Category: Industry
Sri Lanka focuses on clean, low-cost lighting
April 29, 2009 (LBO) – Sri Lanka has set up an energy efficient lighting centre with United States support aimed at promoting clean and low-cost lighting technologies in the south Asian region. “Providing access to electricity is a critical factor in supporting economic development throughout the region,” James Moore, U.S. Embassy Charge d’Affaires, was quoted […]
Sri Lanka power firm finances could improve in May: official
April 29, 2009 (LBO) – The finances of Sri Lanka’s cash-strapped state-run power utility, Ceylon Electricity Board (CEB), could improve in May, a top official said, as dry weather forced it to buy expensive thermal energy, running up debts. The CEB can store 1,200 million units (GigaWatt_hours) worth of water at its reservoirs but it […]
Sri Lankan Airlines get second Airbus A320
April 29, 2009 (LBO) – SriLankan Airlines said it had acquired a second Airbus A320 as part of its narrow-body aircraft re-fleeting program where the existing fleet is replaced with newer more fuel efficient aircraft.The newly acquired A320 is a two year old aircraft on lease from AWAS of Ireland on a three-year contract. It […]
Emirates flys in UN refugee relief to Sri Lanka
April 29, 2009 (LBO) – Emirates SkyCargo said it had begun transporting United Nations High Commissioner for Refugees (UNHCR) relief supplies for refugees in the North East.Emirates said a Boeing 747-400 freighter had landed in at Colombo’s Monday April 27, with a cargo of 119 tonnes of tents for refugees who escape Tiger guerilla controlled […]
Terminal Bids
April 29, 2009 (LBO) – The Sri Lanka Ports Authority has extended the deadline for bids for the first container terminal in the new South Port of Colombo, work on which is now underway, officials said.The new port will help Colombo retain and enhance its position as a transhipment hub for the south Asian region, […]
Merchant Deal
April 28, 2009 (LBO) – Merchant Bank of Sri Lanka (MBSL) said it had almost completed a deal to take control of Ceylinco Savings Bank, a member of the troubled Ceylinco group, for 100 million rupees.MBSL, a unit of state-run Bank of Ceylon, had been in talks with the banking regulator, the Central Bank, to […]
Rail Freight
April 28, 2009 (LBO) – Sri Lanka’s state-run railway service has started a goods wagon repair workshop aimed at improving maintenance and more carriage of freight in order to increase revenues, senior officials said.Transport Minister Dallas Alahapperuma said the government wants to reverse years of neglect of the railway that has reduced it to making […]
Sri Lanka CEB in trouble due to politicians: minister
April 27, 2009 (LBO) – Sri Lanka’s state-run power utility is in financial trouble because politicians have made wrong decisions, a government minister said as the utility was issued a license by a newly set up regulator. “The Ceylon Electricity Board is in trouble because decision that should have been made by engineers have been […]
Sri Lanka Asian Alliance life-insurance profits up
Apr 27, 2009 (LBO) – Sri Lanka’s Asian Alliance Insurance Company said 2008 profits rose 20 percent to 135.4 million rupees due to higher profitability in life insurance business despite the non-life portfolio losing money. Premium income from motor insurance had increased 55 percent, marine insurance 26 percent and miscellaneous insurance 11 percent. However premium […]
Top Marks
April 27, 2009 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said its Bangladesh operations have been given an ‘A’ rating by the banking regulator in that country. Last year, the Commercial Bank’s operations in Bangladesh was awarded a rating of AA+ for long term credit, an upgrade from the previous rating of AA, by […]
Asset Sale
April 27, 2009 (LBO) – Sri Lanka’s Ceylinco Finance said it has decided to sell some of its assets to raise funds to improve its liquidity position.“The company made a decision to divest certain selected businesses and assets including property in Colombo, and land and buildings in suburban areas,” the company said in a stock […]
Sri Lanka boycott call from Australian Tamil protesters
SYDNEY, April 26, 2009 (AFP) – Hundreds of Tamil protesters burned Sri Lankan-produced tea and clothes as they marched through central Sydney on Sunday calling for a boycott of goods from the island nation.About 800 demonstrators demanded the Australian government put pressure on Colombo to declare a permanent ceasefire in its campaign against Tamil Tiger […]