Industry – Page 522 – Lanka Business Online

‘s Hamilton Canal reconstruction in progress

Apr 23, 2013 (LBO) – Rebuilding and clearing of Sri Lanka’s Hamilton Canal in Negambo is progressing with a bridge at Palliyawatta to improve the environment for residents and to attract tourists the economic development ministry said.A project by the Western Province Tourism Ministry and Sri Lanka Tourism Development Authority expects to re-build a 22 […]

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 […]

The End

Apr 22, 2013 (LBO) – Fitch Ratings said it had upgraded to ‘AA-(lka)’ from ‘A(lk)’ a rating on People’s Finance Plc, which has merged with its higher rated People’s Finance and Leasing (PLC), Sri Lanka’s largest non bank lender. . The rating has a ‘stable’ outlook. PLC also has a ‘B+’ international rating. Fitch said, […]

Bank Brand

Apr 22, 2013 (LBO) – State-run Bank of Ceylon said it had been named the top brand overall and the first banking brand in a survey by Brand Finance, a UK based brand valuation network.It has 606 branches, 473 teller machines and 860 foreign corresponding agents. It recently introduced a night banking branch in Wellawatte […]

Sri Lanka to phase out fuel surcharge on power bills from next year: officials

Apr 22, 2013 (LBO) – A hike in power tariffs has had a minimal impact on low users, and a fuel surcharge will be phased out from early next year as two more coal plants come on stream, officials said.Power minister Pavithra Wanniarachchi said 1.1 million households that used up to 30 units of electricity […]

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 […]

‘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 […]