Category: Industry
Fake Lubes
Sept 12, 2012 (LBO) – There was a thriving business in Sri Lanka involving the sale of unlicensed lubricants, adulterated and counterfeited brands and recycling used oil, which can damage vehicles engines, industry officials said. Such products used by unwary consumers could damage vehicle engines, he warned. Sri Lanka’s lubricant market was estimated at 60 […]
Sri Lanka imports, exports, trade gap shrinks
Sept 12, 2012 (LBO) – Sri Lanka’s exports fell 17. 4 percent to 794.4 million US dollars in July 2012 from a year earlier, imports fell 24. 9 percent to 1,329.1 million US dollars and the trade gap fell 33.88 percent to 534.6 million US dollars, the Central Bank said. Sri Lanka’s exports were contracting […]
Petro Regulation
Sept 11, 2012 – Petroleum products are expected to be brought under Sri Lanka’s multi sector utilities regulator which is already overseeing the power sector, from the beginning of 2013, with enabling legislation now being drawn up, officials said. PUCSL director general Damitha Kumarasinghe said the regulator would allow reasonable costs to suppliers but will […]
Gadol Brake
Sept 11, 2012 (LBO) – Sri Lanka’s new vehicle registrations have plunged 48 percent in June 2012 from a year earlier in the wake of higher taxes and currency depreciation with three wheelers falling the most, official data showed. In the six months to June total vehicle registrations were down 5.7 percent to 234,388. Motor […]
Tele Trends
Sept 10, 2012 (LBO) – Sri Lanka’s wireless fixed access users fell 6. 6 percent to 2.46 million by end June 2012, from a year earlier, with most of them dropping off in the second quarter, while wireline use expanded with broadband popularity, official data shows. Data released by the Central Bank shows that 180,796 […]
Social Award
Sept 10, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said applications for its ‘best corporate citizen award’ for companies engaging in social work will close on September 14 as scheduled. The awards were started in 2004 to recognize companies which engaged in so-called corporate social responsibility activities. The Ceylon Chamber said application could […]
Time Share
Sept 09, 2012 (LBO) – Citrus Kalpitiya, a unit of Sri Lanka’s Citrus Leisure group said it will build 32 villas bordering a lagoon in the Indian Ocean Island’s western coast to be sold on 99-year leases with an offer to manage on a time-share basis. The firm is also planning a hotel in 78 […]
Sri Lanka Vietnam direct flights can boost tourism: travel trade
Sept 08, 2012 HUE/COLOMBO (LBO) – Tourist traffic between Sri Lanka and Vietnam could be boosted with direct air links which can cut travel time and ticket costs helping make the destination competitive, officials said. “In July a new air services agreement was reached,” Vietnam’s ambassador Ton Sinh Thanh said during an even in Colombo […]
Sri Lanka and South Africa in moves to expand trade links
Sept 07, 2012 (LBO) – Sri Lanka and South Africa has potential to further increase trade links, deputy economic development ministry Lakshman Yapa Abeywardene told a business forum attended by a visiting business delegation. He said South Africa belonged to the so-called BRICS group of countries with Brazil, India and China which together now accounted […]
US keen to boost investment, trade with Sri Lanka
Sept 07, 2012 (LBO) – Sri Lanka’s largest trading partner, the United States is keen to boost investment in the island and attract more Sri Lankan exports, the American chamber of commerce in Sri Lanka (AMCHAM) said. “The US has expressed its desire to increase more FDI (foreign direct investment) flows to Sri Lanka and […]
Sri Lanka halts power cuts
Sept 06, 2012 (LBO) – Sri Lanka has halted daily power cuts that came into effect last month after a coal fired power plant that was crucial to the system broke down, until further notice, the ministry of power and energy said. Data from the Ceylon Electricity Board shows about 25 percent of the energy […]
Golden Plan
Sep 06, 2012 (LBO) – Pure Gold, a Dubai based group wants to set up a chain of 30 outlets in Sri Lanka selling 18 carat gold jewellery by 2016, the island’s industries ministry said in a statement. Bank of Ceylon and Commercial Bank of Ceylon are the top suppliers of gold, and in 2011 […]