All Blogs
SriLankan Airlines borrows $175mn to pay creditors: report
Mar 18, 2012 (LBO) – SriLankan Airlines is to get a loan of 175 million US dollars (21. 8 billion rupees) from the Mashreq Bank in the United Arab Emirates to pay its creditors, the Sunday Times newspaper said. Sri Lanka’s Cabinet of ministers has agreed to offer a government guarantee to the national carrier […]
Sri Lanka should watch external developments, learn lessons: banker
Mar 17, 2012 (LBO) – Sri Lanka should watch global developments closely, in particular the unfolding scenario in Europe and learn lessons, Saliya Rajakaruna, chief executive of the Nations Trust Bank has said. Rajakaruna said the US economy was still struggling, the future of the Euro single currency was in doubt, the Middle East was […]
Sri Lanka stocks end up 0.9-pct
Mar 16, 2012 (LBO) – Sri Lanka’s stocks closed 0. 96 percent higher Friday with notable gains seen in both indices, and foreign buying into conglomerate John Keells Holdings boosting turnover, analysts said. Institutional investors dominated the market, with all sectors except oil palms and motor sector recording gains. The benchmark Colombo All Share Index […]
Rural Savings
Mar 16, 2012 (LBO) – Sri Lanka’s state-owned National Savings Bank disbursed more loans through branches in 2011 than in the past after it decentralised lending, chief executive H M Hennayake Bandara said. In the year ended December 31, 2011, interest income fell 1. 4 percent to 43.2 billion rupees while interest expenses fell at […]
SME Focus
Mar 16, 2012 (LBO) – Sri Lanka’s Standard Chartered Bank is planning to double business from small and medium enterprises over the next three years with a specially tailored platform of products and services, officials said. Rajeev Chalisgaonkar, head of SME in South Asia said in India, deposits and advances in the business segment grew […]
Sri Lanka city hotel in Rs218mn expansion
Mar 16, 2012 (LBO) – Sri Lanka’s listed Renuka City Hotels Plc said it is starting a 218 million rupee expansion, amid a tourism boom. Renuka City Hotels said in a stock exchange filing that it will add 18 new rooms, a swimming pool, gym and staff facilities in the project. Sri Lanka’s tourist arrivals […]
Sri Lanka tea trade warns of lower orders, prices
Mar 16, 2012 (LBO) – Sri Lanka’s tea trade has warned that tea export orders and prices could fall in the months ahead as crops rise and consumption falls off in key markets. And smallholders, whose returns have been sharply diminishing, find that their operations are increasingly becoming financially unsustainable, the CTTA said. “The prognosis […]
Sri Lankan consumers seen cheated by protectionist lobbies
Mar 16, 2012 (LBO) – Powerful protectionist lobbies and lack of awareness are denying Sri Lankan consumers the benefits of free trade which could significantly reduce costs if more imports are allowed from neighbouring countries, a new study said. Opposition from influential business groups to the proposed Comprehensive Economic Partnership Agreement with India, to replace […]
Sri Lanka targets US$12bn in exports in 2012
Mar 16, 2012 (LBO) – Sri Lanka is targeting 12 billion US dollars in exports in 2012 up from 10. 4 billion in 2011 which will be helped by an upcoming trade fair and a weaker rupee, export development board chief Janaka Ratnayaka said. Ratnayaka said if current trends continue exports may reach a 2015 […]
Sri Lanka stocks close down 0.4-pct, rupee in new low
Mar 15, 2012 (LBO) – Sri Lanka’s stocks closed 0. 4 percent Thursday amid continued foreign interest, and the rupee peg weakened to a new low below 125 rupees, dealers and brokers said. The rupee closed at 125.00/25 against the greenback with the peg weakening as low as 125. 10 in intra-day trade, dealers said. […]