Category: Industry
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 […]
Steady State
Sept 16, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s HSBC branch with a stable outlook, citing support from its parent, Hongkong and Shanghai Banking Corporation Limited. HSBCSL’s National Long-Term Rating is at the highest end of the National Rating scale. A downgrade of HSBCSL rating could result from HKSB’s […]
Sri Lanka state carrier in code-share flight to Italy
Sept 16, 2012 (LBO) – State-run SriLankan Airlines said it will fly to Rome and Milan code sharing with Italy’s Alitalia from September 16. Flight no UL2028 will be operated in association with Alitalia, the airline said in a statement. .
No Change
Sept 15, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of the Sri Lanka branch of Citibank with a stable outlook, saying it is strongly capitalized and had support would be available from the parent unit. The bank had no bad loans but had a 44 percent concentration on the appare sector. The […]
Vehicle Trend
Sept 15, 2012 (LBO) – Sri Lanka’s vehicle registrations had fallen 39.5 percent to 27,185 in August 2012, from a year earlier, though there was marginal pick up from a low of around 24,000 hit in June, an analysis by an equities research house has showed. Luxury Mercedes, BMW and Audi units fell just 11 […]
Growing Younger
Sept 14, 2012 (LBO) – Sri Lanka’s Maliban Biscuits says it has given a make-over to its popular 40-year old ‘Lemon Puff’ brand, which is also a niche export market, making it more appealing to younger consumers. The brand has been re-launched with pop stars Bathiya and Santhush as brand ambassadors. The Maliban Lemon Puff […]
Sri Lanka evaluating floating LNG terminal: minister
Sept 13, 2012 (LBO) – Sri Lanka is evaluating a proposal to build a floating liquefied natural gas terminal to supply over 1,000MegaWatts of combined cycle power plants that are running on furnace oil and a planned new one, minister Champika Ranawaka said. Another 300MW power plant was also planned in Kerawalapitiya, he said. “We […]
mLearning
Sept 13, 2012 (LBO) – Mobitel, a unit of Sri Lanka Telecom said it was providing a Master of Business curriculim on its ‘mLearning’ in partnership with Sri Lanka’s Kelaniya University. The ‘MBus’ modules could be accessed through Mobitel’s mobile broadband links. Mobitel, chief executive Lalith De Silva said the facility would help as it […]
Sri Lanka hopes to lift Tamil Nadu travel advisory soon: minister
Sept 13, 2012 (LBO) – Sri Lanka hopes to lift an advisory warning citizens not to travel to India’s Tamil Nadu state soon, cabinet spokesman minister Keheliya Rambukwelle said.India’s central government has assured that protection will be given to Sri Lankan tourists in India. Indian media reports and several political parties had condemned the attacks […]
Land Connections
Sept 12, 2012 (LBO) – China State Construction Engineering Corporation Limited has been given a 40 billion rupees (303 million US dollars) contract to build roads and flyovers in Hambantota in the South. Cabinet spokesman minister Keheliya Rambukwelle said 85 percent of the financing will come from the Exim Bank of China and the balance […]
Fake Lubes
Sept 12, 2012 (LBO) – There was a thriving business in Sri Lanka involving the sale of unlicensed lubricants, adulterated and counterfeited brands and recycling used oil, which can damage vehicles engines, industry officials said. Such products used by unwary consumers could damage vehicle engines, he warned. Sri Lanka’s lubricant market was estimated at 60 […]
Sri Lanka imports, exports, trade gap shrinks
Sept 12, 2012 (LBO) – Sri Lanka’s exports fell 17. 4 percent to 794.4 million US dollars in July 2012 from a year earlier, imports fell 24. 9 percent to 1,329.1 million US dollars and the trade gap fell 33.88 percent to 534.6 million US dollars, the Central Bank said. Sri Lanka’s exports were contracting […]