Category: Industry
Belgian Interest
Dec 12, 2012 (LBO) – Sri Lanka’s state investment promotion agency said a visiting Belgian delegation had expressed interest in setting up information technology and IT enabled services. At present, Belgian investments range from the manufacture of solid rubber tires, one of Sri Lanka’s single largest export firms, diamond cutting and the manufacture of cigars […]
School Software
Dec 13, 2012 (LBO) – Virtusa Corporation, a US listed IT firm with development facilities in Sri Lanka has won a top award for a school management software, which is now being used in 130 countries, the firm said. Its Àkura School Management System (http://akuraschools.org) was recognized by the World Information Technology and Services Alliance […]
Banking Secrecy
Dec 13, 2012 (LBO) – A rights activist who was a chief executive of a top financial firm has questioned what action Sri Lanka’s banks will take following an apparent breaching of banking secrecy involving accounts of the island’s chief justice. The full letter is produced below: 10th December 2012 Open Letter to; Anil Amarasuriya […]
Group Risk
Dec 12, 2012 (LBO) – Sri Lanka’s financial regulators will monitor banks connected to conglomerates closely in the future as firms and the financial sector becomes bigger in the future, Central Bank Governor Nivard Cabraal said. “I know many of you are not only looking at the banking sector but you have other businesses as […]
Top Rating
Dec 11, 2012 (LBO) – Fitch Ratings has confirmed a ‘AAA(lka)’ rating of HSBC Sri Lanka with a stable outlook, on the strength of its parent. The full statement is reproduced below: Fitch Affirms HSBC Sri Lanka Branch at ‘AAA(lka)’; Outlook Stable Fitch Ratings-Colombo/Seoul/Singapore-10 December 2012: Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch’s […]
India may ask Sri Lanka to cut automobile tariffs: report
Dec 11, 2012 (LBO) – India is mulling asking Sri Lanka to reduce import duties which had been raised twice last year hitting small car imports and three wheeler vehicles in particular, a media report said. Another report said Chinese manufacturers are being allowed to set up assembly plants in Sri Lanka which could potentially […]
Crude Block
Dec 10, 2012 (LBO) – Sri Lanka is unable to import crude oil from Iran despite a sanctions waiver by the United States, because banks are wary of opening letters of credit fearing blacklisting, a media report said. Sri Lanka’s The Sunday Times newspaper said state-run Ceylon Petroleum Corporatio, which used to buy Iranian light […]
Net Biz
Dec 10, 2012 (LBO) – Sri Lanka’s Dialog Axiata said it will acquire a 26 percent stake in Digital Commerce Lanka (Pvt) Ltd, which owns Anything. lk an e-commerce site for 1.59 million US dollars. Dialog said in a stock exchange filing that it also planned to transfer group e-commerce businesses ibuy. lk and tradenet.lk […]
Banking Secrecy
Dec 10, 2012 (LBO) – Sri Lanka’s banking secrecy laws may not be worth the paper it is written on and confidential information of customers could be easily obtained, a senior government minister said over the weekend. Fisheries Minister Raajitha Senaratne said the 117 ruling party legislators who signed the impeachment motion against Chief Justice […]
Liquid Bank
Dec 10, 2012 (LBO) – Sri Lanka’s ICICI Bank, a branch of an Indian bank with the same name, has seen its [SL] AAA credit rating confirmed by ICRA, a rating agency on support from the parent, comfortable capitalization and high sovereign asset holdings. “The credit strengths are partially offset by small scale of the […]
Sri Lanka flights by Korean Air from March
Dec 08, 2012 (LBO) – Korean Air would resume flying to Sri Lanka three times a week from March 09, after a lapse of 28 years, which can boost tourist arrivals from that country, officials sai d. A Seoul-Colombo return ticket is priced at around 90,000 rupees. The airline quit the country in 1984. Sri […]
Lube Shift
Dec 07, 2012 (LBO) – Sri Lanka’s Chevron Lubricants Plc, the island’s market leader, said it will shift a blending plant to an industrial estate by July 2014 at an estimated cost of 15 million US dollars. Chevron Lubricant, a privatized unit has facilities on state land. The firm said it is gettubg 4.5 acres […]