Category: Industry
Fuel Fiasco
June 30, 2011 (LBO) – Sri Lanka’s petroleum industries minister has rejected allegations the government imported low quality petrol, saying motorists whose vehicles were damaged had been supplied fuel contaminated by rain and dregs. Susil Premajayantha said motorists who could prove they had been supplied contaminated fuel would be given compensation. He rejected allegations the […]
Sri Lanka Finco cuts stake in newly listed apparel firm
June 30, 2011 (LBO) – Sri Lanka’s Finco group has reduced its stake in Orient Garments, a newly-listed apparel subsidiary, when it began trading Wednesday, a stock exchange filing said. Finco Holdings, which held 80.98 percent of Orient Garments, sold 10,983,400 shares of its holding constituting 20 percent of the apparel exporter’s issued capital at […]
Sri Lanka seeks developers for prime property
June 30, 2011 (LBO) – Sri Lanka is searching for a buyer for a block of prime beach front land adjacent to two that are slated to be among the largest real-estate cum hotel developments to start in the country after the end of a 30-year war, officials said. “The land is still available,” deputy […]
Sri Lanka to permit hotels in wildlife buffer zones
June 30, 2011 (LBO) – Sri Lanka will permit eco-friendly hotels in buffer zones adjacent to nature reserves to cater to increased local and international interest in the island’s wildlife assets, a government minister said. Abeywardene said investors were also keen to protect nature now. “Investors now do not want to damage the environment,” he […]
Speed Breaker
June 30, 2011 (LBO) – Sri Lanka’s motor sector companies’ profitability has fallen after the reversal of some import tax cuts that caused a profit surge, although vehicle demand remains strong with rising incomes and economic growth, a report said. Motor sector companies reported the highest growth in net profit for the last couple of […]
Anderson sparkles, as Jayasuriya bows out tamely
LONDON, June 28, 2011 (AFP) – James Anderson inspired England to a 110-run win over Sri Lanka in the first one-day international here at The Oval on Tuesday. The Lancastrian took 4-18 as Sri Lanka slumped to 121 all out chasing a revised target of 232 in a rain-shortened match. England made 229 in their […]
Sri Lanka to cancel deals of promoters who delay in Eastern resorts
June 29, 2011 (LBO) – Sri Lanka may cancel deals of four investors who were given state land to build hotels in Pasikudah in the Eastern coast of the island, deputy economic development minister Lakshman Yapa Abeywardene said. He said four parties who got land had not used the land so far. “If they do […]
Parental Support
June 29, 2011 (LBO) – Fitch Ratings Lanka has assigned DFCC Vardhana Bank’s (DVB) proposed subordinated debentures of up to a billion rupees a national rating of ‘A+(lka)’. The agency has simultaneously confirmed DVB’s National Long-Term rating at ‘AA-(lka)’ with a stable outlook, a statement said. The proposed debt issue has tenures ranging from five […]
Sri Lanka airline catering unit listing shelved
June 28, 2011 (LBO) – A plan to take public SriLankan Catering, a wholly owned unit of Sri Lanka’s state-run national carrier has been shelved amid a flood of private sector initial offers, Treasury secretary P B Jayasundera said. Several Sri Lankan private sector firms have raised money from capital markets in recent weeks. “Now […]
Sri Lanka air taxi on honeymoon flight
June 28, 2011 (LBO) – SriLankan Air Taxi, a floatplane service operated by Sri Lanka’s state-run national carrier has carried its first honeymoon couple to a hotel in the South of the island. “It was a fantastic ride and we both enjoyed the breathtaking scenery on a clear sunny day and above all being up […]
Off Line
June 28, 2011 (LBO) – Sri Lanka’s logistics industry has warned that lengthy delays in automating cargo clearing procedures were eroding the island’s competitiveness as it seeks to position itself as a cargo hub. “It now takes too much time and money to get things done. We must look at ways and means of improving […]
Sri Lanka apparel exports recovery faster than expected: exporter
June 27, 2011 (LBO) – Sri Lanka is seeing a surge in demand for apparels abroad which may allow the sector to meet industry targets earlier than planned, the island’s largest single garment exporter said. Sri Lanka’s Joint Apparel Export Forum, an industry body has forecasted apparel exports to reach 5.0 billion dollars by 2015, […]