Category: Industry
Sri Lanka can play an important role in world growth: British HC
Nov 26, 2015 (LBO) – Sri Lanka as an emerging economy can play a significant part in future world growth by unlocking it’s full potential through the right policies and reforms, the British High Commissioner said. “Emerging and developing countries will be increasingly important in driving global growth in the medium term,” James Dauris, British High Commissioner […]
Blanket guarantee for Finance Companies questionable: Theagarajah
Nov 25, 2015 (LBO) – Sri Lanka’s Finance Ministry is to provide a blanket guarantee for finance companies which needs to be reconsidered, Chief Executive Officer of NDB, Rajendra Theagarajah said.Finance minister delivering the budget speech said the Central Bank will provide a 100 percent guarantee on all deposits for all registered finance companies by […]
Sri Lanka to promote its ancient cinnamon trade
Nov 23, 2015 (LBO) – Sri Lanka’s government will set up an authority to develop the cinnamon trade, its main spice export, along with strengthening research and undertaking an international branding exercise, the minister of finance said.The spice trade in Sri Lanka dates as far back as 7th Century, but has underperformed in an economic […]
Sri Lanka capital to have International Financial Centre
Nov 20, 2015 (LBO) – Sri Lanka’s government will make an international financial centre in Colombo, Finance Minister Ravi Karunanayake said while delivering the budget 2016 speech.A “Colombo International Financial Centre (CIFC)”, a specific zone along the lines of Dubai’s International Financial Centre will begin operations on DR Wijewardene Mawatha, he said. “Our geographical location in […]
Lack of direct competition between Sri Lanka ports an issue: Eran
Nov 20, 2015 (LBO) – Sri Lanka must explore the issue that led to the inadequate direct competition of Ports Authority controlled ports, a deputy minister said. Delivering the keynote speech at the CILT International Conference 2015, Deputy Minister of State Owned Enterprises Eran Wickramaratne said direct competition is a critical factor for efficiency.“Lack of […]
Google makes traffic congestion maps available for Sri Lanka
Nov 19, 2015 (LBO) – Google Maps has activated traffic information for Sri Lanka with useful congestion data for Colombo and other locations, an IT observer said. The maps are available for any location where there is mobile data and slow-moving traffic, Malinthe Samarakoon, a developer for yamu. lk said. Available on Google maps for […]
Sri Lanka bring in more price controls for consumer goods
Nov 19, 2015 (LBO) – Sri Lanka’s Consumer Affairs Authority has brought in a new set of Maximum Retail Prices (MRPs) for six new essential consumer items to be effective from 20 November. “The new maximum prices are introduced to safeguard consumers from sudden market hikes, especially in the forthcoming festival season,” Rishad Bathiudeen, Minister […]
Sri Lanka’s LOLC September net up 36-pct with growing incomes
Nov 18, 2015 (LBO) – Sri Lanka’s LOLC group which has interest in financial services, insurance, plantations, trading and leisure said net profits for the September quarter rose 36 percent to 2.1 billion rupees. The group reported earnings per share of 4.54 rupees for the quarter up from 3.34 from a year earlier. For the […]
Sri Lanka can better harness its potential for bio-gas and renewable energy technology
Nov 18, 2015 – Bio-gas can be used in Sri Lanka as a cheaper and cleaner renewable energy alternative to petroleum-based fuels, EU SWITCH-Asia, an European Union program that supports clean energy consumption and production said.“Asia is the centre of domestic biogas development with close to 50 million operational units installed,” the initiative said in a […]
Laugfs eyes Asian market with USD80mn LPG terminal, 10 ships
Nov 18, 2015 (LBO) – Sri Lanka’s Laugfs group plans to expand into Asian waters more aggressively with the launching of its planned LPG terminal to be built at Hambantota port, the group chairman said. “We are now aggressively working to become a leading LPG player in other Asian markets, and with this significant investment […]
Sri Lanka’s MTD launches Walkers Colombo Shipyard
Nov 18, 2015 (LBO) – Sri Lanka’s listed MTD Walkers has acquired a ship repair and ship building entity to expand its existing presence in the marine engineering sector.With this acquisition MTD Walkers has access to Mutwal harbor in Colombo which spans across 3.5 acres that will be utilized for ship repair and ship building. […]
Sri Lanka’s Sampath Bank net up 69-pct in Sept quarter
Nov 17, 2015 (LBO) – Profits at Sri Lanka’s Sampath Bank group rose to 1.9 billion rupees in September quarter, up 69 percent from a year earlier, helped by other operating income, despite higher loan losses, interim accounts showed.The group reported earnings of 10.92 rupees for the quarter. For the nine months to September the […]