Category: Industry
Sri Lanka knit fabric maker reduces losses
Feb 05, 2013 (LBO) – Sri Lanka’s Hayleys MGT Knitting said it lost 110 million rupees in the December 2012 quarter down from a loss of 156 million rupees a year earlier.The firm reported a loss of 73 cents per share. For the nine months to December the firm reported a loss of 196 million […]
Sri Lanka expects 27 cruise calls this year
Feb 05, 2013 (LBO) – Sri Lanka is expecting 27 cruise calls in 2013 with ocean liner Queen May 02 leading the way, docking at Colombo on February 04, the island’s tourism promotion office said. Sri Lanka’s tourism promotion office said the liner canned 2,300 tourists from the US, UK, Australia, New Zealand, South Africa […]
Capital Boost
Feb 05, 2013 (LBO) – International Finance Corporation, a unit of the World Bank has injected 75 million US dollars (9.6 billion rupees) as a subordinated loan to Commercial Bank of Ceylon which will boost its debt capital. The money will come as a 10 year loan from IFC Capitalization Fund, an asset management company […]
Doodle Celebration
Feb 04, 2013 (LBO) – Google has helped users in sri Lanka celebrate the country’s Independence Day on 2013 with a ‘Google Doodle’ on its homepage with a stylized lion and three colours found in the national flag. The doodle is visible on the google.lk home page worldwide and google.com pages viewed in Sri Lanka. […]
Midsea Rescue
Feb 03, 2013 (LBO) – Sri Lanka’s Navy has rescued 127 Bangladeshi and 11 Myanmar nationals from a wooden vessel that has been drifting 50 nautical miles off the eastern coast of the island.Sri Lanka’s Navy said 132 males, 03 females and 03 children were taken off an overcrowded wooden vessel and brought to Oluvil […]
Sri Lanka state carrier launches holiday booking engine
Feb 02, 2013 (LBO) – State-run SriLankan Airlines said it launched a booking engine to allow guests to book both hotel accommodation and holidays online through its website. “[W]we place great emphasis on providing our customers with convenient, customised holiday packages,” SriLankan Holidays manager, Gayan Peiris said in a statement. “The booking engine enables them […]
Small Business
Jan 02, 2013 (LBO) – Sri Lanka’s Credit Information Bureau (CRIB) and World Bank arm International Finance Corporation is boosting credit access to small businesses by making it easier to offer movable assets as collateral. “This initiative will make it easier for small businesses and entrepreneurs with few fixed assets to obtain the financing they […]
”s Leasing net down 35-pct in Dec
Feb 01, 2013 (LBO) – Profits at Sri Lanka’s People’s Leasing and Finance, the country’s largest non-bank lender fell 35.8 percent to 534 million rupees in the December 2012 quarter from a year earlier interim accounts show. Deposits from customers rose 42 percent to 12.3 billion rupees. The group reported earnings of 32 cents per […]
”’ acquires two aircraft
Jan 31, 2013 (LBO) – A domestic airline unit of Sri Lanka’s John Keells Holdings, has acquired two amphibian Cessna aircraft chairman Susantha Ratnayake told shareholders.The airline which is to operated under the brand ‘Cinnamon Air’ is will commence during this quarter he said. Cinnamon air is expected to have a fleet of three aircraft […]
Risky Appetite
January 31, 2012 (LBO) – Rising banking system leverage in Asia-Pacific is increasing rating pressure for banks in the region, Fitch Ratings said. Strong credit growth across the region, particularly in China, is driving the region’s credit-to-GDP up towards its 1998-1999 peak. Credit growth in APAC has accelerated since 2007 due to underlying economic growth […]
Sea Protectors
January 31, 2013 (LBO) – The Royal Netherlands government has begun using key ports across Sri Lanka as points to disembark groups of marines deployed to protect Dutch marines from piracy attacks in the Indian Ocean. The group of Vessel Protection Detachment (VPD) team, currently protect vessels originating from Suez in Egypt. Most of these […]
Margin Matter
Jan 30, 2013 (LBO) – Sri Lankan suppliers of fuel to ships could be pushed out of business if a new tax is implemented, shipping officials and tax experts have warned. The trade has begun lobbying for the withdrawal of the five percent Ports and Airports Development Levy, (PAL) which they say could force them […]