Category: Shipping and Transport
Slowdown of Indian economy to affect Colombo port earnings: CBSL Chief
Oct 14, 2019 (LBO) – Earnings of Sri Lanka’s main commercial port in Colombo is to be affected by the slowdown of the Indian economy, the Central Bank Governor Indrajit Coomaraswamy said. India’s economic growth slumped to a six-year low of 5 percent in the April-June quarter and, according to the Reserve Bank of India […]
Mahindra bets big on Sri Lanka
Mahindra & Mahindra Ltd., a part of the US $20.7 billion Mahindra Group, emphasized the importance of Srilanka as a key strategic growth market in the company’s overall global growth strategy. With the recent inauguration of its 1st automotive assembly plant, the company is now fully equipped to deliver products customised to local needs, on […]
Grace period for motor vehicles pending clearance at Hambantota Port
Sep 24, 2019 (LBO) – Sri Lanka’s government has decided to declare a grace period for motor vehicles imported during the period of January 2015 to November 2017 but pending the Customs clearance at the Hambantota Port subject to following criteria. Said motor vehicles imported by an importer/individual based on the Letter(s) of Credit established […]
‘s Hambantota Maritime Centre 95-pct occupied: HIPG
Sep 24, 2019 (LBO) – Eighteen months to the formation of HIPG, the public-private partnership between CMPort and the Sri Lanka Ports Authority (SLPA), to manage the Hambantota International Port (HIP), the company has made progress. Groups of potential investors are visiting the now thriving port to determine its forward development plans and to see […]
Vehicle registrations marginally down in August 2019
Sep 23, 2019 (LBO) – Sri Lanka’s total motor car registrations recorded 2,385 units in August down from 2,584 units in July and significantly down from 7,003 units 12 months ago, a new report shows. Brand new cars recorded 361 units in August up from 299 units in July and significantly down from 890 units […]
Sri Lanka GDP growth 1.6-pct in Q2
Sep 19, 2019 (LBO) – Sri Lanka’s Gross Domestic Product (GDP) growth rate for the second quarter of 2019 has been estimated as 1.6 percent, a new report said. The GDP for the second quarter of 2019 at current price and constant (2010) price have reached up to 3,620,736 million rupees and 2,315,995 million rupees […]
Demand builds for islands first state run automotive service hub
Sep 16, 2019 (LBO) – Sri Lanka’s first ever state run wheel alignment centre (WAC) for four wheel light vehicle class was launched in September has seen demand for its services peak from state owned and private vehicle owners. “Eight vehicles, including high-roof ambulances, have been serviced within just seven hours’ of opening of STC […]
Kia Motors revs up for growth with Rs.800Mn Malabe complex
Sep 02, 2019 (LBO) – Korean automaker KIA is to strengthen its presence in Sri Lanka with a distributor dealership model following the recent corporate structure change which saw Managing Director Mahen Thambiah securing 100 percent ownership with a total investment of 1.02 billion rupees. The seamless transition has been achieved with no reduction in […]
Sri Lanka prepares to pioneer USD50Mn fully-fledged Ocean University
Aug 30, 2019 (LBO) – Sri Lanka’s state-run job skilling apparatus, the Technical, Vocational Education Training (TVET) sector, is now poised to receive the largest project funding in its history. Once agreements are finalized, a 50 million US dollars worth facility is set to spawn a fully-fledged Ocean University in Sri Lanka. Also nine new […]
Sri Lanka vehicle registrations rebound in July 2019
Aug 26, 2019 (LBO) – Sri Lanka’s vehicle registrations saw a rebound across the board in July from the lows of June since, limping back to normalcy post Easter Sunday bombings. Total motor cars recorded 2,584 units in July significantly up from 1,580 units in June but significantly down from 7,162 units 12 months ago. […]
USD160mn ADB loan to modernize Sri Lanka’s railway sector
Aug 20, 2019 (LBO) – Sri Lanka’s government has mobilized loan assistance amounting to 160 million dollars from the Asian Development Bank (ADB) to cater to the increasing demand of the Railway Sector through modernization of the railway operations and thereby improving the efficiency of services provided by Sri Lanka Railways. The total estimated investment […]
Sri Lanka commence construction of USD2.2Bn LRT project
Aug 16, 2019 (LBO) – The Ministry of Megapolis and Western Development has commenced phase one of the construction work of the Malabe and Colombo Fort Light Rail Transit (LRT) project. The Ministry has commenced the borehole testing of 200 locations to start construction of the pillars required for the LRT. Five specialized companies have […]