Category: Industry
Fuel Protests
Feb 13, 2012 (LBO) – A steep fuel price increase in Sri Lanka to correct mounting economic imbalance and pressure on a currency peg has seen protests by bus operators and fishermen, reports said. Fishermen blocked a road on the main road to the capital Colombo from Negambo, a fishery centre, a media report said. […]
Sri Lanka power utility CEB, to raise tariffs
Feb 13, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has asked the regulator for a tariff hike or a fuel surcharge to cover part of an estimated 79 billion rupee loss in 2012, power ministry secretary M M C Ferdinando said. The CEB has budgeted for expenses of 179. 05 billion with revenue […]
Sri Lanka tourist arrivals up 15.7-pct in January
Feb 13, 2012 (LBO) – Tourist arrivals to Sri Lanka increased 15.7 percent to 85,874 in January 2012 from a year earlier, maintaining growth but at a slower pace than last year, official data showed. East Asian arrivals rose 28 percent to 9,334 with Chinese tourists rising 21. 5 percent to 1,952. Visitors from Japan […]
Bus Tariff
Feb 13, 2012 (LBO) – Sri Lanka’s bus fares will be raised by 20 percent and striking buses will return to the streets from Tuesday, Gemunu Wijeratne, head of the Sri Lanka Private Bus Operators’ Association said. The new fares will be in effect for at least a year unless fuel prices are raised by […]
Sri Lanka state-carrier to cut UK flights, lease Heathrow slots: report
Feb 12, 2012 (LBO) – State-run SriLankan airlines is considering slashing flights to London from Sri Lanka’s capital Colombo from 12 to 7 a week and leasing slots at Heathrow to other airlines, a media report said. The newspaper quoted chief marketing officer G T Jayaseelan as saying that they had considered auctioning landing slots […]
Price Hike
Feb 11, 2012 (LBO) – Sri Lanka has steeply raised the price of diesel partially correcting chronic mis-pricing between refined fuels in a move that could also help reduce loans taken by petroleum distributors and stabilize a weakening exchange rate. Diesel may be now priced just around cost when freight, port levies and taxes are […]
Sri Lanka and Pakistan to boost trade
Feb 11, 2012 (LBO) – Sri Lanka and Pakistan will boost bilateral trade to over two billion dollars by 2015 and promote the use of local currencies, a joint statement issued at the end of a visit by President Mahinda Rajapaksa to Islamabad said. Before the creation of state-owned dollar pegged central banks in South […]
Sri Lanka chases golf tourism
Feb 11, 2012 (LBO) – Sri Lanka’s state-run carrier is SriLankan is sponsoring an Asia Pacific tour event as part of efforts boost the profile of the island’s golf courses and boost up market sports tourism, officials said. “One way to get to the end user of our airline is through sports,” Srilankan Airlines chairman […]
Rating Cut
Feb 11, 2012 (LBO) – Sri Lanka’s Mercantile Investments Plc, has been downgraded to ‘BBB+’ from ‘A’ and its short term rating from P1 to P2 by Ram Ratings Lanka, on weaker asset quality and exposure to stocks. “The downgrade reflects MIL’s weak asset quality as a result of its high exposure to equity investments […]
Northern Finance
Feb 11, 2012 (LBO) – The Finance, Sri Lanka’s pioneer finance company has returned to pre-war premises in the island’s northern Jaffna city, where the economy is going resurging after the end of a 30-year war. “Every time I come to Jaffna I see new developments,” Central Bank governor Nivard Cabraal said at the ceremonial […]
Oil Outline
Feb 10, 2012 (LBO) – Net profit for the December 2011 quarter of the Sri Lanka unit of Indian Oil Corporation rose 3. 5 percent to 623 million rupees from a year ago, with a sharp rise seen in finance costs. Lanka Indian Oil Corporation’s December 2011 quarter sales rose 15 percent to 15. 4 […]
Fuel Poser
Feb 10, 2012 (LBO) – Sri Lanka is considering raising retail prices of fuel because of rising world oil prices, petroleum industries minister Susil Premajayantha said. Sri Lanka’s future oil imports will cost more as international prices have increased owing to cold weather in the Western hemisphere and uncertainty caused by sanctioned against Iran, he […]