Category: Industry
Kero Trend
Sept 20, 2012 (LBO) – Sri Lanka’s kerosene sales have come down after a price hike in February that reduced a subsidy given by tax payers, while highly taxed petrol sales continue to grow, official data show. Data released by the Central Bank shows that kerosene sales fell 26. 7 percent in June to 11,000 […]
India to relax garment import quota from Sri Lanka
Sept 20, 2012 (LBO) – India will increase a garment import quota by three million pieces a year to eight million without a sourcing requirement being imposed on Sri Lanka, the island’s industry ministry said citing a statement by a visiting Indian official. India and Sri Lanka has a free trade agreement through which nationalist […]
Sri Lanka state carrier opens sales office in Hambantota
Sept 20, 2012 (LBO) – State-run SriLankan Airlines said it is opening a sales office in Hambantota in the island’s south. Classic Travel (Pvt) Ltd, a fully owned unit of Sri Lanka’s Expolanka Holdings operate the agency office at No 30, Wilmot Street, Hambantota. .
Supported Rating
Sept 20, 2012 (LBO) – An ‘A-(lka)’ rating of Sri Lanka’s Seylan Bank, the island’s sixth largest bank has been confirmed by Fitch Ratings with a stable outlook on expectations of state support. “Seylan’s rating reflects Fitch’s expectations of support from the State of Sri Lanka if required, given the bank’s systemic importance,” the rating […]
Sri Lanka raids fake ICC T20 cricket clothing stores
COLOMBO, Sept 19, 2012 (AFP) – Sri Lanka’s police raided a factory turning out counterfeit ICC World Twenty20 T-shirts and seized stocks of spurious merchandise, a senior officer said Wednesday. Deputy Inspector-General Anura Senanayake said they carried out the crackdown on fake World Twenty20 merchandise following a complaint from the International Cricket Council (ICC) over […]
‘s Janashakthi Insurance targets 15-pct top line growth
Sept 19, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance, which marks 18 years of operations in September, is expecting revenues to grow 15 percent to 8. 0 billion rupees in 2012, managing director Prakash Schaffter said. In the six months to June, gross written premium grew 14 percent to 3. 8 billion rupees. The composite […]
Bank Rating
Sept 20, 2012 (LBO) – RAM Ratings has confirmed an ‘AAA’ long term and ‘P1’ short term rating of Sri Lanka’s Standard Chartered Bank branch, with a stable outlook. The full statement is reproduced below: RAM Ratings Lanka reaffirms AAA/P1 rating to Standard Chartered Bank-Sri Lanka branch RAM Ratings Lanka has reaffirmed the respective long- […]
Tele Expansion
Sept 18, 2012 (LBO) – Mobitel, a unit of Sri Lanka Telecom, the island’s largest telecom group has signed a 40 million US dollar deal with China’s ZTE to build base stations, and Huawei, another Chinese firm to expand network capacity. Huawei said in a statement that it had inked a deal to renovate and […]
Sri Lanka destination promotion during Twenty20 cricket series
Sept 18, 2012 (LBO) – Sri Lanka’s tourism promotion office said it will promote the Indian Ocean Island during a cricket series in a deal struck with the governing body of the popular fast version of the sport watched by millions of fans around the world. Sri Lanka Tourism Promotion Bureau will be the official […]
Sri Lanka power generation up 5.6-pct in first half
Sept 17, 2012 (LBO) – Sri Lanka’s power generation rose 5.3 percent to 5,875 GigaWatt hours (millions of units) in the six month to June from a year earlier, while growth during the month was 2.0 percent, official data shows. During the month of June power generation rose 2. 0 percent to 982GWh. CEB’s hydro […]
Bank Rating
Sept 17, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s Standard Chartered Bank brand based on support from its parent. The bank is facing a 27 billion rupee fine related to an alleged exchange control violation which has been appealed, but Fitch says it is likely that there will be […]
Faster Roads
Sept 17, 2012 (LBO) – The Asian Development Bank has approved 98 million US dollars in additional financing to expand a road re-building program in Sri Lanka’s North Central Province and war torn Northern Province. The project will reduce travel time on the road by an average of 20 percent from the 2010 level. “The […]