Category: Industry
Vehicle registrations edge higher in November: JB Securities
Dec 26, 2016 (LBO) – Sri Lanka vehicle registrations edged higher in November compared with October, on most categories, likely driven by pre-budget demand, JB Securities said in a research note. Three-wheelers and hybrids showed higher registrations, while one Rolls Royce Wraith was registered in the luxury car segment. But vehicle registrations were down sharply […]
Brac Lanka Finance to raise capital with Rs1.32bn rights issue
Dec 23, 2016 (LBO) – Sri Lanka’s finance firm, Brac Lanka Finance is to raise 1.32 billion rupees by way of a rights issue, the company said in a stock exchange filing. Following Central Bank approval, the Directors of Brac Lanka resolved by circular resolution dated 21 December 2016 to increase the capital by way […]
Sri Lanka to improve public transportation in 2017: Fin Min
Dec 23, 2016 (LBO) – Several steps have been taken to improve public transportation with the building of new roads, upgrading railway, deploying priority bus lanes and building light rail, Sri Lanka’s finance ministry said on Friday. Plans are underway to construct two new roads, one between New Kelani Bridge and Athurugiriya and, the second […]
Asia stocks pressured by Wall Street, dollar holds below 14-yr peak
SINGAPORE, Dec 23 (Reuters) – Asian stocks stepped back in subdued trade on Friday as Wall Street took a breather from its relentless rise since the U.S. election, while the dollar hovered below the 14-year high set earlier this week. MSCI’s broadest index of Asia-Pacific shares outside Japan , which touched a five-month low […]
‘s 10MW solar power plant commissioned, lead financing by DFCC
Dec 22, 2016 (LBO) – Sri Lanka’s first 10MW grid connected solar power project implemented by the private sector was commissioned on Wednesday, with DFCC Bank acting as lead financiers to the project. Promoted by Sagasolar Power (Pvt) Ltd, the utility-scale power project located in Buruthankanda, Hambantota is expected to add 19GWh of clean energy […]
Sri Lanka approves feasibility for 100MW solar park
Dec 21, 2016 (LBO) – Sri Lanka’s cabinet of ministers has approved a feasibility study for construction of a 100 megawatt solar park in Siyambalanduwa, Monaragala. “There is currently a global trend in generating electricity through renewable energy sources and a priority has been given to solar power,” the recently approved statement on cabinet decisions […]
Sri Lanka seeks Chinese loan for South expressway consultancy
Dec 21, 2016 (LBO) – Sri Lanka is seeking a loan of Renminbi Yuan 577 million from China to finance the consultancy services for design review and construction supervision of civil works for the extension of the southern expressway project. The Cabinet nod has been given to a proposal made by Finance Minister Ravi Karunanayake […]
Strong safeguards must accompany Asia’s infrastructure drive: ADB
Dec 21, 2016 (LBO) – Asia’s spending on growth-boosting infrastructure is set to get a tailwind from development financing while the safeguard systems used by the Asian Development Bank (ADB) and other development banks as conditions for their loans are under international scrutiny. More financing for infrastructure is becoming available from established and new lenders […]
Middle Eastern firm to repair Sri Lankan Airlines engines
Dec 20, 2016 (LBO) – TS&S Aerospace, a maintenance, repair and overhaul (MRO) provider for aircraft engines in the Middle East, has been selected by SriLankan Airlines to service the Trent 700 engine. The Rolls-Royce (R-R) Trent 700 is a three spool high bypass turbofan aircraft engine, commonly used in Airbus A330 and is the […]
‘s BoC to open subscription for Rs8 bn debenture
Dec 20, 2016 (LBO) – Sri Lanka’s state run Bank of Ceylon is opening the subscription list of its 8th listed Rupee debenture issue on 21st December 2016. Bank intends to utilize the proceeds of this issue to expand the loan book. During the first nine months of 2016 the loan book has grown by […]
Funds committed to fossil fuel divestment double in a year
Dec 20, 2016 (LBO) – The value of investment funds committed to selling off fossil fuel assets has doubled in just over a year, a new report states. The value of these funds doubled to 5.2 trillion dollars last year. The report, produced by Arabella investment advisors for the DivestInvest coalition, collated public pledges by […]
Sri Lanka PM cancels Seylan Bank foreign deal, orders probe: Finmin
Dec 19, 2016 (Reuters) – Sri Lankan Prime Minister Ranil Wickremesinghe has ordered a reversal and a probe into the 1.3 billion rupees ($8.7 million) Seylan Bank foreign deal as it failed to follow proper procedure, the country’s finance minister said on Monday. On Friday, 13 million shares or 7 percent stake in Seylan Bank […]