Category: Industry
Sri Lanka hotels, industry to face higher power tariffs
Dec 16, 2010 (LBO) – Sri Lanka’s industries and hotels will face sharply higher power costs of around 25 to 100 percent under new tariffs proposed for 2011, industry representatives told a public hearing called by the regulator. Sri Lanka’s industry has been getting subsidized power, though most of the subsidies went to domestic users […]
Sri Lanka gets US$500mn worth tourism proposals for 10 islets
Dec 16, 2010 (LBO) – Eleven leisure firms have submitted proposals worth 500 million US dollars to build hotels and other leisure facilities in 10 islets off Sri Lanka’s North Western coast, an official said. Chairman of Sri Lanka’s tourism development authority Nalaka Godahewa said the bids closed on December 03 and successful parties will […]
Sri Lanka Shangri-La leisure project would be US$500mn: minister
Dec 16, 2010 (LBO) – Hong Kong based leisure group Shangri-La will invest 500 million US dollars in a hotel project on the main beachfront of Sri Lanka’s capital Colombo, a government minister said. The land is expected to be sold for 75 million US dollars according to reports. “The Shangri-La group has come forward […]
Commemorative Coin
Dec 16, 2010 (LBO) – Sri Lanka’s central bank has issued a 5,000-rupees commemorative coin to mark its 60th anniversary which will be sold to the public from next month, a statement said. The ‘Frosted Proof’ crown sized silver commemorative coin is the first multi-coloured coin issued by the central bank. The limited issue of […]
Sri Lanka to protect Buddhism with low power tariffs
Dec 15, 2010 (LBO) – Sri Lanka has further cut tariffs to places of worship in proposed new rates for 2010 to protect Buddhism, which was an obligation of the state, power ministry secretary M M Ferdinando said. Under proposed tariffs for 2011 the lowest tariffs for religious establishments would go down from 2. 50 […]
Sri Lanka power utility cuts losses with rain
Dec 15, 2010 (LBO) – Sri Lanka’s state run Ceylon Electricity Board has turned a small profit in the three months from June to August helped by heavy rainfall, which has allowed the utility to maximize hydro generation, according to power ministry data. The utility has made profits of 772 million rupees in the three […]
Sri Lanka power ministry defends new tariffs
Dec 15, 2010 (LBO) – Sri Lanka’s power ministry has defended new subsidies to state entities in tariffs proposed by the regulator for 2010 and rejected concerns that the move increased the opacity of government fiscal operations. The ministry says offices such as government agents give essential services to the public and cannot afford the […]
Sri Lanka Hayleys MGT Knitting Mills rating downgraded
Dec 15, 2010 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills’ (HMGT) national long-term rating to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010, Fitch said. “The downgrade primarily reflects HMGT’s lower operating margins,” […]
Sri Lanka Asian Alliance Insurance upgraded
Dec 15, 2010 (LBO) – The claims paying ability of Sri Lanka’s Asian Alliance Insurance, the island’s sixth largest insurer has been upgraded to ‘BBB-‘ from ‘BB+’ following the injection of new capital, RAM Ratings Lanka said. “The corporate exercise has strengthened AAI’s capitalisation and is expected to enhance its financial performance through greater investment […]
SriLankan Airlines signs three-year wage deal with largest union
Dec 15, 2010 (LBO) – SriLankan Airlines has signed a three-year collective agreement with its largest employee union, the Sri Lanka Nidahas Sevaka Sangamaya (SLNSS), introducing a performance-driven work culture, a statement said. The airline is about to re-launch its domestic service SriLankan Air Taxi, and will also commence services to Guangzhou (Canton) and Kochi […]
Sri Lanka tourism arrivals up 63-pct in November
Dec 15, 2010 (LBO) – Sri Lanka’s tourism arrivals rose 63. 1 percent in November to 72,251 from a year earlier, while total visitors for the 11 months increased 45.7 percent to 569,849, tourism promotion office data showed. Eastern Europe generated 42.4 percent higher visitors at 4,920 with Russia up 38.4 percent to 2,063. North […]
Finance Appetite
Dec 15, 2010 (LBO) – An initial public offer by Singer Finance (Lanka) to raise 400 million rupees by offering 26.66 million shares at 15 rupees each was oversubscribed on the opening day Wednesday, a statement said. Registrars to the issue, SSP Corporate Services (Private) Limited, said in a stock exchange filing that the IPO […]