Category: Industry
Sri Lanka tourism arrivals up 13.4-pct in Jan
Mar 13, 2013 (LBO) – Sri Lanka’s tourism arrivals rose 13. 4 percent to 97,411 in January 2013 from a year earlier, with double digit growth from Western Europe and China, the state tourism promotion office data showed. Indian visitors which grew just 2.9 percent in the whole of 2012 after visa requirements were re-imposed […]
Two Decades
Mar 12, 2013 (LBO) – Sri Lankan advertising agency Triad which was founded in 1993 is making 20 years this March says it has grown into an award winning agency, which has also won in the market. “The brands that we have nurtured and built are today commanding a leadership presence, no matter what the […]
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 […]
Sri Lanka power tariff proposal open for public comment
Mar 11, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has sought increases in tariffs of over 100 percent for some categories for 2013, while keeping tariffs for places of worship and some industries at steeply subsidized levels. Places of religious worship, would continue to get the cheapest power, paying between 1.90 to 7.00 […]
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 […]