Category: Industry
Fitch affirms Standard Chartered Bank, Sri Lanka Branch at AAA
Aug 25, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Standard Chartered Bank, Sri Lanka Branch’s National Long-Term Rating at ‘AAA(lka)’ with a stable outlook.The full text of the rating announcement is reproduced below. Fitch Ratings-Colombo-24 August 2015: Fitch Ratings Lanka has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-Term Rating at […]
Malaysia Trade Corp to fund infrastructure projects in Sri Lanka
Aug 25, 2015 (LBO) – The Malaysia External Trade Development Corporation (MATRADE) is to fund infrastructure projects in Sri Lanka through Malaysia’s EXIM bank, an official said.MATRADE is ready to work with Sri Lanka in the areas of property development, monorail, railway infrastructure development, port operations, real estate, and constructions of resorts.“The funding into projects […]
Sri Lanka appoints three cabinet ministers
Aug 24, 2015 (LBO) – Three cabinet ministers took oaths before the President of Sri Lanka ahead of a full cabinet due to be sworn in on Tuesday.Mangala Samaraweera took oaths as the Minister of Foreign Affairs, Wijeyadasa Rajapakshe as Minister of Justice and D.M. Swaminathan as Minister of Rehabilitation.The ceremony to for the rest […]
President offers Sri Lankan High Commissioner post in UK to Sangakkara
Aug 24, 2015 (LBO) – Sri Lanka’s cricketing legend Kumar Sangakkara on Monday was offered the High Commissioner post in the UK by President Maithripala Sirisena with him stepping down from international test cricket.“We don’t know what he thinks but we request him to accept Sri Lankan High Commissioner Post in the UK,” President Sirisena […]
Sri Lanka to ink trade promotion MoUs with Hong Kong, Thailand and Korea today
Aug 24, 2015 (LBO) – Sri Lanka will sign three memorandums of understanding with Hong Kong, Thailand and Korea on Monday to boost regional trade, the Export Processing Board said. The board said Sri Lanka-Hong Kong’s HKTDC, Sri Lanka-Korea’s KOTRA and Sri Lanka-Thailand’s DITP are the three MoUs scheduled to be sign today. The signing […]
Solar power becomes more competitive, investments rise in India, US
24 Aug, 2015 (LBO) – Solar power has become competitively priced in electricity markets and large investments are on the rise. India’s Madhya Pradesh announced on Sunday plans to host the world’s largest solar power station with a capacity of 750 megawatts.“Global tenders for commissioning the solar power station in an area over 1,500 hectares […]
Ceypetco To
22 Aug, 2015 (LBO) – Sri Lanka’s Ceylon Petroleum Corp will seek to, a report said.“There has been a change in the refinery process and it’s now more profitable for (Ceypetco) to,” a source told Reuters.“There is a higher yield of value-added oil products like middle distillates and gasoline and the sulphur is low.” Sri […]
Asia Capital Q1 loss lower at Rs92 million
Aug 21, 2015 (LBO) – Sri Lanka’s financial services firm Asia Capital PLC reported a loss of 92 million rupees for the first quarter to June, down from a loss of 120 million rupees in the same quarter last year, in interim results released to the Colombo Stock Exchange.Annual revenue rose to 1.6 billion rupees […]
Sri Lanka‘s tea exports fall for 11th consecutive month
Aug 21, 2015 (LBO) – Sri Lanka’s Tea exports, continued to decline in June 2015 for the eleventh consecutive month, due to lower demand from main tea buyers such as Russia and the Middle East, as well as the unit price with the lowest export price of US dollars 4.39 per kg of tea being […]
Sri Lanka’s Browns & Co plans tourism industry expansion
Aug 20, 2015 (LBO) – Sri Lanka’s household goods retailer Brown & Company wants to build two hotels in Maldives and expand from its current 308 operational rooms to approximately 1,000 in the near future, the company said. “As the tourism industry continues to grow rapidly, Browns will partner by contributing approximately 1,000 rooms in […]
More female representation needed in Sri Lanka elections: EU observers
Aug 19, 2015 (LBO) – Sri Lanka had extremely low number of female candidates participating in the general election held this month, European election observers said.Sri Lanka signed key international instruments for equality between women and men, and the principals of equality and non-discrimination are constitutionally protected. “We recommend that efforts are made so that […]
Sri Lanka’s construction industry lacks proper policy: official
Aug 19, 2015 (LBO) – Sri Lanka’s construction industry policy changes when governments change and this is a major concern facing the industry, a senior official said.“With changes of government we have found that projects awarded during the previous regime are suspended and the new government reviews all the projects,” Surath Wickramasinghe, President of the […]