Category: Industry
Capital Access
Apr 03, 2014 (LBO) – A high tech 45 billion rupee bridge will clear a traffic bottleneck to Sri Lanka’s capital Colombo and minimize its impact on the river flow underneath, the Japan International Cooperation Agency said.The bridge across Sri Lanka’s Kelani River will allow a smooth flow of traffic in to the city through […]
Mass Transit
Apr 03, 2014 (LBO) – Sri Lanka’s transport ministry has responded to our story ‘ Sri Lanka to build US$ 1.3bn monorail with Japan finance .’ The letter from the ministry of transport is published in full below with LBO’s observations on the underlying nature of government finance:- Editor Lanka Business Online Comment to the […]
Sri Lanka romp into semis after Herath heroics
CHITTAGONG, March 31, 2014 (AFP) – Left-arm spin wizard Rangana Herath conjured up astonishing figures of 3-5 to help Sri Lanka demolish New Zealand by 59 runs Monday in the race for the World Twenty20 semi-finals.Thisara Perera hit three boundaries in his 13-ball 16 before Neesham took three wickets in 14 balls to rout the […]
‘s Dilshan fined for showing dissent
DHAKA, April 1, 2014 (AFP) – Sri Lankan opener Tillakaratne Dilshan has been fined 20 per cent of his match fee for breaching the players’ code of conduct during the game against New Zealand in Chittagong, the International Cricket Council said on Monday.Dilshan was found to have shown dissent at an umpire’s decision during his […]
Merger Progress
Apr 01, 2013 (LBO) – Sri Lanka’s central bank said it had approved in principle mergers among a few banks and non-bank lenders, in a regulator driven bid to build a financial sector made up of fewer, larger firms.Several non-bank lenders have seen bad loans rise over the past few years amid tighter economic conditions […]
Air Credit
Apr 01, 2014 (LBO) – Standard Chartered Bank said it had structured a 150 million US dollar equivalent Islamic finance facility for state-run Sri Lankan Airlines which was partly secured by a government guarantee and receivables.In 2012 SriLankan raised a 175 million US dollar equivalent facility from Gulf banks. “The proceeds of the facility will […]
Asset Quality
Apr 01, 2014 (LBO) – Sri Lanka’s two largest state banks have taken a 20 billion rupee hit on credit losses in 2013 and had slashed their troubled gold-backed loan portfolios as the precious metal’s price slumped, interim accounts show.State-run People’s Bank set aside 11.7 billion rupees as general provisions in 2013 up from 3.2 […]
Bank Chief
Apr 01, 2014 (LBO) – Krishan Balendra, has been appointed chairman of Sri Lanka’s Nations Trust Bank.NTB said in a stock exchange filing that Arjuna Gunaratne, who had been on the board of the bank from 2005 is stepping down to comply with a regulatory direction limiting a director’s tenure to nine years.Balendra will take-over […]
Sri Lanka power utility making large losses: report
Mar 31, 2014 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has lost over 24 billion rupees in the past quarter with low rainfall hitting hydro power, a media report said, raising concerns over credit expansion and exchange rate stability.The Sunday Times newspaper quoting a letter written by CEB General Manager Shavi Fernando said CEB […]
‘s HNB Assurance separates general insurance
Mar 29, 2014 (LBO) – Sri Lanka’s HNB Assurance Plc said it will set up a separate unit to take over its general insurance business under a regulatory decision to split all composite insurers.HNB Assurance is a unit of listed Hatton National Bank. The firm’s shareholders had approved a resolution to transfer assets and liabilities […]
Sri Lanka 700-room hotel chain planned by Best Western
Mar 28, 2014 (LBO) – US based Best Western, is planning a 700-room strong chain partnering with Sri Lanka’s Elyon Hotels as the island draws more visitors after the end of a 30-year civil war, officials said. The firm is expecting regional travellers to make bulk of its bookings in Sri Lanka. “After the war […]
Forex Cover
Mar 28, 2014 (LBO) – BRAC Lanka Finance Plc, said it had hedged the foreign exchange risk of a two million US dollar loan from its parent by creating a forex deposit and borrowing rupees against it.BRAC International Holdings BV has given 3-year 2 million US dollar loan to BRAC Lanka at 7.0 percent a […]