Category: Industry
Interview: Sector specific Acts needed for water, petroleum, says DG PUCSL
Jan 11, 2016 (LBO) – Sri Lanka’s Public Utilities Commission will need to have sector specific Acts for it to have power to regulate water and petroluem sectors, a senior official said. “Actually water and petroleum sectors are listed in our Public Utilities Commission Act which has been in operation since 2002 but we need […]
Sri Lanka introduces Smart Metering to reduce electricity generation costs
Jan 08, 2016 (LBO) – Sri Lanka’s Power Ministry in a bid to reduce electricity generation costs has introduced the long awaited Smart Metering system. A smart meter is usually an electronic device that records consumption of electric energy in intervals of an hour or less and communicates that information at least daily back to […]
Norway pledges support for Sri Lanka to assess fish stocks
Jan 07, 2016 (LBO) – Norway has pledged their technical support to conduct an assessment on marine fish stocks in Sri Lanka, Foreign Minister of Norway Børge Brende said. “We would like to support in the assessment of the fish stocks with our research vessel. I think there is also a huge potential for renewables […]
Sri Lanka to ratify WTO Trade Facilitation Agreement
Jan 07, 2016 (LBO) – Sri Lanka’s cabinet has approved a proposal to ratify the Trade Facilitation Agreement adopted in 2013 at the 09th Ministerial Meeting of the World Trade Organization in Indonesia. The agreement intends to accelerate and facilitate procedures related to customs clearance and borders relevant to import and export of goods. Maintaining […]
George Soros looking at investment opportunities in Sri Lanka
Jan 07, 2016 (LBO) – Global investor George Soros said that his team is in the Island and are looking at investment opportunities. “In addition to my people connected to the Open Society Foundation, my investment person is also in Sri Lanka to look for opportunities,” George Soros, a global investor and Founder Chairman of […]
Netflix is now available in Sri Lanka
Jan 07, 2016 (LBO) – World’s leading internet TV service, Netflix has launched its service globally including in Sri Lanka, simultaneously bringing its Internet TV network to more than 130 new countries around the world. The company made the announcement during a keynote by Co-founder and Chief Executive Reed Hastings at CES 2016. CES is […]
Sri Lanka’s Orient Finance to raise Rs1bn through IPO
Jan 06, 2016 (LBO) – Sri Lanka’s finance sector player Orient Finance is to raise one billion rupees by way of an Initial Public Offering. The company will offer 71.5 million ordinary shares at 15 rupees each, the company said in a stock exchange filing. The finance company formerly known as Bartleet Finance has obtained […]
HNB Grameen shares to be listed in CSE
Jan 06, 2016 (LBO) – Hatton National Bank’s micro finance arm, HNB Grameen, is to list its shares in the Colombo Stock Exchange shortly, Managing Director of HNB, Jonathan Alles said. Alles was speaking at the trade opening ceremony conducted at the CSE yesterday. “In the HNB group, Lanka Ventures, HNB Assurance are listed and […]
Sri Lanka real estate brokers, agent certification should be formalized: RIU
Jan 06, 2016 (LBO) – Sri Lanka’s real estate brokers and agents need to professionalize their services and initiatives to bring about change in the sector, a recent report says. “Sri Lanka does not have a formal system of registration of certification for real estate brokers and agents,” Research Intelligence Unit, a firm which specialize […]
Sri Lanka’s NSB takes over management of Entrust Securities
Jan 05, 2016 (LBO) – Sri Lanka’s state-owned National Savings Bank has taken over the management of troubled Entrust Securities from yesterday evening, Central Bank official said. The state-owned bank has taken over the operations following the discussions with the Central Bank and officials of the Entrust Securities Plc. Meanwhile the CSE has halted the […]
Sri Lanka’s water, petroleum to be brought under power regulator, PUCSL
Jan 05, 2016 (LBO) – Sri Lanka’s water and petroleum sectors will be regulated by the Public Utilities Commission of Sri Lanka (PUCSL), a statement said. “The PUCSL would be given regulatory powers over the water services industry and petroleum industry enabling a more cost reflective transparent pricing mechanism,” the commission said in […]
PM calls on all to join country’s growth drive
Jan 04, 2015 (LBO) – Prime Minister, Ranil Wickremesinghe in his new-year message called on all Sri Lankan’s to join the government in its march towards rapid development. “We want to see a rapid development drive in the country, our aim is to develop the country from the Western Province to Trincomalee on one side […]