(Economynext) Colombo (Sri Lanka) (AFP) – Sri Lanka on Thursday granted permission for China to build a vast “port city” in the island’s capital, despite concerns the ambitious project could be an environmental disaster. President Maithripala Sirisena had suspended the contentious $1.4 billion plan to build on reclaimed land next to Colombo’s main harbour, shortly after taking power in January last year. (read more)
ECONOMYNEXT – Container volumes at Sri Lanka’s Colombo port hit a new high of 22,422 twenty-foot equivalent container units (TEUs) a day Tuesday, the Sri Lanka Ports Authority (SLPA) said.
The port handled 22 vessels with 10 of them by the state-run SLPA terminals, it said in a statement. Of the total 22,422 containers handled at Colombo port Tuesday, 9, 875 had been done at SLPA terminals with the rest at the two private terminals.
The previous highest volume of 22,186 containers a day was in 28 of April 2015, the statement said. (read more)
ECONOMYNEXT – Norwegian companies would be interested in exploiting Sri Lanka’s offshore petroleum resources, Borge Brende, Minister of Foreign Affairs of Norway, said. Norway is a world leader in offshore oil and gas exploration and support services, he told a forum at the Ceylon Chamber of Commerce during his visit to the island (read more)
ECONOMYNEXT – Sri Lanka will make an international call for proposals to operate its new deep-water container terminal in Colombo port next month, Minister of Port and Shipping Arjuna Ranathunga said. “We aim to call for EOIs expressions of interest) by January for the East Terminal,” he said at an event in the port to mark its handling of five million containers this year. (read more)
(LBO) – Sri Lanka’s real estate market’s full potential needs to be tapped through big investments funds which can pave the way for the island to join its regional counterparts, a property developer said. (read more)
ECONOMYNEXT – Population growth and rapid urbanisation has put Sri Lanka on the verge of making the transition to apartment living, urban planners say.
High-density living will have to be encouraged to curb the trend towards urban sprawl which threatens environmentally vulnerable zones like water retention areas, they told a recent forum.(read more)
(DFT) In a real sense, all the stakeholders who were engaged in the construction industry have been facing a difficult time since the presidential election of 8 January. Thousands of people who were involved directly or indirectly with the construction projects have started facing problems due to certain ongoing projects being temporarily suspended or very few new projects being started since January 2015 (read more)
ECONOMYNEXT – Sri Lanka is to rely heavily on more coal-fired power plants in future with several planned for the south in addition to an already planned one in the east, according to the state utilities new generation plan. (read more)
(AD) U.S. oil prices fell to a new six-year low Thursday as a combination of worries about global economic growth to a strengthening dollar, increasing crude supplies and a major U.S. refinery outage weighed on the market. (read more)
ECONOMYNEXT – A cruise terminal is to be set up at Colombo port given the increasing number of calls by cruise vessels, according to Lakdas Panagoda, chairman of the Sri Lanka Ports Authority (SLPA) Read more
COLOMBO (EconomyNext) – Sri Lanka plans to build a second runway at its main airport, the Bandaranaike International Airport, Shibly Aziz, chairman of the Civil Aviation Authority said. “The BIA needs to be expanded as a commercial hub,” Aziz told EconomyNext.com. “If so, it is imperative there should be a second runway.” (read more)
Premier blue chip John Keells Holdings (JKH) has set the record straight on the landmark Waterfront project, which entails the biggest-ever private sector investment of over $ 650 million (read more)
Premier blue chip John Keells Holdings (JKH) has called for an “urgent review” of the Land Restrictions legislation passed by the previous regime, saying it deters capital formation and foreign investment in the country (read more)
COLOMBO (EconomyNext) – Worsening traffic jams in Sri Lanka’s main metropolitan region could raises costs for businesses and slow down economic growth if urgent remedial action is not taken, a transport expert has warned (read more)
(DFT) Holcim Lanka in partnership with National Apprentice and Industrial Training Authority (NAITA) developed a National Competency Standard (NCS) for the multi-skilled technician trade in March 2015.
NCS are the skills a person must be able to demonstrate at work. The skills relevant to multiskilling were defined by industry experts in Sri Lanka (including Holcim Lanka, Ceylon Steel Corporation, Road Development Authority, CIVIMECH Ltd., CBI Plastics Ltd., Ceylon German Technical Training Institute and Department of Labour), then packaged into a combination of various qualifications aligned to the Tertiary and Vocational Education Commission (TVEC) framework. (read more)
At the cusp of realizing its Sustainability Vision of becoming the most sustainable five star city hotel by 2015, Green Globe certified Cinnamon Grand holds the pioneering stance of being the country’s most intelligent building. The state-of-the art-Schneider Building Management System (BMS) is the first in a hotel in South Asia, controlling, monitoring and quantifying energy usage across the entirety of the hotel. (read more)
(DFT) The real estate and construction industry sectors are presently experiencing a boom and this trend is set to continue through the coming years, a real estate specialist said. Since 2005 the real estate market has reflected the country’s economic growth momentum and the industry had grown from 7.6% in 2005 to 10.3% in 2013 (read more)
The event, attempting to raise awareness of the profession and to create a dialogue, helped the students understand the importance of architecture, especially in reconciliation attempts of the nation. (read more)
The Colombo Port City project was initiated by the previous regime and was finalized with the signing of different agreements in 2014 with the Sri Lanka Ports Authority (SLPA), Board of Investment (BoI) and Urban Development Authority (UDA) with China. These local agencies were assigned the responsibility of administration of this mega project. The main objective of the project is to create not only a major maritime hub but also a harbour city for attracting major overseas private investors with tax holidays, etc. (read more)
Sri Lanka currently has a limited impact on global affairs, thanks in part to an economy crushed by years of civil war. Nevertheless, it is a key to the flow of future global trade due to its strategic location in the Indian Ocean, which puts it right in the middle of shipping lanes between Asia and Europe. (read more)
The multicultural ‘Galle Fort‘
Galle Fort is consistently and constantly changing. Everyday new shops appear and tragically old historic families leave, new projects are embarked on and old buildings restored from ruins to palaces.
(AD) Sri Lanka has to focus more attention on the building of Green Homes and buildings, says Chairman of the National Construction Association of Sri Lanka, Dr. Rohan Karunaratne.
Officials from the US Environmental Protection Agency (EPA) met with Secretary of the Ministry of Environment and Renewable Energy B.M.E.D. Basnayake last week to commend Sri Lanka for designating Colombo City as a participant in the Cities Clean Air Partnership (CCAP) program, a city-to-city support program that links Asian cities with California cities that have decades of experience reducing air pollution.
(Biz AD) Real estate in Sri Lanka has become an attractive post-war investment option attracting major foreign investment. Backed by development initiatives launched by the government and ambitious plans afoot by the private sector, its future looks promising.
(NW – bloomberg) German engineers have invented a cable-less elevator that can move horizontally as well as vertically by using magnetic levitation, or maglev, technology – meaning the elevator carriage will float in mid air as you travel in it.