Category: Industry
Japanese deputy premier tours Sri Lankan hydro power plant
May 5, 2012 (LBO) –Japan’s Deputy Prime Minister Katsuya Okada, began his second day in Sri Lanka on Saturday touring the island’s last hydro power plant that is being built with Japanese assistance. Accompanied by Sri Lankan President Mahinda Rajapakse, Okada inspected the 150 megawatte Upper Kotmale hydro power project, that is scheduled to finish […]
‘s Asia Leisure in Japan tie for beach resort
May 05, 2012 (LBO) – Teoria Investment Company Limited, a Japan based company is investing two million US dollars in a beach resort built by Sri Lanka’s Asia Leisure, which is seeking partners for new hotels, officials said. “We need to raise seven-to-eight million dollars each (for each hotel), to start projects in Galle and […]
SriLankan extends wings to Jaffna Peninsula
May 04, 2012 (LBO) – SriLankan Airlines on Friday extended wings to the northern tip of the island, opening a branch in the Jaffna Peninsula. The state-run airline said the office will facilitate travel arrangements for a large clientele in the Jaffna and Kilinochchi areas. Considering the increasing customer base for air travel to and […]
Road Plan
May 03, 2012 (LBO) – Sri Lanka is planning to firm up private finance for a 1. 5 billion US dollar expressway within two months, as the country seeks to connect the north and east to the capital Colombo, Treasury Secretary P B Jayasundera said. “Inquiries are very much active on the now recognized Northern […]
Sri Lanka chamber in link with BRICs counterpart
May 03, 2012 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it had signed a deal with its counterpart representing Brazil, Russia, India, China and South Africa (BRICS) to promote economic links. The co-operation project was started with the help of Sri Lanka’s ambassador to Brazil, Mahinda Balasooriya, the Chamber said. The agreement with […]
Milky Deals
May 03, 2012 (LBO) – Cargills (Ceylon) PLC on Thursday said it continues to buy over 60,000 litres of fresh milk each day, despite dairy farmers protesting of poor prices or few buyers for their supplies. Farmers and milk collectors in the in the central region of Nuwara Eliya on Wednesday, threw some 12,000 litres […]
Sri Lanka, an anchor destination for new Indian Ocean cruise
May 03, 2012 (LBO) – A new Indian Ocean cruise is due to open this winter, ferrying passengers to Sri Lanka’s main port of Colombo, targeting some 4,000 up market tourists from German speaking countries, officials said. Mooted by FTI Group, a German tour operator, the 206-cabin cruise liner carrying some 400 passengers, will sail […]
Brand Extension
May 3, 2012 (LBO) – Sri Lanka’s state-owned Bank of Ceylon is to increase its network of overseas branches following a sharp increase in profits of two existing units in neighbouring south India and the Maldives. The bank, the island’s biggest lender, is to open two new branches in the south Indian cities of Tuticorin […]
AirAsia and MAS abort stock swap
May 02, 2012 (LBO) Budget carrier AirAsia, its long-haul arm AirAsiaX and Malaysian Airline System (MAS) have aborted a stock swap but will form joint ventures in procurement and aircraft maintenance to cut costs and meet competition. AirAsia said key shareholder Tune Air and Khazanah Nasional will unwind a share swap deal signed in August […]
Breaking Ground
May 2, 2012 (LBO) – Sri Lanka’s Hemas Holdings PLC group on Wednesday broke ground for their third hospital, catering to tens of thousands of people living in the east of the capital of Colombo, an official said. Situated in Thalawatugoda, some 14 kilometers off Colombo, the 1.3 billion rupee 50-bed hospital is due to […]
Union Margins
May 02, 2012 (LBO) – Sri Lanka’s Union Bank group’s net profits for the March 2012 quarter were up 21. 8 percent from a year earlier, helped by stronger interest and foreign exchange income, interim accounts showed. But Union Bank said its gross non-performing loans (without interest in suspense) fell to 4.6 percent from 5.51 […]
Sri Lanka assess risks across key tourist spots
May 01, 2012 (LBO) – Sri Lanka has completed preliminary work assessing the risks of most frequented tourist sites, as the island beefs up its leisure products to welcome more holidaymakers, officials said. The project was mooted, after an Australian tourist accidently died after walking-off the Hortain Plains in the central mountain regions last year, […]