Category: Industry
Sri Lanka to get rail link to international airport
Mar 21, 2012 (LBO) – Malaysia’s Airport Express Air and Rail Company is to build a rapid transit rail link between Sri Lanka’s capital Colombo and the international airport at Katunayake, a northern suburb. The planned new railway terminal can be accessed directly from the arrivals and departures lounges of the Bandaranaiyake International Airport building […]
Oil Opportunity
Mar 20, 2012 (LBO) – A wide range of business opportunities is opening up for Sri Lankan companies in the emerging hydrocarbon exploration and production programme after two offshore gas strikes by Cairn India, an official said. These range from providing banking and financial services, oil well insurance, risk management, and training to catering services […]
Sri Lanka state airline on yield maximizing drive
Mar 20, 2012 (LBO) – Sri Lankan Airlines is focusing on maximizing yields on its network and shifting capacity from Europe where competition is high to Asia, amid rising fuel prices, chief executive Kapila Chandrasena said. Mihin Lanka, a budget carrier, which shares some services with Sri Lankan is expected to lose around 15 million […]
Name Change
Mar 20, 2012 (LBO) – Sri Lanka’s banking regulator has tightened regulation of finance companies, ordering those firms that are not licensed finance companies to remove words relating to finance from their names. It is also not applicable to an association of finance companies formed for the protection of their interests, trade unions which are […]
Carrier Call
Mar 20, 2012 (LBO) – A state-run container terminal in Sri Lanka’s Colombo port has won back Japan’s NYK (Nippon Yusen Kaisha) Line, which is a partner of the G6 Alliance of carriers formed last December. The 8,200 TEU vessel ‘MV NYK Virgo’, operated by G6 Alliance partner NYK Line had its inaugural call at […]
Luxury Repair
Mar 19, 2012 (LBO) – Colombo Dockyard said it was eyeing yacht repair as a new market after winning work from a French specialist yacht management company, given Sri Lanka’s proximity to the Maldives where many vessels end their cruises. The yard, majority owned by Japan’s Onomichi Dockyard Co. , said it completed repairs on […]
Lube Location
Mar 19, 2012 (LBO) – Chevron Lubricants Lanka, a unit of the US based group said it will re-locate its blending and packing plant with the end of a land lease with a state-run petroleum firm. “In order to sustain the long term growth of the business, the Board has made a decision to relocate […]
SriLankan Airlines borrows $175mn to pay creditors: report
Mar 18, 2012 (LBO) – SriLankan Airlines is to get a loan of 175 million US dollars (21. 8 billion rupees) from the Mashreq Bank in the United Arab Emirates to pay its creditors, the Sunday Times newspaper said. Sri Lanka’s Cabinet of ministers has agreed to offer a government guarantee to the national carrier […]
Cycle Sales
Mar 18, 2012 (LBO) – Singer (Sri Lanka) Plc, a listed consumer durables distributor which 22 billion rupees in revenues in 2011 said it has seen strong sales of bicycles in former war-torn areas, where the product has been traditionally popular. Singer sells ‘Lumala’ branded vehicles through its distribution network, which grew in 2011, the […]
Sri Lanka targets US$12bn in exports in 2012
Mar 16, 2012 (LBO) – Sri Lanka is targeting 12 billion US dollars in exports in 2012 up from 10. 4 billion in 2011 which will be helped by an upcoming trade fair and a weaker rupee, export development board chief Janaka Ratnayaka said. Ratnayaka said if current trends continue exports may reach a 2015 […]
Sri Lankan consumers seen cheated by protectionist lobbies
Mar 16, 2012 (LBO) – Powerful protectionist lobbies and lack of awareness are denying Sri Lankan consumers the benefits of free trade which could significantly reduce costs if more imports are allowed from neighbouring countries, a new study said. Opposition from influential business groups to the proposed Comprehensive Economic Partnership Agreement with India, to replace […]
Sri Lanka city hotel in Rs218mn expansion
Mar 16, 2012 (LBO) – Sri Lanka’s listed Renuka City Hotels Plc said it is starting a 218 million rupee expansion, amid a tourism boom. Renuka City Hotels said in a stock exchange filing that it will add 18 new rooms, a swimming pool, gym and staff facilities in the project. Sri Lanka’s tourist arrivals […]