Category:
Vehicle Woes
Mar 24, 2013 (LBO) – Sri Lanka’s vehicle registrations hit new low of 23,544 in February 2013, down 44 percent from a year earlier, after taxes were hiked to curb imports, an analysis by an equities research house shows. Registrations of Maruti Zen models were down 88 percent in February 2013 from a year earlier […]
Sri Lanka needs freedom not authoritarianism for growth, knowledge: economist
Mar 22, 2013 (LBO) – Sri Lanka needs freedom to think, develop knowledge, secure property rights and rule of law, which leads of sustainable growth and prosperity rather than authoritarianism which may show temporary gains, an economist has said.“Authoritarianism will bring a quick acceleration in economic growth because everyion is forced to work harder than […]
Credit Line
Mar 22, 2013 (LBO) – The European Investment Bank will loan 90 million Euros to Sri Lanka which will be used to finance for renewable energy projects and small and medium enterprises, minister Keheliya Rambukwelle said.The balance will be given at averaged weighted deposit rate (6-months) for15 years with 3 year grace. DFCC Bank, Commercial […]
Another Resignation
Mar 22, 2013 (LBO) – The director general of Sri Lanka’s securities regulator, resigned Friday, becoming the fourth top official to leave the regulatory body in controversial circumstances in the last three years. “Based on my principles, considering the present set up I decided to resign,” Hareendra Dissa Bandara said, closely echoing the words of […]
Tele Rating
Mar 22, 2013 (LBO) – Fitch ratings said it had confirmed a ‘BB-‘ rating of Sri Lanka Telecom with a stable outlook helped by its strong market leadership in fixed services and a number two position in mobile.“SLT’s ratings reflect its market-leading position in Sri Lanka’s fixed-line services underpinned by its monopoly in wireline and […]
UN resolution on Sri Lanka adopted after vote
Mar 22, 2013 (LBO) – A UN resolution on Sri Lanka brought by the US passed with 25 votes for 13 against and 8 abstentions with India also voting for after failing to move last minute changes, reports said. Argentina, Austria, Benin, Brazil, Chile, Costa Rica, Côte d’Ivoire, Czech Republic, Estonia, Germany, Guatemala, India, Ireland, […]
Sri Lanka should act on efficient water use early: IWMI
Mar 22, 2013 (LBO) – Urbanization, industrialization and agriculture is straining Sri Lanka’s water resources, with a post-waar economic revival in Jaffna seen to be threatening its fragile groundwater system.Sri Lanka’s economy is expanding faster, and tourism is also on the rise. “With population, urbanization and increasing industrial growth, there are competing demands on water, […]
Merchant Bank of Sri Lanka wraps up debenture
Mar 21, 2013 (LBO) – Merchant Bank of Sri Lanka, a unit state-run Bank of Ceylon said it had raised 2.0 billion rupees from listed debenture which was oversubscribed on the opening day. “The money raised from the issue will be utilized to increase the lending portfolio and for the settlement of short term borrowings […]
Colombo Metro
Mar 21, 2013 (LBO) – Japan’s aid agency is preparing a transport master plan for Sri Lanka’s capital and its environs leading to the building of a mass transit system which it could finance, officials said.Tetsuji Iida, senior representative of the Japan International Co-operation Agency told LBO that the transport master plan could come up […]
Road Finance
Mar 21, 2013 (LBO) – Sri Lanka will borrow 150 billion rupees (about 1.2 billion US dollars) from domestic banks to build 716.5 kilometers of roads through domestic contractors, information minister Keheliya Rambukwelle said. The cabinet of ministers had approved the plan to borrow money through Treasury guarantees. Sri Lanka’s Road Development Authority had earlier […]
Knowledge Cluster
Mar 21, 2013 (LBO) – Sri Lanka Urban Development Authority and the military is building a ‘knowledge park’ in the capital Colombo at the cost of about seven million US dollars which will be ready by the year-end, officials said.Defence secretary Gotabaya Rajapaksa told business forum of Sri Lanka’s software and business process outsourcing chamber […]
Sri Lanka plans 500MW coal plant in South West
Mar 21, 2013 (LBO) – Sri Lanka state-run Ceylon Electricity Board is planning a 500 MegaWatt eco-friendly coal plant in Ahuruwella, Induruwa in the southwest coast, the island’s power ministry said. Another two 300MW plants are being built in Puttlama now. A power ministry statement quoted power minister Pavithradevi Wanniarachchi as saying that the plant […]