Category: Industry
FastPay
Nov 29, 2013 (LBO) – LankaClear, Sri Lanka’s interbank clearing house, said a new backbone is being developed to integrate multiple networks, which will speed up transactions and allow mobile-enabled payments.The firm recently launched LankaPay a switch that connected automated teller machines of different banks. “LankaPay CAS is a precursor to the launch of the […]
Overdraft
Nov 29, 2013 (LBO) – Sri Lanka’s finance ministry had run an overdraft of 120.9 billion rupees at banks by September 2013 which was about 1.2 percent of gross domestic product, official data showed. Though the gap was higher than the 98.1 billion rupees deficit in September 2012 it was lower than 144.5 billion rupee […]
Price Trend
Nov 29, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 5.6 percent in the 12-months to December from a year earlier, slowing from 6.7 percent a month earlier, with the index climbing 0.2 percent during the month. Under Sri Lanka’s so-called flexible exchange rate, where the Central Bank buys all capital inflows […]
Lube Control
Nov 28, 2013 (LBO) – Sri Lanka’s Colombo Dockyard, a ship repair and building firm, found its competitiveness hurt by import restrictions on specialist lubricants.Sri Lanka requires a ‘no objection’ letter from the government to import lubricants as it is a licensed business on which the state has placed import restrictions. A Dockyard official told […]
Channel Expansion
Nov 27, 2013 (LBO) – Sri Lanka’s E-channelling, which runs a service offering online appointments with medical doctors, said it plans to operate similar services in East Asia, collaborating with its main shareholder.This includes Malaysia, Singapore, Indonesia, Phillippines, Taiwan, Korea, China, Vietnam and Thailand. E-channelling said ECL Soft Pvt Ltd, a subsidiary has struck a […]
Lubricant Liberties
Nov 26, 2013 (LBO) – Sri Lanka will shortly license more players to sell lubricants in in the island officials said, expanding the freedoms of citizens.At the moment Chevron, Lanka OIC and state-run Ceylon Petroleum Corporation are among the front runners. Those will blending facilities also have an advantage over imported final product sellers. Though […]
” deepens
SYDNEY, November 26, 2013 (AFP) – Australia said Tuesday it had summoned Beijing’s ambassador to voice opposition to China’s sudden announcement of an air defence identification zone over the East China Sea. China and Japan each summoned the other’s ambassador after Beijing said Saturday it had established an Air Defence Identification Zone — which would […]
Finance Proposal
Nov 25, 2013 (LBO) – Sri Lanka’s central bank said budget proposals to boost mergers will strengthen finance companies.The full statement is reproduced below:- Strengthening Finance Companies and Banks The Central Bank notes the several measures proposed in the Budget 2014 to strengthen the licensed finance companies, where, with a view to encouraging consolidation in […]
Port Profit
Nov 25, 2013 (LBO) – Profits at Sri Lanka Ports Authority was up sharply in the first nine months of the year, helped by a weaker Japanese Yen and higher container volumes, a finance ministry report said. SLPA has recorded revenues of 25.9 billion rupees for the nine months to September 2013, Revenues were up […]
Petro Gains
Nov 24, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has reached break-even level and made a marginal loss after adjusting for losses on derivatives, finance ministry report said.The CPC had made a 3.8 billion rupee profit in the nine months to September 2013 but made an accounting loss of 3.7 billion rupees after […]
‘s electricity utility turns around
Nov 23, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has turned around with a 17 billion rupee profit up to September 2013 but it was yet to pay down bank borrowings, a finance ministry report said.Ceylon Electricity Board has earned revenues of 142 billion rupees for the nine months and was projected to […]
Sri Lankan Airlines lose Rs15.7bn in first half 2013
Nov 22, 2013 (LBO) – State run SriLankan Airlines had lost 15.7 billion rupees (120 million US dollars) in the first half of the 2013 financial year, a finance ministry report said. In the six months to September 2013, the airlines had posted revenues of 54.4 billion rupees and burned up 70 billion rupees in […]