All Blogs
Toll Level
July 27, 2011 (LBO) – Sri Lanka’s first expressway is likely to charge a toll of 300 rupees for the full journey from the capital Colombo to the southern town of Galle, deputy highways minister Nirmala Kothelwawala said. The highway can cut down the journey to Galle from Colombo from the current three hours to […]
Motor Owners
July 27, 2011 (LBO) – Sri Lanka’s new car registrations rose 10 fold to 29,883 in the first half of 2011, amid 63 percent overall rise in vehicle registrations following a tax cut that increased citizen’s access to vehicles, official data shows. During the six months to June, Sri Lankans have registered 248,572 new vehicles […]
Cross Country
July 27, 2011 (LBO) – A Sri Lankan apparel maker had made the country’s first ever payment in Renminbi to a supplier in China after the Chinese currency was allowed for cross border trade, HSBC Bank which settled the deal said. “We firmly believe that this initiative will increase our cost competitiveness in the future.” […]
Evolving Watch
July 27, 2011 (LBO) – Sri Lanka’s Ceylease Financial Services Ltd’s (CFSL), a unit of the state-run Bank of Ceylon group rated ‘BB+(lka)’ has been placed on ‘rating watch evolving’ by Fitch Ratings Ltd ahead of a possible merger. “Conversely, a decrease in BOC’s effective shareholding through, for example, a divestment of the merged entity […]
Sri Lanka Belgium trade associations cement link
July 27, 2011 (LBO) – Trade associations representing businesses in Sri Lanka and Belgium had inked a deal to expand economic links between the two countries, the island’s embassy in Brussels said. BelgoLux Sri Lanka Business Council has 23 large Belgium companies, the embassy said. R D S Kumaratne who heads the mission’s economic and […]
Sri Lanka May 2011 imports up on aircraft, cars
July 27, 2011 (LBO) – Sri Lanka’s exports rose 34 percent in May 2011, to 832 million US dollars and imports rose at a faster 67 percent to 1. 76 billion dollars partly due to strong imports of cars and a aircraft, the Central Bank said. Agricultural exports rose 19 percent to 182 million US […]
Bunker Biz
July 27, 2011 (LBO) – Mc Marine (Pvt) Ltd, a newly incorporated bunkering unit of Sri Lanka’s McLarens shipping group which is planning to cater to ships off the south of the island, has recruited Channa Abeyagunewardena as its chief executive. Sri Lanka started to make greater inroads into bunkering after a state monopoly and […]
Sri Lanka stocks recover losses
July 26, 2011 (LBO) – Sri Lankan stocks recouped some losses Tuesday after falling to a seven month low a day earlier, and debutant Browns Investments closed below its initial offer price amid active trading, brokers said. The benchmark All Share Price Index edged up 0.92 percent or 59.24 points to 6,493.58, while the Milanka […]
Rural Rating
July 26, 2011 (LBO) – Fitch Ratings Lanka said it has given Sri Lanka’s Regional Development Bank, an investment grade rating of ‘BBB+(lka)’ with a stable outlook on its state ownership, though the bank was still small to be systemically important. “The rating could be upgraded if the systemic importance of RDB to the government […]
Tele Trends
July 26, 2011 (LBO) – Sri Lanka’s mobile users grew 18. 5 percent in the first quarter of 2011 to 17.8 million, a lower pace than in previous years, but there was strong growth in internet users, official data showed. A category called ‘internet and email’ users which the central bank said included mobile broadband […]