Category: Industry
Fitch downgrades ratings of state banks, finance and insurance companies
Mar 02, 2016 (LBO) – Fitch Ratings has downgraded the Issuer Default Ratings of two state banks and one finance company, a statement said. Accordingly, Bank of Ceylon and National Savings Bank has been downgraded to ‘B+’ from ‘BB-‘ and People’s Leasing & Finance to ‘B’ from ‘B+’. The ratings of DFCC Bank were affirmed […]
Interview: Sri Lanka’s national carrier eyes turnaround
Mar 02, 2016 (LBO) – SriLankan Airlines is poised for a shift in strategy, ranging from privatisation to network restructuring, in a bid to achieve sustained profitability, Ajith Dias, chairman of SriLankan Airlines told the Oxford Business Group. SriLankan Airlines has been faced with an increasingly difficult operating environment as rising competition, tighter margins and […]
China positive on trade, investment says Malik after visit
Mar 02, 2016 (LBO) – China is positive about Sri Lanka’s prospects as a strategically located platform for trade, investment and tourism, a statement issued following Minister Malik Samarawickrama’s recent visit to China said. “They saw opportunities for strengthening bilateral cooperation and looked forward to Prime Minister Ranil Wickramasinghe’s visit to China in April to […]
Oil hits near two-month high on supply slowdown
Mar 02, 2016 (LBO) – Oil hit a near two-month high on Wednesday on the possibility that a global oversupply of crude oil has begun to shrink. Brent crude was trading at 36.65 dollars per barrel, down 0.43 percent, on Wednesday, a level last seen in early January. The global crude glut shrank by 12 […]
US calls on Sri Lanka to join Indo-Pacific Economic Corridor
Mar 01, 2016 (LBO) – United States called Sri Lanka to strengthen cooperation on issues of regional importance through multilateral organizations like the Indian Ocean Rim Association. “The United States encouraged Sri Lankan participation in its Indo-Pacific Economic Corridor initiative to increase economic connectivity among South Asian countries and with Southeast Asia, which is congruent […]
Sri Lanka Customs expedites cargo clearing process
Mar 01, 2016 (LBO) – Sri Lanka Customs has accelerated its cargo clearing service to minimize delays for importers and exporters. As per the new directions, every piece of cargo will be cleared within 3 days unless it has a legal issue or pending investigation. Customs Director General Chulananda Perera told reporters Monday that the […]
Sri Lanka explores possibility to join TPP: Foreign Minister
Feb 26, 2016 (LBO) – Sri Lanka’s government is currently exploring the possibility of applying to join the Trans-Pacific Partnership very seriously, Foreign Minister Mangala Samaraweera said. “A leading government think tank is preparing a feasibility study and we will be continuously evaluating developments on this front,” Samaraweera said. He was addressing a gathering at […]
Sri Lanka’s LOLC Group receives USD 247Mn syndicated loan
Feb 24, 2016 (LBO) – Sri Lanka’s Lanka Orix Leasing Group announced a landmark syndication to borrow 247 million US dollars from three financial institutions including the Asian Development Bank. “A total of 247 million US dollars was received from multiple foreign funding partners and will consist of 3 loans,” a LOLC Group statement said. […]
‘s can open new doors for Sri Lanka’s real estate market
Feb 24, 2016 (LBO) – Sri Lanka’s property market will see new market space opening up with the introduction Real Estate Investment Trusts (REITs), a new capital market tool, an investment specialist said. “REIT’s will transform the capital market and give new shape to the real estate market,” Hardy Jamaldeen, director, Sterdian Capita Investment said. […]
ADB to help Sri Lanka expand Colombo port operations using PPP
Feb 24, 2016 (LBO) – The Asian Development Bank (ADB) and Sri Lanka Ports Authority (SLPA) signed a transaction advisory services agreement Tuesday to develop the East Container Terminal (ECT) of Colombo Port through public–private partnership (PPP). The signing was witnessed by Takehiko Nakao, President of ADB, and Sri Lanka’s Finance Minister Ravi Karunanayake. “The […]
Sri Lanka offers discount for Myanmar Transshipments, threat from Vizhinjam
Feb 23, 2016 (LBO) – Sri Lanka Ports Authority has decided to grant a 10 percent discount on transshipment handling charges of the ship companies who comply to carry out Myanmar transshipment operations through the Colombo port. The decision aims to attract fast growing transshipment industry in Eastern India, Bangladesh and Myanmar, to the Colombo […]
Samsung unveils Galaxy S7 and S7 edge next generation smartphones
Feb 22, 2016 (LBO) – Samsung Electronics on Monday announced the newest additions to the Galaxy family of products, Samsung Galaxy S7 and Galaxy S7 edge. Created for today’s consumer lifestyle, Galaxy S7 and Galaxy S7 edge lead the industry with a refined design, more advanced camera, streamlined software functionality and unparalleled connectivity to a […]