Category: Industry
Capital Rating
Apr 22, 2014 (LBO) – Sri Lanka’s Dunamis Capital Plc, had been rated ‘BBB+’ with a ‘stable’ outlook and a proposed debt billion rupee debt sale ‘BBB’ by Colombo based Ram Ratings Lanka Plc. Dunamis has interests in primary dealing, stock brokering, margin trading, debt structuring, asset management and property development. The full statement is […]
Network Expansion
Apr 22, 2014 (LBO) – Melsta Regal Finance Ltd, a young finance company promoted by Sri Lanka’s Distilleries group said it has expanded into Central, North Central and Southern regions of the country.The firm offers working capital finance with Letter of Credit opening facilities, warehousing, logistics and debt factoring as well as equipment and vehicle […]
Vehicle Trend
Apr 22, 2014 (LBO) – Sri Lanka’s vehicle registrations rose 4 percent to 26,921 in March 2014 from a year earlier picking up from lull in February with commercial vehicles showing weakness, a research report showed.More people were buying cars on financing arrangements with the share going up to 57.6 percent from 42.2 percent a […]
Sri Lanka detains British tourist over Buddha tattoo
COLOMBO, April 22, 2014 (AFP) – Sri Lanka has detained a female British tourist for having a Buddha tattoo on her right arm and ordered her deportation, police said Tuesday.The unidentified woman was arrested at the country’s main international airport on Monday and appeared before a magistrate who ordered her deportation, police said in a […]
Private Equity
Apr 21, 2014 (LBO) – Sri Lanka needs private equity to play a bigger role in financing business which will help them grow faster with less leverage and become world beating firms, the Central Bank said. Financial sector professionals have attributed it to lack of skills of those who were taken to manage them, some […]
Cash Drawdown
Apr 21, 2014 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said customers withdrew a record 2.05 billion rupees from teller machines on Friday April 11, a new daily high in the run up to a traditional New Year holiday. The number transactions processed was 245,000 lower than a previous record of 325,000 which the […]
Tax Charge
Apr 21, 2014 (LBO) – A 10 percent transfer tax will be imposed when a vehicle bought on a duty-slashed permit given to Sri Lanka state workers are transferred to a private citizen, a media report said.Sri Lanka The Sunday Times newspaper citing a circular by the Ministry of Finance said a vehicle that is […]
Take Home
COPENHAGEN, April 20, 2014 (AFP) – A Danish website is turning private homes into take-away restaurants by letting users advertise what they are cooking, when and for what price.“Sometimes I only put one serving up for sale, sometimes up to 20. It depends on what I’m making and how much time I have,” said Ana […]
Precision Persistence
Apr 18, 2014 (LBO) – The founder of a 40 million US dollar Sri Lanka based precision tech company whose entry in to the automotive supply chain epitomizes persistence said he was helped by cultural interaction and trust.He said his knowledge of the Japanese language and culture also helped him break into the automotive supply […]
Sri Lanka air passenger handling up 3.3-pct in 2013
Apr 17, 2014 (LBO) – Sri Lanka main international airport has handled 7.3 million passengers, including transit travellers, up 3.3 percent from a year earlier, while aircraft movements rose 5 percent to 50,802. During the year British Airways, Korean Airlines, Air Asia X and Turkish Airlines had started flying to to Sri Lanka from London, […]
Fuel Sales
Apr 16, 2014 (LBO) – Losses at Sri Lanka’s state-run Ceylon Petroleum Corporation fell to 7.7 billion rupees in 2013 from 89.6 billion rupees a year earlier, but bank debt was still high, official data showed.The Central Bank in its annual report said other state enterprises owed the CPC 75.1 billion rupees and CPC in […]
Sri Lanka cautioned on rising renewable energy costs
Apr 14, 2014 (LBO) – Sri Lanka’s central bank has sounded a note of caution of caution over the rising burden of renewable power on consumers as the proportion of non-conventional renewable power (NCRE) increases in the grid.Mini-hydro feed in tariffs are among the cheapest.Almost all sources non-conventional of renewable power except waste heat are […]