Category: Industry
Sri Lanka to withdraw licenses of defunct mini hydro power plants
Mar 04, 2016 (LBO) – Sri Lanka’s Power Ministry is to withdraw licenses of mini hydro power plants that have been non-operational for more than 2 years. Power and Renewable Energy Minister Ranjith Siyambalapitiya said a circular in this regard will be issued soon. “There is an issue with mini hydro power plant licensing. Some […]
AIA Insurance clarifies its position on minimum public float
Mar 04, 2016 (LBO) – AIA Insurance has issued an explanation clarifying its position on minimum public float saying the shortfall is to be rectified complying with the relevant listing rules. Existing public holding of the company is 2.84 percent as at the end of last year. 1,794 public shareholders of the company represent 874,435 […]
Sri Lanka tourism earnings up 23-pct; CSE net inflows down 97-pct in 2015
Mar 04, 2016 (LBO) – Sri Lanka’s earnings from tourism has increased significantly in 2015 recording a 22.6 percent increase against the previous year. In the twelve months to December, Sri Lanka has earned 2,980.7 million US dollars from tourism while earning 2,431.1 million US dollars in 2014. Workers’ remittances recorded a marginal decline of […]
Sri Lanka to build elevated highway network in Colombo
Mar 03, 2016 (LBO) – The cabinet nod has been given to construct an elevated highways network in Colombo to reduce the traffic congestion and to build the road connectivity suburbs and expressways. It has been proposed to construct a road of 6.9 km long with 4 lanes from New Kelani Bridge to Rajagiriya. It […]
Sri Lanka’s HNB reports highest advances and deposits in its history
Mar 03, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank rose 10 percent to 11 billion rupees in 2015, supported by profit after tax of 10.5 billion rupees, its annual report showed. The bank’s profit before VAT and tax improved to 17.9 billion rupees, whilst profit after tax surpassed 10 billion rupees […]
Sri Lanka promotes whale and dolphin watching tourism for Blue Economy
Mar 03, 2016 (LBO) – Sri Lanka with the Indian Ocean Rim Association (IORA) has come forward to build a sustainable whale and dolphin watching tourism in the Indian Ocean region. Indian Ocean Rim Association has 20 members including Sri Lanka, Australia, Bangladesh, India, Indonesia, Seychelles, Iran, Malaysia, Mauritius, Singapore, South Africa, Thailand and United […]
Fitch downgrades ratings of state banks, finance and insurance companies
Mar 02, 2016 (LBO) – Fitch Ratings has downgraded the Issuer Default Ratings of two state banks and one finance company, a statement said. Accordingly, Bank of Ceylon and National Savings Bank has been downgraded to ‘B+’ from ‘BB-‘ and People’s Leasing & Finance to ‘B’ from ‘B+’. The ratings of DFCC Bank were affirmed […]
Interview: Sri Lanka’s national carrier eyes turnaround
Mar 02, 2016 (LBO) – SriLankan Airlines is poised for a shift in strategy, ranging from privatisation to network restructuring, in a bid to achieve sustained profitability, Ajith Dias, chairman of SriLankan Airlines told the Oxford Business Group. SriLankan Airlines has been faced with an increasingly difficult operating environment as rising competition, tighter margins and […]
China positive on trade, investment says Malik after visit
Mar 02, 2016 (LBO) – China is positive about Sri Lanka’s prospects as a strategically located platform for trade, investment and tourism, a statement issued following Minister Malik Samarawickrama’s recent visit to China said. “They saw opportunities for strengthening bilateral cooperation and looked forward to Prime Minister Ranil Wickramasinghe’s visit to China in April to […]
Oil hits near two-month high on supply slowdown
Mar 02, 2016 (LBO) – Oil hit a near two-month high on Wednesday on the possibility that a global oversupply of crude oil has begun to shrink. Brent crude was trading at 36.65 dollars per barrel, down 0.43 percent, on Wednesday, a level last seen in early January. The global crude glut shrank by 12 […]
US calls on Sri Lanka to join Indo-Pacific Economic Corridor
Mar 01, 2016 (LBO) – United States called Sri Lanka to strengthen cooperation on issues of regional importance through multilateral organizations like the Indian Ocean Rim Association. “The United States encouraged Sri Lankan participation in its Indo-Pacific Economic Corridor initiative to increase economic connectivity among South Asian countries and with Southeast Asia, which is congruent […]
Sri Lanka Customs expedites cargo clearing process
Mar 01, 2016 (LBO) – Sri Lanka Customs has accelerated its cargo clearing service to minimize delays for importers and exporters. As per the new directions, every piece of cargo will be cleared within 3 days unless it has a legal issue or pending investigation. Customs Director General Chulananda Perera told reporters Monday that the […]