Category: Industry
Sri Lanka readies for island tourist resorts
Jan 04, 2011 (LBO) – Sri Lanka expects to announce the investors who have been chosen to develop 10 islands in Kalpitiya, off the north-west coast for tourist resort development in the next two weeks, the chairman of the tourism office said. The government embarked on developing resorts in the north-west region after the end […]
Branching Out
Jan 04, 2011 (LBO) – Sri Lanka’s Union Bank said it plans to open 10 new branches this year with the next being this month in eastern Batticaloa which is recovering from the effects of war. The bank said in a statement its 21st branch was opened in December in Wattala, a northern suburb of […]
Own Risk
Jan 04, 2011 (LBO) – Sri Lankans who invest in high-risk, high-return unauthorised investment schemes will not be bailed out at tax payer expense if they lose money in future, central bank governor Nivard Cabraal said. The regulator will continue public awareness campaigns warning people of the danger of investing money in unauthorised schemes, he […]
Sri Lanka to test new visa scheme for three months
Jan 03, 2011 (LBO) – A new online visa scheme Sri Lanka plans to introduce, replacing existing on-arrival visas, will be tested for three months before the government decides to implement it, an official said. Sri Lanka received more than 600,000 tourists in 2010 and aims to attract 700,000 this year. Nalaka Godahewa, chairman of […]
Derived Rating
Jan 03, 2011 (LBO) – RAM Ratings Lanka has confirmed State Mortgage and Investment Bank’s (SMIB) long- and short-term financial institutions ratings of A and P1 with a stable outlook for the former, a statement said. “The ratings are based on the bank’s strong capitalisation and the financial flexibility it derives from its sole shareholder, […]
Optional Deal
Jan 03, 2011 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has won an optional contract to build a third Multipurpose Platform Supply Vessels (MPSV) for Greatship Global Offshore Services of Singapore, a statement said. The main contract for the construction of two 78-metre MPSVs, signed in October 2010, provided for Greatship Global Offshore Services (GGOSL) […]
Bandwidth Battle
Jan 02, 2011 (LBO) – Sri Lanka Telecom (SLT) has increased bandwidth speeds and data volumes for broadband customers and reduced charges from January 01, 2011, a statement said. “All our volume based broadband packages are free of bandwidth control and contention.” Editor’s note – a spokesman for SLT has clarified that this announcement is […]
Sri Lanka tourist trade raises alarm over new visa rule
Jan 02, 2011 (LBO) – Sri Lanka’s tourist industry wants the government to postpone a new rule to charge for visas, scrapping on-arrival visas, saying it could deter visitors whose numbers boomed after the end of a war, a report said. Approval for a visa would not take more than a single day. ‘New visa […]
Sri Lanka to scrap visa on arrival
December 31, 2010 (AFP) – Sri Lanka has revived plans to scrap the visa on arrival for foreigners, except Maldivians and and Singaporeans, and will launch an on-line visa application system, officials said Friday. The local tourism industry has been buoyed by a near 50 percent increase in foreign visitors since fighting ended in May […]
Finance Act
Dec 31, 2010 (LBO) – A new finance company law that is to be introduced in Sri Lanka will provide for tougher penalties against illegal deposit taking and give regulators wider powers to probe abuses, a statement said. The new law will repeal the existing No 78 finance company act of 1988 which was seen […]
Sri Lanka hydro electricity firm in power purchase deal
Dec 30, 2010 (LBO) – Hydro Power Free Lanka (HPFL) has entered into agreements with Sri Lanka’s state power utility and investment promotion agency to sell power and get tax concessions, according to a stock exchange filing. Its subsidiaries, Hydro Power Free Lanka 2 and Hydro Power Free Lanka 3, have begun building two min-hydro […]
Wider Margins
Dec 29, 2010 (LBO) – Fitch Ratings has confirmed the National Long-term rating of Sri Lanka’s Housing Development Finance Corporation Bank (HDFC) at ‘BBB+(lka)’ with a stable outlook, a statement said. The rating agency has also confirmed the ‘BBB+(lka)’ rating on the bank’s outstanding 195 million rupee senior unsecured redeemable debentures. “HDFC’s ratings reflect its […]