Category: Industry
Sri Lanka’s increased VAT to be applied from Nov 01
Oct 28, 2016 (LBO) – Inland Revenue Department said the changes to VAT and NBT will be implemented with effect from November 01. Releasing a statement, its Commissioner General said further details will be updated in due course. As per the amendments passed, VAT will be increased from 11 percent to 15 percent while NBT […]
Sri Lanka’s Fin Min to release Rs4bn for Golden Key depositors
Oct 27, 2016 (LBO) –Sri Lanka’s cabinet has approved a proposal to release an advance of 4.05 billion rupees to the Central Bank in order to pay the eligible depositors of Golden Key Credit Card Company. According to the repayment plan for the security deposit holders of Golden Key approved by the Supreme Court, the […]
Dusit Thani Sri Lanka promote real estate invetment in Australia
Colombo, 25 October 2016 – Dusit Thani Sri Lanka, Beachfront Balapitiya recently hosted ‘Australia Showcase 2016’ for Sri Lankan-Aus society crème de la crème, in Melbourne to meet the immense interest received from both expats and locals alike in Australia. The simple early-evening event, which received 80 attendees was hosted exclusively for The Beachfront apartments […]
World’s oldest working full-rigged ship arrives in Sri Lanka
Oct 26, 2016 (LBO) – The world’s oldest working full-rigged ship with 27 sails, SS Sørlandet from Norway, has arrived in Colombo. The ship is on a two-year circumnavigation of the world, with 70 high school students from A+ Academy. During their stay in Colombo they will greet Sri Lankan maritime students, and the ship […]
Sri Lanka appoints committee to look at Norochcholai issues
Oct 25, 2016 (LBO) – Sri Lanka’s power regulator, the Public Utilities Commission, has appointed another three member committee to investigate the recent break down of Lakvijaya coal power plant in Norochcholai. The committee will be chaired by Shibly Aziz, former Attorney General and President Counsel and include R I Senaratne, head of the Department […]
Opinion: IT security for your enterprise, have you got it all covered?
By Dimuthu Leelarathne, director of solutions architecture at WSO2 Cyber security and the resultant risks, if not addressed properly, was a hot topic in Colombo recently. And it’s now taken the spotlight globally as well with various discussions taking place to commemorate US cyber security month. Even a top regional study released in Singapore recently […]
Sri Lanka’s Commercial Bank listed debenture oversubscribed
Oct 24, 2016 (LBO) – Sri Lanka’s Commercial Bank said a listed debt offer for seven billion rupees had been oversubscribed Monday and is closing on the same day. The bank offered 50 million debentures at 100 rupees each with an option to issue 20 million further. Fitch Ratings Lanka assigned the Basel II-compliant subordinated […]
Sri Lanka introduces electronic card to charge electric vehicles
Oct 24, 2016 (LBO) – Sri Lanka’s Power Ministry has introduced a new rate structure and an easy-to-use electronic card when charging electric vehicles. As per the new rates system, consumers will have the option of getting much lower rates for charging at off peak hours. The new tariff system proposed by the Ceylon Electricity […]
First blockchain trade in cotton from Texas to China
Oct 24, 2016 (LBO) – Australia’s Commonwealth Bank and Wells Fargo have used blockchain, the technology behind the digital currency bitcoin that can secure financial transactions, in the first global trade transaction involving a shipment of cotton. The shipment of cotton was from Texas to Qingdao in China — the trade involved an open account […]
Strong growth for Sri Lankan telcos, despite higher taxes: Fitch
Oct 21, 2016 (LBO) – Fitch Ratings said Sri Lanka Telecom rating of B+/Negative/AAA(lka)/Stable and Dialog Axiata PLC AAA(lka)/Stable will remain steady despite higher taxes and large capex. “The ratings of both telcos benefit from high headroom capable of absorbing some margin dilution and lower cash generation,” the company’s rating statement said. The stable outlook […]
Opinion: Is electricity from Norachcholai coal power plant cheap?
By Vidhura Ralapanawe CEB (and the CEBEU) has been touting a cost of 5-6 Rupees for Norachcholai, saying that it is cheap. PUCSL approves the CEB’s bulk supply tariff every six months, and based on the last such approval, the fuel cost is Rs 5.75/kWh (based on a USD80/tonne delivered), the fixed cost (maintenance, salaries […]
Ceylon Chamber welcomes relaxing export proceeds rule
Oct 20, 2016 (LBO) – Ceylon Chamber of Commerce has welcomed the move to ease the rule on repatriation of export earnings, increased from the earlier 90 days to now 120 days, as formalized by a Gazette notification issued recently. The Chamber pointed out that this rule hurts Sri Lanka’s export competitiveness, compromises export orders, […]