Category: Industry
Sri Lanka gets more apparel plants
Jan 06, 2012 (LBO) – Apparel exporters Timex and Fergasam Group will build two factories at a cost of five million US dollars in Sri Lanka’s north-western Mannar, part of the former war zone, the ministry of industry and commerce said. Timex and Fergasam currently employs more than 8,000 across its 16 manufacturing facilities with […]
Sri Lanka tourist arrivals up 31-pct in 2011
Jan 06, 2012 (LBO) – Sri Lanka’s tourist arrivals in 2011 jumped 30.8 percent to a record 855,975 from a year ago with the peak season month of December also at a new high, the tourism office said. The South Asia region accounted for the second biggest increase in arrivals which shot up 35. 3 […]
Parental Support
Jan 06, 2012 (LBO) – Fitch Ratings Lanka has upgraded People’s Leasing Company’s (PLC) National Long-Term rating to ‘A+(lka)’ from ‘A(lka)’ and People’s Finance’s (PF) to ‘A-(lka)’ from ‘BBB(lka)’. The outlooks on both ratings are stable, the rating agency said in a statement. PLC’s outstanding 1,155 million rupee senior unsecured redeemable debentures have also been […]
Road Plan
Jan 06, 2012 (LBO) – Sri Lanka has started a study to plan new roads to ease congestion in the capital Colombo and provide fast connections to expressways, the head of the island’s Road Development Authority said. RDA chairman R W Pemasiri said heavy congestion is seen on High Level Road, Baseline Road and from […]
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. The underground Upper Kotmale tunnel, is also Sri Lanka’s longest tunnel, with a distance of 12.9 kilometers. The tunnel was finished […]
Bond Sale
Jan 04, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon, the island’s largest lender is looking to sell a 500 million dollar bond in the first half of this year chairman Gamini Wickramasinghe said. “It will be during the next three to four months,” he said. “The bond will be rated.” Bank of Ceylon […]
Petro Facility
Jan 03, 2012 (LBO) – Sri Lanka is negotiating a billion dollar facility from an international bank to defray payments for petroleum imports by made state-run Ceylon Petroleum Corporation in 2012, officials said. By October 2011 Sri Lanka had spent 3.6 billion dollars on petroleum imports up 48. 5 percent from a year earlier. A […]
Sri Lanka LOLC buys Dickwella Resort for a billion rupees
Jan 03, 2012 (LBO) – Sri Lanka’s LOLC group has acquired control of a beach resort catering to up-market European tourists at a cost of just over a billion rupees, a stock exchange filing said. “The hotel which is much sought after by an exclusive clientele of European tourists has potential for even further expansion,” […]
Export Barriers
Jan 02, 2012 (LBO) – Sri Lanka’s fast-growing information communications technology (ICT) industry faces difficulties in hiring skilled staff, finding good office space and accessing fast Internet links, a survey has found. “Poor country visibility as an IT destination, absence of up-to-date technology, and time consuming procedures to obtain services from institution such as the […]
Mobile Momentum
Jan 02, 2011 (LBO) – Household access to telephones is on par with electricity, television, and radio in Sri Lanka mainly because of the boom in mobile phones, and are set to overtake TV and radio, a new study said. “The key economic benefit of phones is reducing travel,” it said, noting that there was […]
Sri Lanka among top destinations for 2012: Conde Nast Traveller
Jan 02, 2012 (LBO) – Sri Lanka has been named among the top destinations for 2012 by Conde Nast Traveller, a popular travel magazine after former war-torn areas were opened to tourists. Sri Lanka’s West Coast resorts are popular during the European Winter season when the Eastern coast is hit by a monsoon season. The […]
Milestone Machine
Jan 02, 2012 (LBO) – Sri Lanka’s Commercial Bank has connected its 500th automated teller machine as it rapidly expands its network, adding 100 terminals in the past five months or at a rate of 20 a month on average. The newest ATM was opened at Maradana Railway Station in Colombo, under a bank project […]