Tag: Sri Lanka

June 03, 2012 (LBO) – Sri Lanka has given a series of defunct factories which were expropriated from foreign and local investors in November last year to new investors, with compensation also promised, a finance ministry report said. The finance ministry’s annual report said Heath Food Products (Pvt) Ltd has been given to a firm […]

June 02, 2012 (LBO) – Sri Lanka’s Employees’ Provident Fund, a retirement fund of private citizens managed by the state, has explained how overdue contributions from employers are credited to member accounts. The statement was in reference to reports that 3.4 billion rupees, recovered from employers by Sri Lanka’s Commissioner of Labour has not been […]

June 02, 2012 (LBO) – Sri Lanka’s Ceylon Cold Stores Plc, a unit of listed John Keells Holdings which claims market leadership position for ice cream in the island said it had secured a 50 percent market share in the Maldives. The firm sells ice cream and soft drinks under ‘Elephant House’ brand. “…Elephant House […]

June 2, 2012 (LBO) – Sri Lanka is planning to merge Sevenagala Sugar and Pelwatte Sugar Industries two sugar mills expropriated from citizens, into a single state-run entity, a finance ministry report said. The two sugar mills will be “fully owned/ administered by the Government, while ensuring employee continuity, and payment of compensation to third […]

June 01, 2012 (LBO) – Sri Lanka’s consumption of petroleum products has doubled in the three years since the end of a war an official said, as economic activity picked up requiring more energy to run the economy. Demand for petroleum products is going up despite higher prices, said R H S Samaratunga, secretary, Petroleum […]

May 31, 2012 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.0 percent in May 2012 from a year earlier, up from 6.1 percent in April with the inflation index rising 1.4 percent in the month, the state statistics office said. In the past, a float of the currency to end a balance […]

May 30, 2012 (LBO) – Sri Lanka’s Hayleys Exports Plc, an exporter of coir fibre products said it is moving out of low value activities, revamping production facilities and developing prime land near north of the capital. The firm lost 8.0 million rupees in the year to March down from 49. 4 million rupees a […]

May 29, 2012 (LBO) – Sri Lanka has begun a five-year 223 million dollar programme to stop flooding and improve storm water drainage in the capital Colombo, which has been worsened by rapid filling of wetlands in the city. Partly funded by the World Bank, officials plan to expand canals, water retention tanks and related […]

May 28, 2012 (LBO) – Indocean Developers (Pvt) Ltd, a company backed by India’s South City Projects (Kolkata) Ltd, will begin work in September on a 400-apartment tower that will have a project value of 250 million US dollars, officials said. Director, Jugal Khetawat said the tower will have 69 stories with two basements, making […]

May 28, 2012 (LBO) – Sri Lanka has struck a deal that allows 15 state employees a chance to pursue their Masters studies in Japan, a statement said. Under the Japan International Cooperation Agency or JICA, some 211 million yen or 340 million rupees will be spent on this scholarship programme, JICA said Monday. The […]

May 25, 2012 (LBO) – Sri Lanka has cleared over 90 percent of the area where land mines believed to have been laid during a 30-year civil war which ended in 2009, the island’s finance ministry said. The finance ministry additional human and financial resources are needed to make Sri Lanka mine free by 2020. […]