Category: Industry
‘s eyes banana, tuna fishing in Sri Lanka: ministry
June 27, 2013 (LBO) – Japan’s ITOCHU Corporation is looking at expanding trade and investment in banana and tuna fishing in the island, Sri Lanka’s economic development ministry said.The ministry said Kouhei Watanebe, Chairman, Japan – Sri Lanka Business Co-operation Council and adviser to ITOCHU Corporation had had talks with economic development minister Basil Rajapaksa […]
New Rules
BRUSSELS, June 27, 2013 (AFP) – European finance ministers on Thursday agreed a draft deal on new rules for bank rescues that will only allow bailouts by taxpayers in exceptional cases and shift the burden onto bank owners, creditors and large depositors.The Irish presidency said it hoped the new rules would be finalised by early […]
Sri Lankan teens at Allianz football camps in Germany, Thailand
June 26, 2013 (LBO) – Allianz Insurance Lanka said two Sri Lankan teenagers had been selected to take part in an international football camp in Germany sponsored by the insurer and another two will go to a camp in Thailand. Isuru Sandamal Weerasinghe, 14 and Roshen Subhash Pingho, 14 from Badulla and Payagala will go […]
Lending Boost
June 26, 2013 (LBO) – Sri Lanka has cut the deposits that commercial banks have to keep with the central bank by 200 basis points to 6.0 percent to boost lending cut intermediation costs, the central bank said.The full statement is reproduced below Central Bank reduces Statutory Reserve Requirement (SRR) by 2 percentage points Since […]
Peer Rate
June 26, 2013 (LBO) – A two percentage point cut in Sri Lanka’s bank reserve ratio to 6.0 percent will lower costs, expand funds available to be given as loans, allowing banks to bring down lending rates, Central Bank Governor Nivard Cabraal said.But the greater benefit will in the ongoing intermediate cost reduction and the […]
Tripartite Finance
June 26, 2013 (LBO) – Netherlands-based Triodos Bank will take a 10 percent stake to join Bangladesh’s BRAC in building micro financier, Sri Lanka’s Lanka Orix group said after taking over a listed finance company. Triodos has operations in finance, fund management and renewable energy. LOLC and BRAC Wednesday took control of Nanda Investment and […]
”’ by S&P
June 26, 2013 (LBO) – Sri Lanka’s National Development Bank was given a ‘B+’ rating by Standard and Poor’s Rating Services, ahead of a planned international fund raising. “The ratings on NDB reflect the bank’s satisfactory business and revenue diversification and adequate risk management practices,” S & P analyst Amit Pandey said in a statement. […]
Sri Lanka, India in talks on boosting trade, investments
June 25, 2013 (LBO) – Sri Lanka and India has held talk on doubling trade to 10 billion US dollars over the next three years, removing non-tariff barriers and reviewing negative lists, the island’s finance ministry said. India has allowed eight million pieces of garments under a quantity restriction.Sri Lanka has sought removing quantity restrictions […]
‘s large homes charged highest electricity tariff in the region
June 25, 2013 (LBO) – Larger households in Sri Lanka are charged the highest tariff in the region for electricity, but industrial and commercial charges are lower than some key countries in South and East Asia, analysis of published rates has shown. In Sri Lanka, very large households using 600 kiloWatt hours charged about 50.23 […]
Cricket: India deny England in Champions Trophy thriller
BIRMINGHAM, June 23, 2013 (AFP) – India added the Champions Trophy title to the World Cup they won two years ago after seeing off England by five runs in a dramatic final at Edgbaston on Sunday. Tournament hosts England, still to win a major one-day international title, appeared to have done the hard work in […]
Sri Lanka exports down 6.8-pct in April
June 24, 2013 (LBO) – Sri Lanka’s exports fell 6.8 percent in April 2013 to 696.6 million US dollars with apparels falling 14.98 percent to 275 million US dollars from a year earlier, and exports in first four months down 7.8 percent, the Central Bank said. Industrial exports were down 7.5 percent to 518 million […]
Credit Level
June 24, 2013 (LBO) – Fitch Ratings said it had downgraded Sri Lanka’s National Development Bank by one level to ‘AA-(lka)’ amid greater retail lending. The agency also downgraded the bank’s outstanding subordinated redeemable debentures to ‘A+(lka)’. Both A+(lka) and AA-(lka) are in the investment grade. Project loans have reduced as a share of total […]