Category: Industry
Buying Point
Dec 08, 2011 (LBO) – GroupM, which operates the media investment units of WPP, the world™s largest advertising agency group by sales, has begun operations in Sri Lanka. GroupM will act as the central buying point for WPP media agencies, which are independent global operations in their own right, a statement said. There is no […]
Travel Banking
Dc 08, 2011 (LBO) – Commercial Bank has opened its first 24-hour outlet near Sri Lanka’s international airport at Katunayake, north of the capital, providing access to banking facilities to travellers. Services offered include exchange of foreign currency and encashment of travellers’ cheques, a statement said. They also include opening of accounts, payment of utility […]
Fast Berth
Dec 08, 2011 (LBO) – State-run Sri Lanka Ports Authority (SLPA) is building a 125 million US dollar berth in an expanded harbor in Colombo to fill a capacity gap until a Sino-Lanka joint venture comes on stream in 2014, an official said. Colombo International Container Terminal a joint venture between China Merchant Holdings and […]
Fast Travel
Dec 08, 2011 (LBO) – About 5,000 vehicles are using Sri Lanka’s first expressway, the southern expressway, each day on average, Ranjith Pemasiri, the chairman of the road development authority, said. Revenue earned on weekends is about three million rupees a day. The southern expressway, which opened last month, cost about 70 billion rupees to […]
Port Traffic
Dec 07, 2011 (LBO) – Sri Lanka’s road development agency is to build a flyover at the main entrance to Colombo port to ease traffic congestion caused by container trucks, a port official said. The island’s imports and exports have increased with economic growth accelerating to eight percent a year after the end of its […]
Gas Potential
Dec 06, 2011 (LBO) – A top Indian scientist has said he believes Sri Lanka has huge gas hydrate resources in the ocean around the island as in India. The ice like solids found in deep water on the ocean floor could generate methane gas, a potential energy source, Harsh Gupta told a forum of […]
Sri Lanka Expo 2012 fair expects 1,000 delegates
Dec 06, 2011 (LBO) – Sri Lanka is expecting more than 1,000 business and official delegates for an export trade fair to be held in March in Colombo, which will also feature a high profile business forum, officials said. The end of a 30-year civil war in 2009 has already resulted in a tourism boom […]
Sri Lanka Lighthouse hotel expands
Dec 06, 2011 (LBO) – The Lighthouse Hotel in southern Sri Lanka said it plans to expand by adding more rooms and new food and beverage outlets amid a boom in tourist arrivals. The company, whose hotel is on the southern coast, said in a stock exchange filing it will build 15-20 rooms, a restaurant, […]
Sri Lanka tourist shopping mall at colonial Dutch hospital
Dec 05, 2011 (LBO) – A tourist ‘shopping precinct’ has been built in Sri Lanka’s capital Colombo at the premises of a hospital in dating back to the Dutch colonial period. The Dutch hospital was opened by economic development minister Basil Rajapaksa and his brother defence secretary Gothabhaya Rajapaksa who also oversees the country’s urban […]
Cross Border
Dec 05, 2011 (LBO) – Sri Lanka’s non-bank finance companies should borrow abroad to increase resources they have to lend to the domestic economy, Central Bank Governor Nivard Cabraal said. In the 1980s amid high deficit spending and loose monetary policy, the currency was continuously depreciated to avoid balance of payments crises. When foreign currency […]
Gold Finance
Dec 05, 2011 (LBO) – Sri Lanka’s Edirisinghe Trust Investments (ETI), a registered finance company which is to be listed on the Colombo bourse, said it plans to open more outlets by March 2012 as its gold finance business expands. Sandun Kumarasiri, ETI General Manager Gold Financing and Sales, said their staff not only has […]
Proposals
Dec 04, 2011 (LBO) – Sri Lanka Ports Authority will invite more port related industries at Hambantota in the island’s south this month, after a first round brought a billion dollars of investments, chairman Priyath Bandu Wickrema said. The RFP will be open and investors could propose virtually any industry including manufacturing, assembly, packing and […]