Category: Industry
Sri Lanka Hotel Sigiriya net up 24-pct
Oct 23, 2012 (LBO) – Profits are Hotel Sigiriya Plc, which is located in central Sri Lanka, rose 24 percent to 16.5 million rupees in the September 2012 quarter, from a year earlier, interim accounts showed. The firm reported earnings of 2.82 rupees for the quarter. In the six months to September the firm reported […]
Credit Outlook
Oct 23, 2012 (LBO) – Sri Lanka’s ‘BBB(lka)’ rated Pan Asia Banking Corporation’s rating outlook has been lifted to positive from stable, on ongoing structural improvements made since 2009, Fitch Ratings said. The loan book is largely exposed to small and medium enterprises, individuals and retail customers which have been the bank’s traditional focus, Fitch […]
Island Links
Oct 23, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon the country’s largest lender by assets said it is mulling a branch in the Indian Ocean island of Seychelles as efforts are made to boost economic relations. Sri Lanka’s fisheries minister Rajitha Senaratne is expected to lead a delegation to Seychelles shortly for talks […]
Soft Eye
Oct 22, 2012 (LBO) – Software developed by Sri Lanka based MilleniumIT, will be used by the London Metal Exchange (LME) for its real time multi-asset class surveillance system, the unit of the London Stock Exchange Group said. “We are very happy that the London Metal Exchange has chosen Millennium Surveillance as its new surveillance […]
Micro Rating
Oct 22, 2012 (LBO) – Fitch Ratings has lifted the outlook of Sri Lanka’s ‘BB+(lka)’ rated Sanasa Development Bank, a micro lender, to positive from stable, on improving asset quality ad better margins. “The revision of the Outlook reflects SDB’s improved credit metrics, which are now more in line with those of higher-rated peers,” Fitch […]
Sri Lanka can up exports by moving to complex products: economist
Oct 20, 2012 (LBO) – Sri Lanka can increase exports and incomes by creating conditions to allow producers to move in to more complex products based on knowledge and research, a top economist said. By moving to complex products through innovation, a country could stop worrying about competition from Bangladesh or Vietnam, he said. Sri […]
‘s TATA
Oct 19, 2012 (LBO) – Sri Lanka’s Urban Development Agency will give land on a 99-year lease to India’s Tata Housing Development Company Ltd as part of efforts to re-develop the island’s capital, minister Keheliya Rambukwelle said. The cabinet of ministers had approved the proposal to give around eight acres of land in Colombo’s Slave […]
Sri Lanka hotel under Hyatt Regency brand to open in 2014
Oct 19, 2012 (LBO) – Hyatt Hotels Corporation said it had inked a deal to manage a 42-floor hotel in Sri Lanka’s capital Colombo under which will have 474 rooms and 84 serviced apartments, which will open in 2014. Sri Lanka has seen a tourism boom with the end of a 30-year civil war in […]
Loss Leaders
Oct 18, 2012 (LBO) – Sri Lanka’s state railway system had lost 28.2 billion rupees over the past seven years and 2,689 employees had been hired into the permanent cadre, data tabled in Sri Lanka’s parliament showed. Minister Rohana Dissanaya was responding to questions from legislator Dayasiri Jayasekera had said that Sri Lanka railways had […]
Sri Lanka power plant to use up to 700,000 tonnes of coal a year
Oct 17, 2012 (LBO) – Sri Lanka will use between 650,000 to 700,000 metric tonnes of coal a year for its first 300 MegaWatt coal power plant when it is in full operation, power minister Champika Ranawaka has said. The firm had supplied 362,682 tonnes in the period. Jayasekera then said Holcim’s bid was higher […]
Sri Lanka state airline in Golf tourism push
Oct 17, 2012 (LBO) – SriLankan Golf Classic, a three day event with 130 international participants will kick off on October 19, as part of the state-run SriLankan Airlines to boost the island’s image as a sports destination, officials said. “Many countries in the Far East and South Asia have identified the potential in Sports […]
Platform Upgrade
Oct 17, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said its e-banking platform had been upgrade to be more user-friendly, give customers more control and better security features had been added. “e-Banking continues to grow in significance to customers of Commercial Bank,¦” Palitha Perera assistant general manager operations of Commercial Bank said in […]