Category: Industry
Sri Lanka electronic visa system starts
Jan 01, 2012 (LBO) – Sri Lanka has ended a free visa on arrival scheme from today with an electronic authorization system coming online, but anyone who arrives without an e-visa will be able to buy one for 50 dollars, a media report. Sri Lanka gave free visa on arrival to a number of countries […]
Sri Lanka to get US800mn tourism project from South Africa: report
Dec 31, 2011 (LBO) – South Africa’s Sun City gaming and resort group will invest 800 million dollars in the biggest ever leisure development in Katana, north of the capital Colombo the island, a media report said. “Sun City of South Africa is now going to make an 0 million investment in a 200-acre private […]
Knowledge Export
Dec 30, 2011 (LBO) – Sri Lanka’s information communications technology (ICT) industry is focusing more on value added software products and knowledge services where profits are higher, officials said. Over half the firms in the sector are building and exporting software products rather than providing services such as low-end call centres, they said. The services […]
Sri Lanka expects US$850mn from tourism in 2011
Dec 30, 2011 (LBO) – Sri Lanka expects to earn 850 million US dollars from tourists in 2011 with annual arrivals expected to reach 830,000 an increase of 26 percent from a year earlier and the industry targeted a billion dollars next year, officials said. But an electronic visa process, which is promised to be […]
Director Stakes
Dec 30, 3011 (LBO) – Dinesh Weerakkody, has been appointed chairman of Commercial Bank of Ceylon after Mahendra Amarasuriya its highly respected long time chairman stepped down due to a now controversial central bank rule. Former Central Bank deputy governor Dharma Dheerasinghe was appointed deputy chairman, an official said. Amarasuriya stepped down despite a court […]
Rate War
Dec 30, 2011 (LBO) – Stiff competition among major container shipping lines that has cut freight rates is likely to continue next year, helping Sri Lankan shippers facing a slowdown in demand in key markets, trade officials said. Alphaliner said recent realignments among big shipping lines with vessel sharing and slot exchange deals meant to […]
Sri Lanka promises impartial probe on tourist killing
Dec 29, 2011 (LBO) – Sri Lanka says investigations are continuing on an attack which left a British tourist killed and his Russian female friend injured with several suspects including a local politician of the ruling party being arrested, officials said. Sri Lanka’s deputy economic development minister Lakshman Abeywardene said the island’s defence secretary has […]
Sri Lanka renewable energy use grows
Dec 29, 2011 (LBO) – Non-conventional renewable energy use has grown sharply this year, accounting for the fastest growth among the different sources of energy in the island, according to latest central bank data. Non-conventional renewable energy mainly consists of hydro- , wind, solar and biomass. Most non-conventional hydro-power in Sri Lanka comes from small […]
Value Exports
Dec 29, 2011 (LBO) – Sri Lanka’s earnings from information communications technology (ICT) services and products grew strongly this year after rising sharply last year, officials said. ICT and BPO (business process outsourcing) exports shot up 47 percent to 310 million US dollars in 2010-11 from the year before and will remain strong, a new […]
SriLankan Airlines offers cargo delivery service in UK
Dec 28, 2011 (LBO) – SriLankan Airlines has begun a cargo delivery service to the United Kingdom that also offers customs clearance and documentation handling in an effort to gain a competitive edge. The new Door Delivery Cargo service is operated in collaboration with Air & Cargo Services Limited in the United Kingdom. The national […]
Containing Risk
Dec 28, 2011 (LBO) – Fitch Ratings has confirmed the Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC) National Long-Term rating at ‘BBB+(lka)’ with a stable outlook. At the same time, the agency has confirmed the bank’s outstanding senior unsecured redeemable debentures at ‘BBB+(lka)’. “The ratings reflect HDFC’s demonstrated ability to contain interest rate […]
Tracks
Dec 28, 2011 (LBO) – India’s Tata and Maruti brands is leading Sri Lanka’s vehicles market taking a lion’s share of both automobile and trucks, data compiled by a Colombo based stock brokerage shows. In November 1,348 Maruti cars were registered in a market where about 4,500 to 5,000 cars are registered each month, data […]