Industry – Page 528 – Lanka Business Online

Sri Lanka second airport aviation fuel terminal ready: CPC

Mar 11, 2013 (LBO) – State-run Ceylon Petroleum Corporation has built an aviation fuel terminal at Sri Lanka’s second international airport in Mattala, which has storage capacity of 250,000 litres, the petroleum ministry said.The airport is due to open on March 18. A ministry statement quoted petroleum minister Anura Yapa as saying that the new […]

Foreign Factor

Mar 11, 2013 (LBO) – Sri Lanka’s larger listed banks have improved margins as interest rates rose in 2012 helped by a bigger current and savings deposits base and foreign borrowings, an equities research report said.At Commercial Bank foreign borrowings as a share of total funding had risen to 3.0 percent from 2.3 percent, at […]

Credit Limits

Mar 10, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation, to which state-run airlines owe 30.9 billion rupees and a petroleum utility 28.3 billion rupees will limit credit to state agencies this year, a media report said.Minister Yapa said the CPC was paying interest to state banks on loans taken to cover unpaid dues […]

Founding Shareholders

Mar 09, 2013 (LBO) – The International Finance Corporation, a private sector financing arm of the World Bank and DEG, a German development financier will buy 10 percent stock each in a new Sri Lankan commercial bank.Cargills Agriculture and Commercial Bank is being promoted by Sri Lanka’s Ceylon Theatres group. Sri Lanka’s CT Holdings and […]

Youth ICT

Mar 08, 2013 (LBO) – A joint project by the World Bank, Microsoft and Sarvodaya-Fusion, a Sri Lanka based charity promoting information technology has launched a grant competition where youth in four South Asian nations can get up to 20,000 dollars for a winning project.The grant competition called ‘Youth Solutions!Technology for Skills and Employment’ will […]

Debenture Issue

Mar 08, 2013 (LBO) – Sri Lanka’s People’s Leasing and Finance said it will sell up to 6.0 billion rupees in 4 and 5-year listed debentures with subscriptions opening on March 19.Listed debentures have been made free of withholding tax, triggering a spurt of such issues. The 4-year debenture pays 16.5 percent a year, with […]

Policy Stance

Mar 08, 2013 (LBO) – Sri Lanka is holding its main policy rates a little below annual inflation of 9.8 percent, expecting prices to ease from March and has asked banks to cut lending rates to boost growth. The Central Bank said in its March monetary policy statement that the repo rate at which excess […]

German, Dutch DFIs buy into Sri Lanka insurer

Mar 07, 2013 (LBO) – Germany’s DEG, a part of the KfW group that invests in private firms in developing countries and FMO, a Dutch development financier has bought a 38 percent stake in Asian Alliance Insurance in a deal valued at 1.8 billion rupees. The stock was sold in an off-market deal at a […]

‘s Tiger Airways in $1 promotion

Mar 07, 2012 (LBO) – Singapore-based budget carrier Tiger Airways said it is holding a sale on flights to Jakarta, Kuching, Kuala Lumpur, Penang and Ho Chi Minh City until March 13, with slashed prices to 25 other destinations including Colombo.Budget carriers use promotional fares sold ahead online as part of their sales strategy drawing […]

Road Finance

Mar 06, 2013 (LBO) – A 27 kilometre stretch of a in Sri Lanka’s central hills running from Haputale, Boralanda will built by a domestic contractor with finance from Hatton National Bank, the state information office said.The cabinet of ministers had approved a proposal to build the road with bank finance under a scheme where […]

‘s Allianz unit grows in 2012

Mar 06, 2013 9LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said gross written premium in its life business grew 51 percent to 532 million rupees in 2012 and non-life premiums totaled 1,522 million rupees.Its life fund had grown 107 percent and policyholders given a credit (dividend) of 8.5 percent. Allianz said […]

Edu Fair

Mar 06, 2013 (LBO) – An education fair with the participation of institutions from Andhra Pradesh, Maharashtra, Karnataka, Uttar Pradesh and Tamil Nadu as well as a consultancy has opened in Sri Lanka’s Jaffna city, India’s High Commission (embassy) in Colombo said.The Indian Education Fair-2013 had been inaugurated by G A Chandrasiri, the Governor of […]