Category: Industry
Petro Law
Apr 18, 2013 (LBO) – Sri Lanka will introduce a new law on oil exploration and incorporate a separate entity to regulate upstream petroleum activities, minister Keheliya Rambukwelle said. Sri Lanka’s Petroleum Resources Development Secretariat will be incorporated into an independent regulatory body with responsibility to prepare government policy on petroleum exploration and production. It […]
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 […]
Tourists should not fear Sri Lanka police tracking: hotelier
Apr 18, 2013 (LBO) – There should be no fears over moves by police to track tourists who are staying in hotels, as some other countries also follow the practice, a top tourist industry official said.“Some other countries also do follow the same procedure. So no one should get frightened about it,” Anural Lokuhetty, chairman […]
Auto Cash
Apr 18, 2013 (LBO) – Commercial Bank of Ceylon, Sri Lanka’s largest private lender by assets said its 562 automated teller machine network had dispensed 1.79 billion rupees on April 10, the highest ever for a single day. In Sri Lanka cash withdrawals from banks peak in April, during a traditional New Year festival period. […]
Debenture
Apr 18, 2013 (LBO) – Sri Lanka’s Senkadagala Finance Plc (SFC) will sell one billion rupees of 3 and 4-year debt which have been given an expected ‘BBB+(lka)’ rating, Fitch Ratings said. The rating has a stable outlook. BBB+(lka) is an investment grade rating. “The proposed debentures will be issued in two tranches with a […]
Sri Lanka power tariffs raised – Update
Apr 17, 2013 (LBO) – Sri Lanka’s power regulator has approved a tariff request by state-run Ceylon Electricity Board denying a request to reduce tariffs of large domestic users, after earlier cutting of 40 billion rupees in estimated costs.High user domestic tariffs at around 44 rupees a unit with the fuel surcharge are more than […]
Sri Lanka police starts tracking tourists
Apr 17, 2013 (LBO) – Sri Lanka’s police have started to track foreign tourists “for their own safety” amid rising crime, a media report said.Hotels and guest houses have been told to submit weekly reports fo their foreign guests to police as part of a new ‘security plan for tourists,’ including visa a passport details. […]
Sri Lanka should stop ad hoc, shock tariff increases: power users
Apr 16, 2013 (LBO) – Sri Lanka should stop raising power tariffs suddenly by large percentages after driving the economy to crisis, but use an already established methodology to revise prices in an orderly way, consumers said.“These ad hoc tariff increases are bad of the industry,” Srilal Miththapala, representing hotels at a public hearing on […]
” trick
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. […]