Category: Industry
Capital Projects
Aug 24, 2012 (LBO) – Sri Lanka’s urban development agency will take-over several state properties in two key locations in the island’s capital Colombo for city development and leisure projects, a minister said. It will be converted in to a leisure and tourism zone with hotels, restaurants and entertainment activities. The UDA is also set […]
Sri Lanka state carrier franchises training arm to Maldives
Aug 23, 2012 (LBO) – Sri Lanka’s state-run SriLankan Airlines said its training arm had struck a franchise agreement with Orient Express Pvt Limited, a services company in the Maldive Islands. International Aviation Academy, SriLankan’s training arm which is recognized by the International Air Transportation Association (IATA) provided training for the airline and also for […]
Outlook Revision
Aug 23, 2012 (LBO) – Fitch Ratings has confirmed an ‘AA(lka)’ rating of Sri Lanka’s Sampath Bank but cut its outlook to stable from positive, saying its core capital build-up was weaker than expected though still above the regulatory minimum. “The Outlook revision reflects the weaker-than-expected build-up of SB’s core capitalisation relative to higher rated […]
Shipping Trend
Aug 23, 2012 (LBO) – Containers handled at Sri Lanka’s ports fell 1. 8 percent to 1.718 million twenty foot equivalent units in the first five months of the year, though there was recovery in transshipment volumes in May, official data show. Total cargo discharged rose 5.5 percent to 16.6 million metric tonnes up to […]
Port Expansion
Aug 23, 2012 (LBO) – China will finance the expansion of Hambantota Port in the island’s south with two loans of 600 million US dollars and one billion yuan, cabinet spokesman Keheliya Rambukwelle said. The first phase of the Hambantota port, also financed by China has been positioned as an industrial port with facilities to […]
Rail Finance
Aug 23, 2012 (LBO) – China will give a 278 million credit to finance a railway track from Matara in Sri Lanka’s South to Beliatta, cabinet spokesman minister Keheliya Rambukwelle said. The Exim Bank will provide 200 million US dollars under preferential buyers credit terms and the government of China will give a concessional loan […]
Sri Lanka coal plant: Chinese designer says accusations unfair
Aug 22, 2012 (LBO) – Sri Lanka’s Chinese built coal plant which is breaking down repeatedly has been over-used without scheduled maintenance but had still saved billions of rupees to the power utility, its designer has said. Zhao Wenxue, from the Northwest Electric Design Institute which designed the plant said in a statement that most […]
Sri Lanka gives nod to USD1.59bn worth hotel projects
Aug 22, 2012 (LBO) – Sri Lanka has approved 129 projects involving the building of 9,364 hotel rooms up to July 2012, deputy economic development minister Lakshman Abeywardene said. In 2013, revenues of 1,360 million US dollars were expected; in 2014, 1,740 million US dollars; in 2015, 2,120 million US dollars and in 2016, 2,500 […]
Internet Drive
Aug 21, 2012 (LBO ) – Dubai based Etisalat Sri Lanka unit, the island’s third largest celco says it is pushing mobile broadband in a bid to increase internet penetration in the island though challenges remain for broader use. Mobile broadband is one of the fastest growing sectors in telecoms in Sri Lanka where fixed […]
Sri Lanka Vietnam travel has strong potential: officials
Aug 20, 2012 HANOI, Vietnam (LBO) – Tourism between Sri Lanka and Vietnam which is just beginning has a strong potential to grow in the future, officials said during a familiarization tour of the county by travel agents of the Indian Ocean Island. Senior representatives of 15 travel agents from Sri Lanka were on a […]
Long Run
August 18, 2012 (LBO) – Sri Lanka™s Shaw Wallace and Hedges PLC plans to secure a 99-year lease on its Colombo property from the Urban Development Authority, a report said. Shaw Wallace has now told shareholders that it has plans to secure on a 99-year lease from the UDA an extent of 52.9 perches of […]
Risky Journey
August 19, 2012 (AFP) UDAPPUWA, Sri Lanka — Two Sri Lankan brothers who joined a wave of asylum seekers heading for Australia were arrested at sea, thrown in jail and face an ongoing court case — but they say they will soon try to reach the country again. The Udappuwa area is ethnically Tamil, but […]