Category: Industry
Sri Lanka rice export controls not a blanket ban: minister
July 29, 2012 (LBO) – Sri Lanka’s fledgling rice exporters could still ship rice under some restrictions, including a minimum price and there was no blanket ban, a minister said. The notice said ‘specific varieties of rice” targeted at export markets could be shipped with export licenses. Sri Lanka’s state can restrict citizens from importing […]
Reporting Awards
July 29, 2012 (LBO) – Sri Lanka’s Smart Media, a marketing communications firm said it had been placed second global award from a US based organization for its annual reports, and won the top award for Asia Pacific. US-based League of American Communications Professionals (LACP) had given a gold award Smart Media in the Worldwide […]
Appeal Option
July 28, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has lost an appeal against a London ruling that forced it to pay up on a complex oil derivative it bought in 2008, a media report said. “It has been reported that the order is against us,” Sri Lanka’s Attorney General Palitha Fernando was […]
Broad Target
July 27, 2012 (LBO) – Sri Lanka Telecom, the country’s only wireline access provider says it is planning to double its broadband users to 600,000 over the next two years with the completion of a network modernization project. SLT ‘i-Sri Lanka’ project was started in 2011 to expand the telco’s optical fibre network deploying fiber-to-the-node […]
Sri Lanka apparel exports fall cause concern: legislator
July 27, 2012 (LBO) – A contraction in Sri Lanka’s apparel exports, especially to the European Union could have been compounded by tariff preferences to Europe withdrawn due to bad governance, an opposition legislator has said. Data Concerns De Silva said there were problems with Sri Lanka’s economic data. In 2011 the Central Bank has […]
Sri Lanka to end power rationing, coal plant fixed
July 26, 2012 (LBO) – Sri Lanka has repaired an breakdown-prone Chinese built 300 MegaWatt coal plant allowing the state-run Ceylon Electricity Board end to power cuts, the power ministry said. The CEB has provided continuous power with no official power cut for more than 10 years until the Chinese plant went down. The power […]
Herbal Ways
July 26, 2012 (LBO) – A Sri Lanka based herbal remedies and personal care producer, has begun trials on therapies linked to anti-diabetes and improving the quality of life, to meet increasing consumer demand for natural remedies, officials said. Link Natural Products Private Limited, a subsidiary of CIC Holdings Plc, says it is working local […]
More Banking
July 26, 2012 (LBO) – Sri Lanka’s Amana Bank, an Islamic bank said it has started banking services Saturday. Amana Bank has now opened its doors for banking on Saturdays facilitating greater convenience to its valued customers. “We are committed to ensure convenience and peace of mind to our valued customers,” Amana Bank’s head of […]
Stable Level
July 26, 2012 (LBO) – RAM Ratings Lanka said it had confirmed an ‘AA’ rating of Sri Lanka’s Sampath Bank with a stable outlook. “The ratings are supported by the Bank’s healthy asset quality and good market position,” RAM Ratings said in a statement. “On the other hand, the ratings are tempered by the Bank’s […]
Loan Growth
July 26, 2012 (LBO) – Sri Lanka’s PABC Bank has reported profits of 159 million rupees in the June 2012 down 24 percent from a year earlier, amid a steep rise interest expenses, interim accounts showed. Non-interest expenses also rose 49 percent to 533 million rupees. “The overhead increase is mainly due to the branch […]
Sri Lanka exports fall 15-pct in May, imports shrink
July 25, 2012 (LBO) – Sri Lanka external trade continued to contract in May with exports falling 15. 1 percent to 710.1 million US dollars and imports easing 6.4 percent to 1,575 million dollars, official data showed. The Central Bank said industrial exports fell 16. 2 percent to 636 million US dollars with apparel falling […]
Regional Rating
July 25, 2012 (LBO) – Fitch Ratings has confirmed a ‘BBB+(lka)’ rating of Sri Lanka’s state-run Regional Rural Development Banks with a stable outlook. “RDB’s rating derives support from its 100 percent state ownership,” the rating agency said. “The Stable Outlook reflects Fitch’s expectations of continued moderate state support in the event of stress. “The […]