Category: Industry
Sri Lanka India coal plant back on track
Apr 22, 2013 (LBO) – A disputed power purchase agreement (PPA) for a joint venture coal plant with India’s National Thermal Power Corporation, has been re-negotiated on fairer terms paving the way to the plant to go ahead, officials said. Industry analysts and the public at a recent public hearing has warned the CEB not […]
Girlfriend of British tourist murdered in Sri Lanka speaks of assault
Apr 21, 2013 (LBO) – The Russian girlfriend of a British tourist murdered in Sri Lanka in an incident involving a politician, has spoken of her own assault to a British newspaper. The newspaper said the dress and missing underwear could have provided evidence. Tkacheva had said she was prepared to give evidence, waiving her […]
Credit Trend
Apr 22, 2012 (LBO) – State borrowings from Sri Lanka’s commercial banks including dollar credits reached 57.9 billion rupees in February 2013, but there was no central bank accommodation, official data showed.Central Bank credit fell from 266.3 billion rupees to 245.1 billion rupees indicating that the monetary authority was sterilizing forex purchases, building up reserves […]
‘s Havelock City forging ahead amid new risks
Apr 21, 2013 (LBO) – Sri Lanka’s ‘Havelock City’ a mixed development with multi-tower apartment complex with more than 100o untis and commercial space said it is forging ahead despite emerging risks from a state move to restrict foreign ownership of property. “..[T]he regulatory changes contemplated by the Government on foreign ownership of property could […]
Racing Bikes
Apr 21, 2013 (LBO) – Sri Lanka has allowed high powered motorbikes with engines of over 1,000 cubic centimeters to come in with a payment of 25,000 rupees through a law promulgated by gazette, a media report said.Sri Lanka’s The Sunday Times newspaper said the law by gazette permitted motor cycles imported “immediately prior to […]
Sri Lanka rulers only paid Rs2000 for power: former minister
Apr 20, 2013 (LBO) – Ministers in Sri Lanka paid only 2,000 rupees for power a month regardless of the volume of use, former foreign minister Mangala Samaraweera told reporters in a shock revelation.“I am aware of the situation, as I myself paid only 2000 rupees when I was a minister,” he was quoted as […]
Seigniorage
Apr 20, 2013 (LBO) – Sri Lanka’s central bank made 66 billion rupees in profits in 2012, up 41 percent from a year earlier, helped by gold trading and inflation, official data showed. In 2010 when the Central Bank made only 11 billion rupees in profits, Sri Lanka had a stable economy and low inflation. […]
Maritime Confab
Apr 20, 2013 (LBO) – Sri Lanka will host a regional port conference and exhibition in May, showcasing the island’s rapid advancement as South Asia’s emerging maritime hub and growing commercial opportunities, organizers said. Sri Lanka Ports Authority chief Priyath Wickrama told prospective participants in a statement that the event will allow top domestic and […]
Sri Lanka biz chamber urges transparency at power utility after hike
Apr 19, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said the latest hike will see power costs going up by 20 to 30 percent and the state power utility to should follow the directions of the regulator to increase its transparency.The Chamber said the Public Utilities Commission had not made adjustments to tariffs […]
SriLankan Airlines revisiting feasibility of re-fleeting: minister
Apr 18, 2013 (LBO) – State-run SriLankan Airlines is revisiting the feasibility of re-fleeting in the wake of developments in the international aviation market, minister Keheliya Rambukwelle said.“They are re-visiting the entire feasibility,” Rambukwelle told reporters when asked whether the airline was going ahead with a plan to re-fleet the airline with new long haul […]
Sri Lanka main opposition slams tariff hike, power regulator independence
Apr 18, 2013 (LBO) – Sri Lanka’s main opposition United National Party has slammed a power tariff hike for very low users and the questioned the independence of the regulator, after a proposal of the state power monopoly was approved almost unchanged.But the regulator had earlier dis-allowed 40 billion rupees from proposed expenses of state-run […]
‘s power regulator sets conditions for CEB transparency
Apr 18, 2013 (LBO) – Sri Lanka’s power regulator has set eight conditions for cost transparency at state-run Ceylon Electricity Board, which it said came from consumer suggestions at a public hearing.Other analysts have also questioned the efficiency of several thermal plants and called for PPA’s to be made public. CEB has to initiate power […]