Category: Industry
Sri Lanka, main destination for used cars from Japan
Jan 25, 2016 (LBO) – Sri Lanka has set a record as the number one destination for used car exports from Japan in terms of value last year, JB Securities said in a research note. “The main reason for the heightened demand for this category of vehicles was aggressive credit extension from commercial banks,” JB […]
Proposals to be called for Hambantota Port Industrial Zone
Jan 25, 2015 (LBO) – Sri Lanka’s government plans to call for proposals to set up industries in the Hambantota Port’s Industrial Zone under the Hambantota Port Development Project, the Information Department said. Sri Lanka Ports Authority has prepared the business plan in order to identify the business ventures that could be undertaken under the […]
Laugfs launches virtual shopping site in Sri Lanka
Jan 25, 2016 (LBO) – Sri Lanka’s Lfinity Pvt Limited, a subsidiary of Laughfs Holdings, announced the launch of a virtual hyper mall, ‘clickNshop.lk’, a statement said. This is the latest e-commerce site for Sri Lankan shoppers and offers a selection of over 2,000 products and services for everyday needs and guaranteed 2-3 day island-wide […]
Sri Lanka motor car registrations drop to 7,177 in Dec: JB
Jan 25, 2015 (LBO) – Sri Lanka’s vehicle registration momentum came down in Dec with the reinstatement of the LTV rule and higher incidence of duty on vehicles, JB Securities said in a research note. Total motor car registrations recorded 7,177 units in Dec down from 10,084 units in Nov but significantly up from 4,311 […]
Sri Lanka’s Norochcholai to add 900MW to national grid
Jan 25, 2016 (LBO) – Sri Lanka’s Minister of Power said the Norochcholai coal power plant will add 900 megawatts of electricity to the national grid this week. “The aim of the plant is to produce 5,300 million watts in 2016,” Ranjith Siyambalapitiya, Minister of Power and Renewable Energy said. The total contribution to the […]
CHEC Port City refutes allegations by Sri Lanka state minister
Jan 22, 2016 (LBO) – CHEC Port City Colombo in a letter to Sujeewa Senasinghe, state minister of international trade, has refuted a public statement by him of corruption in the Colombo Port City deal. “The said statement attributed to you, which induces the reader to arrive at the irresistible conclusion that the project has […]
Sri Lanka to obtain membership of Asian Infrastructure Bank with USD 268mn
Jan 21, 2016 (LBO) – The Cabinet has approved the draft bill to enable Sri Lanka to obtain the formal membership of the Asian Infrastructure Investment Bank through ratification of the required agreement. Sri Lanka has signed the agreement as an initial member to establish this bank on 29 June 2015 in Beijing, China. 57 […]
Bank of Tokyo Mitsubishi UFJ opens representative office
Jan 21, 2015 (LBO) – Bank of Tokyo-Mitsubishi UFJ (BTMU), Japan’s largest bank by market value, opened a representative office in Sri Lanka on Thursday to support business with Japanese companies. The bank is the commercial banking entity of Mitsubishi UFJ financial group (MUFJ), the eighth largest bank in the world with assets of 2.4 […]
China eyes more investment opportunities in Sri Lanka: PM (VIDEO)
Jan 21, 2016 (LBO) – Prime Minister Ranil Wickremesinghe said in Switzerland that Sri Lanka is expecting more investments from the China apart from the ongoing infrastructure projects. “Infrastructure alone is not sufficient and we are discussing bringing more Chinese investments,” Wickremesinghe said at a press conference held during the World Economic Forum in progress in […]
Interview: Aircraft purchases add to Sri Lanka financial burden, says Eran
Jan 21, 2015 (LBO) – Aircraft purchases by Sri Lanka’s previous government, which do not make business sense, have added to the financial burden of the state sector, Eran Wickramaratne, deputy minister of Public Enterprise Development, told Lanka Business Online. Eight aircraft have been contracted for purchase over the next few years, with two likely […]
Fourth Industrial Revolution to impact developing countries: UBS report
Jan 21, 2016 (LBO) – Developed countries could gain more from the introduction of new technologies through automation and artificial intelligence, Swiss bank UBS said in a report to coincide with the World Economic Forum. The Fourth Industrial Revolution will be driven by robotic automation and connectivity, a special feature of which will be use […]
Sri Lanka to call open tenders to purchase locomotives, power sets
Jan 20, 2016 (LBO) – The Transport Ministry is to call open tenders to purchase locomotives for Sri Lanka Railways allowing a German company to forward their bids, Deputy Minister of Transport Ashoka Abeysinghe said. Deputy Minister told LBO that the ministry wants to allow other bidders besides India to forward their bids in this regard. […]