Category: Industry
Sri Lanka to set up export-import bank: CB Governor
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank is setting up an export-import bank to fast-track Sri Lanka’s international trade, governor Nivard Cabraal said. The proposed ˜ex-im bank’ will have an initial capital of 200 million rupees and may be financed by both government and commercial sources. “It will provide financial assistance to exporters […]
Sri Lanka Hemas buys small hydro power plant
Jan 04, 2010 (LBO) – Sri Lanka’s Hemas Power said it has bought a 2.6 megawatt (MW) hydro-power plant in the Nuwara Eliya district in the central hills from Senok Mark Hydro for 198.5 million rupees. In September 2009, Hemas Holdings floated its power generation business to build a 2.4 MW mini hydro plant in […]
Sri Lankan Airlines asks travelers to come early to airport
Jan 04, 2010 (LBO) – Sri Lanka’s national carrier SriLankan Airlines said it was asking passengers on departing flights to report four hours before departure to the airport because of delays at immigration. It said in a statement there was heavy congestion at immigration counters at the Bandaranaike International Airport, north of Colombo. SriLankan Airlines […]
Interest Limit
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank said it has raised the ceiling on interest rates paid by registered finance companies and also allowed them to pay extra interest to senior citizens over 60 years from January 1. In revising the interest rates, the Monetary Board has considered the declining trend in market […]
Bailout Ceiling
Jan 04, 2010 (LBO) – Sri Lanka’s Central Bank said a new mandatory deposit insurance scheme to be introduced this year will cover up to 100,000 rupees per depositor. Coverage would increase as the deposit insurance fund grows, governor Nivard Cabraal said in a statement on its financial sector policies for 2010. The deposit insurance […]
Sri Lanka East safe for tourists: Britain
Jan 03, 2009 (LBO) – Britain said it is no longer advising its citizens against travel to Sri Lanka’s East, but the north continued to be out of bounds though a 30-year war in the area ended last May. Britain’s foreign and commonwealth office (FCO) said it had removed an ‘all but essential travel’ tag […]
Sri Lanka dismisses EU trade move
January 1, 2010 (AFP) – Sri Lanka’s president on Friday dismissed the European Union’s suspension of preferential trade status to the island, saying his government would resist foreign “strategic interference”. “We will not be held back by threatened economic sanctions or withdrawn trade concessions by those who seek strategic interference in the national affairs of […]
Harbour Move
Jan 01, 2010, (LBO) – The Sri Lanka Ports Authority (SLPA) said it has expanded facilities for bunkering or ship fuel at Colombo port with the addition of another berth for oil tankers that will reduce delays. Colombo Port’s New North Pier, which has been developed as a multi-purpose berth, handled its first oil tanker […]
’s Jayasuriya dropped for Bangladesh tri-series
December 30, 2009 (AFP) – The world’s most experienced one-day batsman, Sanath Jayasuriya, has been axed from next month’s limited-overs tri-series in Bangladesh, Sri Lanka Cricket said Wednesday.Jayasuriya, 40, was not named in Sri Lanka’s 15-man squad for the tri-series as selectors made changes after recent defeats to India, the third team taking part in […]
‘s biggest
JAKARTA, December 30, 2009 (AFP) – China and Southeast Asia establish the world’s biggest free trade area (FTA) on Friday, liberalising billions of dollars in goods and investments covering a market of 1.7 billion consumers. Eight years in the making, the ASEAN-China FTA will rival the European Union and the North American Free Trade Area […]
Sri Lanka Brandix says price cuts helped apparel sales
Dec 30, 2009 (LBO) – Sri Lanka’s Brandix group, which supplies top Western fashion brands, said price cuts had helped increase apparel sales despite a global slump in demand. Prices across all categories from men’s underwear, commodity, fashion and best price panties, fashion bras, lounge wear and woven pants, had fallen by 10 to 27 […]
Broadband Probe
Dec 30, 2009 (LBO) – Sri Lanka’s telecom regulator has begun investigations on broadband speeds advertised by telcos after a private research study found them exaggerating available bandwidth to surfers, a senior official said. Sri Lankan telcos deliver 75 percent of advertised speeds in the last mile of the network. LIRNEAsia said broadband providers in […]