Tag: news
Sri Lanka hotels profits may be squeezed by rising labour costs
Oct 30, 2013 (LBO) – Shortfalls of labour amid fast growth in Sri Lanka’s tourism sector may squeeze profits and undermine industry attempts to boost product quality, an official said.“We will seriously need to see how we can halt the current shortage of staff,” Jayantissa Kehelpannala, president of the Tourist Hotels Association of Sri Lanka […]
Sri Lanka makes more reforms but slips in Doing Business ranking
Oct 29, 2013 (LBO) – Sri Lanka made the most changes in South Asia making it easier to do business, but the country slipped to 85 from 81 in a global ranking compiled by the World Bank group as several other nations raced ahead.The World Bank group’s ‘Doing Business 2014’ report said Sri Lanka was […]
Sri Lanka has to cut budget deficit, boost rule of law, for growth: economists
Oct 26, 2013 (LBO) – Sri Lanka has to reduce its budget deficit to boost domestic savings and improve rule of law to create a better environment for investment, economists said.Reduction of budget deficits will increase domestic savings, reducing the dependency on foreign borrowings for investments, A V de S Indraratne, chairman of Sri Lanka […]
Sri Lanka DFCC says 9.6-pct dollar bond profitable
Oct 25, 2013 (LBO) – Sri Lanka’s DFCC Bank said 100 million US dollars from a 5-year bond sale at 9.6 percent was still profitable, and compared ‘very favourably’ with the cost of raising rupee funds.DFCC said it will use the 100 million US dollars to retire existing borrowings, on-lend to infrastructure development and key […]
Lube Slip
Oct 25, 2013 (LBO) – Sri Lanka’s Chevron Lubricants reported higher profits with falling base oil prices but said the lubricant market was contracting. Revenues in the September 2013 quarter fell 7 percent to 2.7 billion rupees from a year earlier, with cost of sales falling at a faster 15 percent to 1.75 billion rupees, […]
‘s ex-warzone
October 25, 2013 (AFP) – Britain’s David Cameron is set to become the first foreign leader to visit Sri Lanka’s war-torn Tamil heartland during next month’s Commonwealth summit when he will press Colombo on human rights.British High Commissioner (ambassador) in Colombo, John Rankin, made it clear last week that London’s concern was not limited to […]
‘s new trunk road
COLOMBO, October 24, 2013 (AFP) – Twenty-four elephants lined up for a race Thursday on Sri Lanka’s newest expressway, but thousands of spectators were left disappointed when organisers scrapped the event due to safety concerns. The animals and jockeys were jostling at the start line on the Chinese-built 25.8-kilometre (16 mile) four-lane expressway from the […]
Sri Lanka budget carrier to operate Boeing 737s from 2015
Oct 25, 2013 (LBO) – Sri Lanka’s state-run Mihin Air, will operate two Boeing 737-800 aircraft from 2015, chief executive officer Kapila Chandrasena said. The two aircraft is being leased from Air Lease Corporation. Chandrasena said the aircraft are expected to be delivered in June and July 2015. Mihin Lanka co-ordinates its operations with full-service […]
Oil Field
Oct 24, 2013 (LBO) – Cairn Lanka, a unit of Cairn India, which has found natural gas in its off-shore block in Sri Lanka could begin field development by 2015 if ongoing talks over pricing is concluded, an official said. Cairn Lanka is now in talks with Sri Lanka’s government over gas pricing and is […]
Sri Lanka too reliant on foreign borrowings: Fitch
Oct 24, 2013 (LBO) – Sri Lanka is too reliant on government foreign borrowings and foreign currency risks are also rising for borrowers who may not have forex revenues, Fitch Ratings has said.Sri Lanka has been unable to attract high levels of foreign direct investments since the end of a war with FDI averaging 1.2 […]
Academic Backup
Oct 23, 2013 (LBO) – Sri Lanka’s petroleum exploration office and the university system are looking to expand petroleum related courses as the country’s oil and gas industry is beginning to taking off, officials said. Cairn which, is in talks with the government over monetizing hydrocarbon deposits has brought in Robertson CGG, an oil and […]
Sri Lanka opposition lauds move to amend casino approvals
Oct 23, 2013 (LBO) – Sri Lanka’s main opposition United National party hailed a move by the administration to delay final approval for tax breaks, for casino resorts which had come under fire.“We are happy to note the hard fought victory for the people of Sri Lanka in round one of the ongoing battle to […]