Category: Industry
Commercial Bank honoured in USA& Hong Kong
(PRESS RELEASE) – As the financial year draws to a close, the Commercial Bank of Ceylon has been presented with two more significant global awards in Washington DC and Hong Kong. Commercial Bank Chairman Mr Dharma Dheerasinghe and Managing Director Mr Jegan Durairatnam received the Global Finance award for the Best Bank in Sri Lanka […]
Sri Lanka to regulate petroleum industry through PUCSL
Oct 19, 2016 (LBO) – Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the petroleum industry. “The government has noted the importance of transferring Ceylon Petroleum Corporation to the regulatory scope of the Public Utilities Commission of Sri Lanka,” a statement on cabinet decisions said. The proposal was […]
Sri Lanka to conduct feasibility studies for 5 LRTs excluded by JICA
Oct 19, 2016 (LBO) – Sri Lanka’s cabinet has approved conducting of detailed feasibility studies for five remaining light railway transits (LRTs) with an estimated cost of 300 million rupees. Megapolis Ministry has initially identified 7 lines to be constructed in the Colombo district to cater to the transport demand while leaving provisions for further […]
Sri Lanka’s HNB to raise Rs6bn from listed debenture
Oct 19, 2016 (LBO) – Sri Lanka’s Hatton National Bank is to raise 6.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated, subordinated, unsecured, redeemable debentures worth 5.0 billion rupees with an option to go up to 6.0 billion rupees. NDB […]
RIU Investor roadshow London 2016 holds session at the High Commission
(PRESS RELEASE) – The RIU (Research Intelligence Unit) Investor Forum, geared towards facilitating cross border investment between Sri Lanka and the United Kingdom was held at the Sri Lanka High Commission in Hyde Park Gardens, London on Friday the 7th October. The special focus of this event being on real estate and related investment facilitation […]
‘s power users to be compensated for damages: PUCSL
Oct 19, 2016 (LBO) – Sri Lanka’s electricity consumers will be compensated for the damages to equipment due to abnormal voltages and phase reversals in the distribution systems from 13th January 2017, the power regulator said. The implementation of the regulation will be completed in three stages over three years from the day the regulations […]
SriLankan Airlines bans Samsung Note 7 on all aircraft
Oct 18, 2016 (LBO) – Sri Lanka’s national carrier, SriLankan Airlines has imposed a total ban on the carriage and usage of ‘Samsung Note 7’ on board the SriLankan and Mihin Lanka aircraft with immediate effect. The ban comes into effect subsequent to the series of incident reported on explosions of the device when connected […]
European Council President pledges to support Sri Lanka GSP+
Oct 18, 2016 (LBO) – European Council President has pledged to Prime Minister Ranil Wickremesinghe the fullest support to regain the GSP+ concessions for Sri Lanka. The support came after Premier Wickremesinghe yesterday met Donald Tusk who has been President of the European Council since December 2014. Tusk who was previously the Prime Minister of […]
Sri Lanka’s Power Ministry releases reduced power cut schedules
Oct 18, 2016 (LBO) – Sri Lanka’s Power Ministry has released new power cut schedules after the initial 3.5 hours power cut was reduced to 1.5 hours power cut. The Power and Renewable Energy Ministry said that a one hour power cut will be imposed during the day time, and a half-an-hour cut will be […]
Fitch downgrades PABC, Affirms four small and mid-sized banks
Oct 17, 2016 (LBO) – Sri Lanka Fitch has downgraded Pan Asia Banking Corporation’s (PABC) National Long-Term Rating to ‘BBB-(lka)’ from ‘BBB(lka)’ and confirmed ratings of four small, mid-size banks, a statement said. The Outlook on PABC is revised to Stable from Negative, the rating agency said in a statement. The National Long-Term Ratings on […]
Commercial Bank’s Rs5bn debenture issue opens on Oct 24
Oct 17, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon second issue of debentures for 2016 is to open on 24th October, the bank said in a statement. The Bank is seeking to raise 5 billion rupees with an option to increase it by a further 2 billion to strengthen its Tier II capital […]
Sri Lanka’s CEB imposes 3.5 hour power cuts except in Colombo CMC
Oct 17, 2016 (LBO) – Sri Lanka’s Ceylon Electricity Board has imposed a 3.5 hours power cut in the island except in Colombo city following the technical breakdown of Norochcholai Lakvijaya coal power plant. The Power and Renewable Energy Ministry said in a statement that a 2 1/2 hours power cut will be imposed during the […]