Category: Industry
1000 League
Dec 04, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon has been ranked among top 1,000 global banks by UK-based Banker magazine, the island’s largest lender said. Bank of Ceylon serves over ten million customers island wide and has a rating of ‘AA+(lka)’ from Fitch with a stable outlook. Chairman Gamini Wickramasinghe said in […]
Finance Consolidation
Dec 04, 2012 (LBO) – Sri Lanka will not issue new finance company licenses in the next two years but is urging weaker lenders to consolidate with larger stronger ones, Central Bank Governor Nivard Cabraal said. “The Monetary Board (the Central Bank’s decision-making body) has taken a decision not to give new license in the […]
‘s Galle Literary Festivals to skip 2013
Dec 03, 2012 (LBO) – Organizers of Sri Lanka’s Galle Literary Festival said it will return in 2014 with “a host of renowned writers, authors, historians, poets and biographers both global and local” after taking skipping 2013. “We wish to advise all friends of the Galle Literary Festival, that we have decided to take a […]
Sri Lanka Mackwoods Energy profits down 24-pct
Dec 02, 2012 (LBO) – Profits at Sri Lanka’s Mackwoods Energy, a hydropower company fell 24 percent in the six months ending September 2012, with flat revenues and higher operating expenses, interim accounts showed. Profits fell despite 20 million rupees in other income. The firm has 252 million rupees in short term investments. The firm […]
Data Centre
Dec 02, 2012 (LBO) – India’s Trimax IT Infrastructure Services Ltd will build a data centre in at Saki Knowledge and Technology Park in Hambantota in southern Sri Lanka. Sri Lanka’s investment promotion agency will give the firm a 12 year tax holiday. The Hambantota IT park is a state-sponsored venture in which around 100 […]
Sri Lanka expects fruit and vegetable exports to grow in 2012
Dec 01, 2012 (LBO) – Sri Lanka’s fruit and vegetable exports are expected to grow between three to five percent in 2012 after growing 10 percent in 2011, despite a global downturn that had dragged down total exports an industry official has said. Sri Lanka’s overall exports were down 5.8 percent to 7.39 billion US […]
Sri Lanka electricity generation falls for second month
Nov 30, 2012 (LBO) – Sri Lanka’s electricity generation fell in absolute terms by 1. 5 percent to 971 GigaWatt hours (millions of units) in September 2012 from a year earlier, declining two months in a row, pointing to a slowing economy. Last year Sri Lanka’s economy was given an unexpected boost by nearly 200 […]
Consumer Finance
Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BBB+(lka) rating of Sri Lanka’s Singer Finance (Lanka) Plc, with a stable outlook, based on an 80 percent holding and strong links with its parent, Singer (Sri Lanka) Plc, which is rated A(lka) with a stable outlook. In 2012 SFL’s portfolio has expanded 53 percent […]
Bank Rating
Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BB+(lka) rating of Sri Lanka’s Union Bank with a negative outlook, saying the lender faced risks to asset quality from strong growth but it had strong capital ratios. “Significant improvements to its risk management system and processes, including effective implementation of a core banking system […]
” cargo clearance with e-customs
Nov 29, 2012 (LBO) – Sri Lanka will soon have ‘zero time’ customs with an automated customs clearing process to begin up to 24 hours before a vessel docks at port, Customs chief Neville Goonewardena said. Sri Lanka is implementing the latest version of Automated System for Customs Data promoted (ASYCUDA World) initiated by the […]
MAS Holdings Sri Lanka sets up US$70mn knitting plant
Nov 29, 2012 (LBO) – Sri Lanka’s MAS Holdings, an apparel exporter is setting up a 70 million US dollar knit fabric plant at its own industrial park, the state investment promotion agency said. BOI said the factory reflected a “spirit of innovation” in Sri Lanka’s apparel industry and a state goal of reducing imported […]
Space Journey
Nov 28, 2012 (LBO) – A Sri Lanka’s first communications satellite by SupremeSAT, a Sino-Lankan joint venture was launched from China’s Xi Chang launch centre on November 27, the state information office said. The launch of ‘SupremeSAT-1’ at 15.45 hours was successful, an alert from the state information office said. SupremeSAT has said the comsat […]