Category: Industry
Appointments
Feb 06, 2013 (LBO) – HSBC has appointed Patrick Gallagher as chief executive for Sri Lanka and Maldives replacing Nick Nicolaou. The new appointment will take effect from April 30, 2013, subject to regulatory approval, the firm said in a statement. Martin Tricaud, currently managing director, global head of multinationals, global banking and markets, will […]
Bond Sale
Feb 06, 2013 (LBO) – Sri Lanka’s Seylan Bank said it will sell up to 2.0 billion rupees in 5-year debt unsecured debt yielding as much as 15.5 percent a year, which will be free of withholding tax under new budget proposals. The bank is selling unsecured, subordinated debt which can be used to boost […]
Sri Lanka visit by US trade mission
Feb 06, 2013 (LBO) – The first American trade mission to Sri Lanka since the end of a three decades war in 2009 will visit the country from February 7 to 9, the US embassy in Colombo said.The multi-sector trade mission which is arriving after visiting South India will have firms in education, food, healthcare, […]
‘s Janashakthi Insurance launches pension product
Feb 06, 2013 (LBO) – Janashakthi Insurance has launched a pension market with a retirement product, as the island’s population ages rapidly, officials said. The money will be locked in for a minimum of 5 years. “Or you can tailor this policy for a variety of needs other than retirement, such as education needs of […]
Sri Lanka hydro generation recovers in November, demand flat
Feb 05, 2013 (LBO) – Sri Lanka’s hydro power generation has doubled in November 2012 on improving rains allowing the utility to cut thermal generation by 25 percent, while demand remained flat, official data shows. Sri Lanka has generated 959 million units of electricity (GigaWatt hours) in November 2012 barely changed from 958 GWh a […]
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 […]