Category: Industry
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Apr 15, 2013 (LBO) – Despite decades of propaganda by elected rulers about ‘the government bearing the burden’ some citizens are seeing through the subsidy deception, comments by electricity consumers at a public hearing on a tariff hike showed.He said two state banks were also in trouble because of heavy lending to fund subsidies. Now […]
Speed
Apr 13, 2013 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia’s Axiata group said its mobile broadband subscribers grew 44 percent to 455,000 in 2012. The group has a mobile subscriber base of 7.7 million. Last month the company launched fourth general mobile broadband with FD-LTE technology, which it said was the first […]
Sri Lanka state airlines lose Rs21.5bn in 2012
Apr 12, 2013 (LBO) – State-run Sri Lankan Airlines and Mihin Lanka, a budget carrier had continued to hemorrhage cash losing 21.5 billion rupees in 2012, with losses since ending Emirates management totaling 58.7 billion rupees, official data shows.Over the last two years, SriLankan has received 100 million dollars in annual tax payer capital injections. […]
Port Profits
Apr 11, 2012 (LBO) – Operating profits at Sri Lanka Ports Authority (SLPA) rose 57.8 percent to 13.1 billion rupees partly helped by rupee despite a slight reduction in container handling, a state report said.In the past the ports authority had suffered losses due to the appreciation of the yen against the dollar as the […]
British Airways flights to Sri Lanka from April 15
Apr 11, 2013 (LBO) – British Airways will resume flights to Sri Lanka from April 15 thrice a week via Maldives using Boeing 777-200 equipment, the airline said. The airline is flying to Sri Lanka after gap of 15 years. Britain is Sri Lanka’s second largest source of tourists after India with 114,000 visitors in […]
Networked
Apr 11, 2013 (LBO) – Sri Lanka has moved up two places in a ranking compiled by the World Economic Forum, which measures how well information communications technologies are used by the people to 69, just behind India.Last year Sri Lanka was 71 out of 142 countries.Sri Lanka moved up in 2013 out of 144 […]
‘s CEB urged to have competitive bidding for all new plants
Apr 10, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board should have competitive bidding for all new plants, electricity users said at a public hearing, as an expensive plant that was ‘negotiated’ came under repeated fire from irate customers. Some diesel plants running reciprocating engines are selling power at a little over 20 rupees […]
Holding
Apr 09, 2013 (LBO) – Sri Lanka’s banks have experienced a moderate weakening in asset quality and capital ratios as the country recovers from a credit bubble, central bank data up to the third quarter of 2012 has shown. Gross non-performing loans rose to 4.0 percent from 3.8 percent in 2011, but the ratio is […]
Rate Track
Apr 09, 2013 (LBO) – Sri Lanka’s interest rates will start to ease from May and June 2013 ongoing reforms as state energy enterprises take effect, Treasury Secretary P B Jayasundera said. The CEB is expected to raise prices this month and the CPC is expected to stop giving it subsidized furnace oil. Though the […]
Shuffle
Apr 08, 2013 (LBO) – NDB chief executive Russell de Mel will retire on Augus 23, 2013 to be replaced by Rajendra Theagarajah, a stock exchange filing said.De Mel has been with NDB for 33 years. Theagarajah will take over as CEO designated from August 01, 2013. .
Sri Lanka invites China to invest in mineral sector
Apr 07, 2013 (LBO) – Sri Lanka has asked China to invest in the mineral mining and processing sector for export especially in mineral sands and graphite, the trade ministry said.In recent years Sri Lanka’s Treasury has helped expand the trade gap with China by borrowing heavily from its Exim Bank and others (exporting Sri […]
Sri Lanka villager puts big business, grid power consumers to shame
Apr 07, 2013 (LBO) – Off-grid power users, who generate their own electricity in villages too remote for the national grid to reach, put rent-seeking big business and grid-connected householders to shame at a public hearing on a proposed tariff hike. Speaker after speaker, representing big business low user domestic customers and the renewable energy […]