Category: Industry
Fast Growth
July 25, 2013 (LBO) – Sri Lanka’s information technology and business process outsourcing sector has tripled exports and doubled the workforce in a little over five years, an industry official said. The Sri Lanka Association of Software and Services Companies (SLASSCOM) say export revenues grew 182 percent to an estimated 600 million US dollars in […]
Policy Training
July 25, 2013 (LBO) – Sri Lanka™s Postgraduate Institute of Management (PIM), provider of management education said it will launch its course on public policy for business leaders, academics, researchers and government officials on August 01. While resource persons include IMF’s Sri Lanka resident representative Koshy Mathai, Lloyd Fernando, Indrajit Aponsu, W A Wijewardena, Saman […]
Sri Lanka state trading agency in talks for city hotels
July 25, 2013 (LBO) – Sri Lanka’s Co-operative Wholesale Establishment (CWE), an virtually defunct state agency is in talks with Indian and Malaysian parties to build hotels in two prime properties, a parliamentary report said.The state agency has a 6.5 acre site in D R Wijewardene Mawatha in Sri Lanka’s capital Colombo which is expected […]
Syndication
July 25, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will use a 200 million dollar syndicated loan to expand corporate lending, acting chairman Raju Sivaram said.Others included Axis Bank DIFC Branch, Band of Baroda, Indian Overseas Bank Singapore, Union National Bank PSJ, Doha Bank and Habib Bank. The loan was arranged by Dubai-based […]
Growth Market
July 25, 2013 (LBO) – Emirates NBD Capital which syndicated a 200 million dollar loan for Sri Lanka’s state-run Bank of Ceylon is looking to provide more local firms with Islamic and conventional finance, a top official said.“We are looking to do similar transactions with other financial institutions,” chief executive Mohammad Wajid Kamran said. “We […]
Cricket Sri Lanka defeat South Africa in the rain
COLOMBO, July 23, 2013 (AFP) – Rangana Herath took two crucial wickets as Sri Lanka defeated South Africa in the rain-affected one-dayer in Colombo on Tuesday, taking a 2-0 lead in the five-match series.South Africa, set a revised target of 176 from 29 overs, were 104-5 in 21 overs when a heavy downpour at the […]
Chinese firm to build $1.4 bln Sri Lanka city complex
COLOMBO, July 24, 2013 (AFP) – Sri Lanka has finalized a deal with a Chinese company to build a .4 billion city complex on reclaimed land near the harbour of the capital Colombo, an official said Wednesday.The state-run Sri Lanka Ports Authority (SLPA) will reclaim 230 hectares (568 acres) next to the new Colombo South […]
Sri Lankan Airlines to run losses for another three years: COPE report
July 24, 2013 (LBO) – SriLankan Airlines was expected to run losses for another three to four years before breaking even, a report by a parliamentary committee which has oversight over state enterprises has said.SriLankan had lost 17.1 billion rupees in 2011. According to available data the airlines had lost at least 58 billion rupees […]
Borrowing Threat
July 24, 2013 (LBO) Sri Lanka’s state owned enterprises are a threat to the country’s banks and authorities should device system to monitor credit and prevent a collapse of the banking system, a parliamentary report has said.If money is printed (central bank credit) for subsidies it triggers inflation and currency depreciation (like in 2011 and […]
Refugee Disaster
CIDAUN, July 24, 2013 (AFP) – More than 100 asylum seekers who were feared dead have been rescued after their boat sank off the coast of Indonesia’s Java island, an official said Wednesday, confirming that one child had died.Indonesia’s rescue agency was alerted by Australian authorities on Tuesday evening. “We don’t know exactly how many […]
Tech Provider
July 23, 2013 (LBO) – London Stock Exchange group said its technology services revenues rose 28 percent reflecting the performance of MillenniumIT, a Sri Lanka-based securities exchange software developer it owns. Revenues in the March 2013 quarter from the firm rose to 7.4 million sterling pound from 4.9 million as overall technology services revenues rose […]
Sovereign Quality
July 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has been rated ‘B+’, the same as the sovereign rating by Standard & Poor’s Ratings Services with a ‘stable’ outlook. “We believe the Sri Lankan government is almost certain to provide extraordinary support to the bank, if needed,” Standard & Poor’s credit analyst Amit […]