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| The government has set aside controversial changes to the Ceylon Electricity Board (CEB) – in the wake of criticism from trade unions, the JVP and a Supreme Court decision – but the state body will be subject to regulation by the Public Utilities Commission (PUC).
Officials said there are currently no plans to privatise the country’s power services including the CEB following years of protests but a licensing regime will come into force that is compulsory for all power providers. |
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 The potential for hydrocarbon accumulation in the Mannar Basin could have Sri Lanka producing its own oil and gas by 2009, a senior official said this week.
Neil De Silva, Director General of the Petroleum Resource Development Secretariat, said there is a 70% chance that hydrocarbons will be found in the Mannar Basin. Moreover, India has found sizeable sediments on their side of the Basin.
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The Colombo Stock Exchange (CSE), for the first time in its near 25 year-old history, is being sued by a disgruntled local investor who says he lost millions owing to the negligence of the bourse.
Iqbal Bin Issack is claiming Rs.24 million from the CSE for losses in investment over lack of proper safeguards.
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Within the next three to four months, Sri Lanka will see a ‘Real Estate Stock Exchange’ backed by a National Pricing Index (NPI) for the real estate industry. “We have submitted a paper in this regard to the Engineering and Construction Ministry and the government has given the go ahead to work on it,” Lakshmi Narayanan, President/CEO, REBI International, a company providing various services in the real estate sector, told The Sunday Times FT.
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