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‘s NTPC may drop Sri Lanka coal power project: report
Feb 22, 2013 (LBO) – India’s state-run National Thermal Power Corporation (NTPC) may pullout of a 500 MegaWatt coal power plant joint venture with Sri Lanka’s state-run Ceylon Electricity Board, a media report said. India’s Financial Express newspaper in an online report said NTPC had sought permission from Indian authorities to withdraw two of its […]
Sri Lanka forum highlights risks to ocean resources
Feb 22, 2013 (LBO) – Sri Lanka’s future lies in the vast resources to be found in the ocean surrounding the island but this wealth is at risk from pollution and illegal practices, experts said. The country is on the verge of discovering oil and gas in offshore waters and its location makes it well-placed […]
Difficult Terrain
Feb 21, 2013 (LBO) – United Motors Plc, agents for Mitsubishi in Sri Lanka launched a 1.2 litre engined Mirage car into an auto market that has been dented by a tax-hike, high interest rates and currency depreciation. “We are not very ambitious with the current taxation and where the yen is,” managing director Chanaka […]
Bridge Financing
Feb 21, 2013 (LBO) – Sri Lanka’s Hatton National Bank will provide a loan of 6.779 million sterling pounds equivalent in dollars as part financing to construct 210 steel bridges, the state information office said.The cabinet of ministers had given the nod to enter into the loan contract at the rate of 6.0 percent above […]
Sri Lanka textile mill boosts revenue, profits
Feb 20, 2013 (LBO) – Sri Lanka’s Kuruwita Textiles said boosted revenues 31 percent in the December 2012 quarter from a year earlier and profits rose 20 percent to 15.9 million rupees, despite narrower margins interim accounts showed. He said the company was working on new customers and strengthening existing relationships and was also working […]
Sri Lanka urban index finds prices rising 20-pct over year
Feb 21, 2013 (LBO) – An index that tracks key essential expenses of urban middle class households in Sri Lanka has found that prices rose more than 20 percent over the past year, about double that of a widely watched official index.The Capital Alliance index will maintain a fixed basket using a Laspeyres formula, named […]
Sri Lanka Treasuries yield frozen
Feb 20, 2012 (LBO) – Sri Lanka’s Treasuries yields were kept flat Wednesday’s auction with only 14.9 billion rupees in bids for 20 billion rupees of bills being offered at the auction being accepted, data from the state debt office showed. The debt office which is a unit of the Central Bank said 926 million […]
Sri Lanka to start aerial whale watching
Feb 20, 2013 (LBO) – Simplify, a Colombo based aircraft operator said it planned to offer whale watching services using a newly delivered 5-seater amphibian aircraft it was managing for a third party. Simplify also has its own fleet.It operates operates a Bell Jet Ranger helicopter, a GA8 airvan, a Cessna 206 amphibian aircraft and […]
Tele Profits
Feb 20, 2012 (LBO) – Sri Lanka Telecom group, the island’s only wireline operator which also has a mobile unit has reported profits of 877 million rupees for the December 2012 quarter down 29 percent from a year earlier. SLT Publications had seen revenues grow 25 percent to 516 million rupees and pre-tax profits growth […]
AirAsia to form India budget carrier with Tata
Feb 20, 2013 (LBO) – Malaysia’s AirAsia said has sought approval from authorities in India to form a joint venture budget carrier with Tata group and another investor, Arun Bhatia of Telestra Tradeplace. AirAsia pulled out of Colombo this year. “AirAsia is confident that it can replicate its unprecedented success across Malaysia, Thailand, Indonesia and […]
Saudi recalls envoy from Sri Lanka
RIYADH, Feb 20, 2013 (AFP) – Saudi Arabia has recalled its ambassador from Colombo in a tit-for-tat move amid tensions after a Sri Lankan nanny convicted of murder was beheaded in the kingdom, the official SPA news agency reported.“Based on the decision by the Sri Lankan government to withdraw its ambassador from the kingdom, the […]
Sri Lanka Etisalat creates active market for Android App development
Feb 20, 2013 (LBO) – A marketplace created by Sri Lanka’s Etisalat is helping the development and sale of Apps for smart phones based on the Android operating system, and has been recognized in a United Nations report, officials said.The UN Conference on Trade and Development in its information economy report 2012 said Etisalat’s App […]