Category: Industry
Sri Lanka exports, imports up in July
Sept 24, 2013 (LBO) – Sri Lanka’s exports rose 8.0 percent to 794.4 million US dollars and imports rose 20.8 percent to 1,601.1 million US dollar in July indicating a recovery in external trade, official data showed. In the seven months to July exports were still down 2.7 percent to 5,518.0 million US dollars, imports […]
Air Asia X starts flying to Sri Lanka and Maldives
Sept 24, 2013 (LBO) – Malaysia-based AirAsia X, a low cost long-haul carrier said it is starting flights to Sri Lanka’s Colombo via Male, Maldives from September 28. “Our guests may now fly to Sri Lanka to take in the rich flavours and cultures that Colombo has to offer, and also to Maldives for a […]
Airbus predicts 29,000 new planes needed by 2032
LONDON, September 24, 2013 (AFP) – Airbus predicts that the world will need more than 29,000 new commercial planes over the next 20 years to respond to higher traffic and replace older models, the European planemaker said Tuesday.Delivering its 20-year outlook, Airbus said air travel through 2032 will be fuelled by traffic to and from […]
SriLankan flight diverted over bomb claim
Sept 22, 2013 (LBO) – State-run SriLankan Airlines said its flight to London’s Heathrow airport was diverted to Stansted after a passenger claimed that he had a parcel bomb.The passengers had been transferred by Heathrow by coach. A British national had claimed that he had a bomb on board just as SriLankan’s UK503 was beginning […]
Sri Lanka construction industry targeted by Milcris
Sept 20, 2013 (LBO) – Milcris (Pvt) Ltd, a construction consultancy with Sri Lankan origins which caters mainly to international projects in the Middle East says it is now targeting the domestic market. “We do not want to disturb or we are not competing with local companies. Our competitors are international giants,” De Silva said. […]
Tele Target
Sept 19, 2013 (LBO) – Broadband customers of Sri Lanka Telecom, the islands sole wireline operator, topped 350,000 by June 2013, the firm said amid an expansion of its fibre optic network capacity. Sri Lanka Telecom offers ‘triple play’ with voice, data and television through its PEOTv service. Sri Lanka Telecom has been boosting its […]
‘s Krrish: minister
Sept 18, 2013 (LBO) – India’s Krrish group has paid another installment for state land given to their project including interest for delays investment promotion minister Lakshman Abeywardene said. The project has become controversial due to payment delays and has come under fire from the opposition for not being awarded on open tender. At the […]
Sri Lanka Shangri La hotel to start building in October
Sept 18, 2013 (LBO) – A 450 million US dollar project by Hong Kong based Shangri La in Sri Lanka’s capital Colombo will begin construction by end October investment promotions minister Lakshman Abeywardene said.The project is still in the planning stages with promoters saying soil conditions required design changes. “We have been told the planning […]
Ford to step down as Sri Lanka cricket coach
COLOMBO, September 18, 2013 (AFP) – Sri Lanka will seek a new coach after South African Graham Ford declined to extend his two-year term beyond January, cricket officials said on Wednesday.“The national coach has indicated of his unavailability to continue after his contract expires in January 2014,” Sri Lanka Cricket said in a statement. “He […]
Sri Lanka, China to close free-trade deal: Colombo
COLOMBO, September 17, 2013 (AFP) – Sri Lanka and China will finalise a free-trade agreement ahead of a Commonwealth summit in Colombo in November, a government minister said on Tuesday.Sri Lanka entered into a controversial free-trade agreement with neighbouring India in December 1998 during Sri Lanka’s bloody separatist conflict, but both sides have been bickering […]
Strategic Focus
Sept 17, 2013 (LBO) – Fitch Ratings said it had confirmed an ‘AAA(lka)’ domestic rating of Sri Lanka’s Citibank branch (CitiSL) with a stable outlook, amid a contracting loan book.Its loan book contracted by 18% in H113 and 9% in 2012, in contrast to loan expansion in the overall banking system, reflecting CitiSL’s focus on […]
Changing Environment
WASHINGTON, September 16, 2013 (AFP) – The World Bank must be more selective and flexible in its work as its faces rising financial constraints and challenges from rivals, according to an internal strategy document seen Monday.The choices include greater risk-taking, cutting back on bureaucracy and adapting commercial-like work with the private sector, moves which would […]