Category: Industry
Sri Lanka generates one third of electric energy from coal
Apr 11, 2014 (LBO) – With a second 300 MegaWatt power plant beginning test runs, more than one third of Sri Lanka’s daily electricity needs are now being generated from coal-fired energy, official data show.On the April 09, out of the daily energy requirement of 35.6 GigaWatt hours (millions of units of electricity), 35.6 percent […]
‘s CEB posts profits in 2013, with rains, tariff hike
Apr 11, 2014 (LBO) – Sri Lanka Ceylon Electricity Board has made operating profits of 24.6 billion rupees in 2013, the Central Bank said, amid reports that it had lost 24.3 billion rupees in the first quarter of 2014 due to a drought. In 2013 power sales had rise 1.4 percent to 10,475 GigaWatt hours […]
Atoll Exit
Apr 11, 2014 (LBO) – Sri Lanka’ National Development Bank Plc said it sold out of Maldives Finance Leasing Company for 1.1 million US dollars. NDB itself is curently in talks to merge with DFCC Bank, another Sri Lanka based lender. A 35 percent stake in the firm had been sold to Tree Top Investments […]
Winners
Apr 11, 2014 (LBO) – York Street Partners (Pvt) Ltd, a Sri Lanka based boutique investment advisory firm had won a competition held by Harvard Business School, leading the region.In this journey, York Street Partners has succeeded in attracting and unifying Sri Lankan talent with international capital market experience working in organizations such as Goldman […]
Sri Lankan state airlines lose Rs30.1bn in 2013; Rs90bn over 5 years
Apr 10, 2014 (LBO) – State-run Sri Lankan Airlines and Mihin Lanka have lost 30.1 billion rupees (230 million US dollars) in 2013, with losses over the last five years totaling 89.9 billion rupees, official data shows. SriLankan Airlines made a loss of 28.6 billion rupees and state-run budget airline Mihin Lanka made another loss […]
AirAsia X puts Sri Lanka on two day promotion
Apr 10, 2014 (LBO) – Malaysia-based long-haul budget carrier AirAsia X said it was offering a two day discount fares for Sri Lanka, Australia, Japan and China.“With this exclusive 48 hours sale, guests can take a break from their busy schedule and enjoy mid-year holiday getaways with a group of friends or loved ones to […]
Transport Losses
Apr 10, 2014 (LBO) – State-run Sri Lanka Transport Board has lost 3.5 billion rupees in 2013 slightly down from 3.8 billion rupees a year earlier, official data showed.The annual report of the Central Bank said SLTB earned 30.1 billion rupees in revenues and but had spent 33.7 billion rupees, generating an operating loss of […]
Cricket: Sri Lanka board hits back at Jayawardene, Sangakkara
COLOMBO, April 9, 2014 (AFP) – Sri Lanka’s cricket board and two senior players were locked in a war of words Wednesday, a day after the World Cup-winning Twenty20 team returned home as national heroes.“SLC regrets such unsubstantiated accusations levelled against the secretary and CEO by a senior member of the national team without verifying […]
SriLankan expects US$25mn topline from airline alliance
Apr 09, 2014 (LBO) – State-run SriLankan Airlines said joining oneworld, a global alliance of airlines is expected bring it 25 million US dollars a year in incremental annual revenues and allow customers easy travel to the Americas. American Airlines and, its merger partner US Airways, from North America: LAN TAM from South America as […]
Borrowing Trends
Apr 09, 2014 (LBO) – Sri Lankan firms have got the nod to borrow 335 million US dollars abroad 2013 by the Central Bank, while debt markets also supplanted bank loans in 2013, as commercial bank credit to private firms slowed, an official said. Analysts say it is important to allow for a period of […]
Cruise Call
Apr 08, 2014 (LBO) – Luxury liner MS Amadea made its maiden call at Sri Lanka’s Hambantota port with 479 passengers and visited tourist hotspots in Southern Sri Lanka, the state ports agency said.Sri Lanka Ports Authority said the 423 of the passengers were German nationals and they had day excursions to Kataragama and Udawalawe […]
Cricket: Sri Lanka party marred by player dispute
COLOMBO, April 8, 2014 (AFP) – Sri Lanka’s team flew home in triumph Tuesday to a huge street party after winning the world Twenty20 tournament, but celebrations were marred by controversy over the retirements of Mahela Jayawardene and Kumar Sangakkara.Tens of thousands of fans lined the street from the main international airport to downtown Colombo, […]