Category: Industry
Sri Lanka reports another fire at CEB substation
Mar 18, 2016 (LBO) – A fire has broken out at the Ceylon Electricity Board grid substation in Kotugoda, in the island’s Western Province a short while ago, CEB sources told Lanka Business Online. The cause of the fire is yet not known. The fire brigade has been deployed to fight the fire. Power outages […]
PUCSL seeks explanation from Sri Lanka’s power utility for recent cuts
Mar 18, 2016 (LBO) – Sri Lanka’s Public Utitilies Commission (PUCSL) has called on the Ceylon Electricity Board (CEB) to give valid reasons for recent island-wide power failures and recommended measures to prevent a repetition, a statement said. “It is the responsibility of the transmission licensee, the CEB to maintain an uninterrupted power supply throughout […]
Investment Summit: Course adjustment on Bank consolidation, says CB Governor
Singapore, Mar 18, 2016 (LBO) – The path towards Sri Lanka’s bank conslidation is being reviewed, and a course correction is taking place, Central Bank Governor Arjuna Mahendran told the Sri Lanka Investment Summit, organized by FinanceAsia, this week. “The principle concern of the current government is that that consolidation was predicated too much on […]
LAUGFS Lubricants expands to serve the Northern Province
LAUGFS Lubricants (Pvt) Ltd, the first Sri Lankan company to enter the local lubricant industry back in 2008, has further expanded its product portfolio to the Northern Province. The appointment of distributorship for the Anuradhapura region took place recently with the presence of company senior officials. This is also expected to serve customers in the […]
Govt to renovate 30-year old generators at Victoria Power Station
Mar 17, 2016 (LBO) – The cabinet nod has been given to renovate the generators at the Victoria Power Station to obtain their maximum efficiency. It has been decided to award the tender for replacement of the Stator of the No. 03 generator of the Victoria Power Station to the bidder recommended by the Cabinet […]
71 Commercial Bank branches to be kept open on Good Friday
For the second time this month, the Commercial Bank of Ceylonwill keep71 branches open for business on a Public and Bank holiday, this time on 25th March, which is Good Friday. The Bank has announced that its30 Supermarket Banking Centres and 25 ‘365-day’ branches will work their customary hours on that day, while another 16 […]
Commonwealth Secretariat to help Sri Lanka set up Exim Bank
Mar 17, 2016 (LBO) – Sri Lanka’s exporters will soon see the setting of an Exim Bank for their credit purposes with the help of Commonwealth Secretariat, a senior official from the Secretariat said. “Having learnt of the proposal we at Commonwealth Offices in London gave the first Exim Bank concept paper to the Government of Sri Lanka […]
Power Ministry will present short-term solution for power issue to President on 22nd
Mar 16, 2016 (LBO) – Sri Lanka’s President will be presented with a committee report containing the short term solution for the recent island-wide power failures on 22nd March, the Power Minister said. “Today the committee met for the first time and are scheduled to meet again on Thursday and other investigation reports will be […]
Sri Lankan bank teller stops international hackers
Singapore, Mar 16, 2016 (LBO) – A Sri Lankan bank teller has stopped international hackers from laundering 20 million dollars stolen from the New York Federal Reserve, Central Bank Governor Arjuna Mahendran told an audience in Singapore on Tuesday. This is testament to the best practices followed by the island’s bankers, he said explaining the […]
‘s GSP+ process on the right track: EU Commissioner
Mar 16, 2016 (LBO) – The European Union has noted progress made by Sri Lanka on GSP+ criteria and supports renewed application, a senior EU official said. With the election of the new government Sri Lanka intends to apply for tariff preferences provided under the special incentive arrangement for sustainable development and good governance (GSP+) […]
SriLankan apprehends 230 persons with false travel documents in 2015
Mar 16, 2016 (LBO) – SriLankan Airlines has apprehended 230 persons with false travel documents last year in a bid to crack down on illicit travel through Bandaranaike International Airport (BIA). International law authorizes airlines to ensure that passengers travelling between countries do so with all authentic documentation, as required by the airline industry’s global […]
Aitken Spence Hotel Holdings invests Rs1.67bn in Ahungalla Resorts
Mar 15, 2016 (LBO) – Sri Lanka’s Aitken Spence Hotel Holdings has invested 1.67 billion rupees in 36 million shares in its subsidiary, Ahungalla Resorts Limited, the Company said in a stock exchange filing. The investment has carried out under the shareholders agreement entered between Aitken Spence Hotel Holdings, Riusa Ned BV, Riusa II S.A. […]