Category: Industry
Sri Lanka kicks off second coal plant
Mar 19, 2010 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has launched the second stage of a coal power complex built with Chinese financing which will add another 600 MegaWatt, the president’s office said. China became top lender to commit funds to Sri Lanka is 2009 accounting for 1.2 billion US dollars. The first 300Mega […]
Helping Hand
Mar 19, 2010 (LBO) – Sri Lanka’s Central Bank has launched a credit refinance scheme to help small and medium enterprises which are in difficulty to recover, senior officials said. The 100 percent refinance scheme through banks will give loans at eight percent up to a maximum of 20million rupees to help existing firms recover, […]
‘s Ceylinco Insurance eyes East Asia, Middle East: senior official
Mar 18, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance Company is to tie up with insurance companies in Asia and the Middle-East to market a motor policy with immediate claim settlement that took the domestic market by storm, officials said. Gross written premium fell 9.0 percent to 4.60 billion rupees and net premium after paying […]
Sri Lanka sate-run provident fund buys into hotel
Mar 18, 2010 (LBO) – Sri Lanka state-run Employees Provident Fund of private citizens had bought a 10 percent stake in Lighthouse Hotel, a unit of the Jetwing leisure group, a stock exchange filing said. NDB stockbrokers said the EPF, the country’s largest retirement fund, had bought 4. 6 million shares of Lighthouse. The hotel […]
Cold Chain
Mar 17, 2010 (LBO) – Sri Lanka’s Finlays Colombo group said it is considering expanding its cold storage business into a network with profitability improving and the unit getting more customers last year. Use of the Finlays cold store eliminates the need for customers to invest in their own expensive storage facilities. It also enables […]
Sri Lanka hotels dress up for post-war rush
March 17, 2010 (AFP) – Sri Lanka’s hotel owners are racing to refurbish and add thousands more rooms as foreign holidaymakers pour into the country after the end of nearly four decades of ethnic bloodshed. Leading hotel groups plan to spend millions of dollars on new decor and facilities for the influx of tourists drawn […]
Bike Ride
Mar 17, 2010 (LBO) – Sri Lanka’s Singer unit said its sales of motor cycles and bicycles picked up speed in 2009, with demand from former war-torn areas, while its consumer durables sales in the rest of the island plunged. Singer Sri Lanka said sales of bicycles and motor cycles grew 26 percent to 757 […]
Sri Lanka Spence Hotel earmarks investments for former war zone
Mar 16, 2010 (LBO) – Sri Lanka’s Aitken Spence Hotel Holdings said the largest chunk of 2.5 billion rupees it plans to raise through a rights issue will go for new hotels in the island’s former war zone. It also plans to build a hotel in the northern Jaffna region. The firm said about a […]
Sri Lanka Tea Board probes fake tea complaint
Mar 16, 2010 (LBO) – Sri Lanka’s Tea Board is investigating complaints by an exporter that certain teas sold in Europe as pure Ceylon tea are actually blended with teas from other origins, officials said. Zarook alleged that his competitors in Germany were competing on price because they were mixing Ceylon tea with Vietnamese tea […]
Sri Lanka to allow recreational flying
Mar 16, 2010 (LBO) – Sri Lanka has decided to lift restrictions on private flying and open up her skies for recreational aviation to lure tourists after the end of a 30-year war, a senior official said. Dissanayake said they want to revive an ‘open skies’ scheme started in November 2006 in the island’s south […]
Furniture Push
Mar 16, 2010 (LBO) – The Sri Lanka unit of Singer, a consumer durables firm, said it was re-branding a furniture range under its own name and pushing it out to rural areas where the firm has strong brand loyalty. “There is more potential in the growth in the consumer behaviour in rural areas. There […]
Sri Lanka lures back Japanese surfers
Mar 15, 2010 (LBO) – Some of the world’s top surfers will take part in a Japanese surfing championship that returns to Sri Lanka this month after a five-year break following the end of the island’s ethnic war. The Japan Pro Surfing Association’s (JPSA) annual competition will be held during March 19-23 at Hikkaduwa, a […]