained by […]
Megapolis should avoid mistakes by other South Asian cities: CCC Chairman
May 04, 2016 (LBO) – The Chairman of the Ceylon Chamber of Commerce says Sri Lanka should avoid mistakes made by other South Asian cities, when developing the proposed Western Megapolis Project. “A center piece of the government’s economic development agenda – the Western Region Megapolis project is set to have a massive urban infrastructure […]
Tourist arrivals in Sri Lanka up 20.0-pct upto April
May 04, 2016 (LBO) – Sri Lanka’s tourist arrivals for the first four months were up 20 percent to 721,185, official data said. In April arrivals rose 11.6 percent from a year earlier to 136,367 with continued gains in India and China. Visitors from India rose 12.3 percent to 25,890 in April while Chinese tourists […]
Slogal Energy buys stake in Laugfs Gas Bangladesh for USD9.2mn
May 04, 2016 (LBO) – A fully owned subsidiary of Laugfs Gas Plc, Slogal Energy DMCC, incorporated in Dubai has acquired 31 percent of the total issued shares in Laugfs Gas Bangladesh for 9.2 million US dollars. Laugfs Gas Plc said in a stock exchange filing that they own the balance 69 percent shareholding of […]
Mawilmada to head Sri Lanka Megapolis investments
May 04, 2016 (LBO) – Nayana Mawilmada has joined Sri Lanka’s Western Region Megapolis Planning Project (WRMPP) as head of investments, leaving his role as director general of the Urban Development Authority. Aside from continuing to lead some of the planning efforts, Mawilmada will function as the primary interface between the Megapolis project and potential […]
New agencies to fast track Sri Lanka investment approvals
May 04, 2016 (LBO) – Sri Lanka’s government will fast track the approval of investment projects through the setting up of two new agencies, a state minister said in a statement. “Ideally the time frame for approval of projects should be about two months,” Sujeewa Senasinghe, state minister, Development Strategies and International Trade, said. “The Government is […]
Com Bank inks deal with Bank Muscut Oman for money transfers
May 03, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has formalised its tie-up with the Bank Muscat Oman to facilitate remittances to Sri Lanka. Commercial Bank said that remittances will be facilitated through the Bank Muscut’s new mobile banking app, with the signing of an agreement in Muscat. The mobile app makes it […]
China FTA talks in June; TPP may affect Sri Lanka apparel exports: Bathiudeen
May 02, 2016 (LBO) – Arrangements are under way to hold the third round of negotiations for China-Sri Lanka FTA in June this year, Industry and Commerce Minister Rishad Bathiudeen said. “When reviewing the garment sector, we need to be able to carefully address the Trans-Pacific Partnership (TPP) Agreement under which tax free garment export […]
US, Sri Lanka adopts Joint Action Plan to boost bilateral trade in 5 yrs
May 02, 2016 (LBO) – The United States and Sri Lanka have recently adopted a five-year Joint Action Plan to boost Trade and Investment in the two countries. At the 12th US, Sri Lanka Trade and Investment Framework Council meeting which was held April 28 in Washington, DC, both sides have affirmed their belief that […]
Interview: Across distant seas, Sri Lankans, Swedes explore cultural differences
Apr 29, 2016 (LBO) – Sweden, a land of the ancient Vikings, perched in icy northern seas, is as far away from the tropical island of Sri Lanka as one can imagine. One would expect cultural differences when modern investors cross the oceans in search of trade and opportunities, and reach Sri Lanka — a […]
Sri Lanka reaches USD1.5Bln support deal with IMF
Apr 29, 2016 (LBO) – Sri Lanka has reached a technical agreement with the International Monetary Fund for 1.5 billion dollars, a statement said. The loan program will need approval by the IMF’s executive board, which is due to consider it in early June. Once approved it is “expected to catalyze an additional 650 million […]