Category: Industry
Sri Lanka extends power cuts as efforts to restore power plant fails
Aug 15, 2012 (LBO) – Sri Lanka has extended the time duration of power cuts to three hours and twenty minutes starting Thursday until a faulty Chinese built coal power plant is fully restored, the ministry of power and energy releasing a statement said. Ekala, Sapugaskanda, Angoda, Thalangama, Koswatta, Weyangoda, Nittambuwa, Yakkala, Malabe road, Athurugiriya, […]
Sri Lanka tourist arrivals up 8 pct in July
Aug 15, 2012 (LBO) – Tourist arrivals to Sri Lanka rose 7. 8 percent to 90,338 in July 2012 from a year earlier, with arrivals up to July rising 16.7 percent to 543,205, data from the state tourism promotion office showed. In the first seven months of 2012, the top generating market was India, with […]
Sri Lanka travel agents upgrade skills
Aug 14, 2012 (LBO) – Sri Lanka’s Travel Agents Association has put their members through a four day training programme aimed at improving skills to better service the island’s booming travel industry, officials said. The four day programme conducted by the International Aviation Academy of Sri Lankan airlines included coaching in team building, training on […]
Bank Net
Aug 14, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon reported profits of 2. 469 billion rupees for the June 2012 quarter up 25 percent from a year earlier with profits boosted by foreign exchange gains. The group reported earnings of 2. 96 rupees for the quarter. In the six months to June group […]
US natural lighting company enters Sri Lankan market
Aug 14, 2012 (LBO) – A US based company has introduced a daylight capturing device to the Sri Lankan market that can channel natural light inside buildings through an internal reflective system cutting energy costs and reducing the heat load on air-conditioning, an official said. Solatube says they are eyeing Sri Lanka’s garment factories, manufacturing […]
Sri Lanka should withdraw bank note with malfunctioning Chinese coal plant: legislator
Aug 14, 2012 (LBO) – Sri Lanka should withdraw a currency note bearing the picture of a Chinese built coal plant that was contracted out without open tendering and is now continually breaking down, a legislator has said. Sri Lanka’s central bank placed the picture of a 455 million US dollar coal power plant built […]
Credit Trend
Aug 13, 2012 (LBO) – Loans from Sri Lanka’s banking system fell to 13. 5 billion rupees in June 2012, from 41.8 billion a month earlier with state credit no longer pressuring the banking system, while private citizens’ credit remained positive, official data showed. Total loans from commercial banks to private borrowers rose 19.0 billion […]
Financial Access
Aug 13, 2012 (LBO) – Sri Lanka’s efforts to establish banking services in the former war-torn areas included ‘laundering’ soiled money held by displaced persons, Central Bank governor Ajith Nivard Cabral told an international Defence conference in Colombo. “Banks at that time were set up in containers which were at various locations so that people […]
’s debt-ridden power utility seeks more loans
August 12, 2012 (LBO) – Sri Lanka’s power minister has sought cabinet approval to raise state-run Ceylon Electricity Board’s borrowing limit to 74.2 billion rupees to meet increasing fuel needs, settle debts and pay independent power producers, a report said. Minister Champika Ranawaka told his cabinet colleagues that the state power utility owed 16 billion […]
Toll Tale
Aug 10, 2012 (LBO) – Sri Lanka could use private financing to fund growing infrastructure requirements like toll roads in future given the inability of governments to meet all such funding needs, a Fitch Ratings official said. Attractive infrastructure investment opportunities in Sri Lanka could draw local and foreign capital which could help underpin future […]
Sri Lanka allows transfers from NRFC accounts
Aug 09, 2012 (LBO) – Sri Lanka’s Central bank has relaxed exchange control regulations to allow the free transfer of funds from non-resident foreign currency (NRFC) accounts, the bank releasing a statement said. The bank said funds can be freely transferred between and among NRFC accounts including foreign currency investments abroad. “Necessary direction to authorized […]
Money Transfer
Aug 09, 2012 (LBO) – Sri Lanka’s Central bank has relaxed exchange control regulations to allow the free transfer of funds from non-resident foreign currency (NRFC) accounts, the bank releasing a statement said. The bank said funds can be freely transferred between and among NRFC accounts including foreign currency investments abroad. “Necessary direction to authorized […]