Category: Industry
Finance Outlook
Mar 22, 2012 (LBO) – Sri Lanka’s licensed finance companies have revived but asset quality is expected to be pressured with rising interest rates and inflationary pressures, RAM Ratings said in a report on the sector. But in future, RAM Ratings said the industry’s asset quality is expected to be pressured, testing the strength of […]
Policy Position
Mar 22, 2012 (LBO) – Central bank ‘moralsuasion’ on commercial banks in Sri Lanka may have to be strengthened if current credit demand prevails, Treasury secretary P B Jayasundera said. He said the monetary authorities will wait and watch how the economy responds to recent interest rate hikes and curbs on lending. The economy is […]
FlyDubai Sri Lanka flights increased
Mar 21, 2012 (LBO) – Emirates-based Flydubai, a budget carrier has upped frequencies to daily to Colombo from five a week and the carrier is seeing a surge in tourists to Sri Lanka from former Soviet republics, an official said. Flydubai chief executive Ghaith Al Ghaith said tourists from former Soviet republics to Colombo had […]
Sri Lanka set to lose Kingfisher connections
Mar 21, 2012 (LBO) – India’s debt-laden Kingfisher Airlines is to cancel all international flights, a move that would affect its connections to Sri Lanka, news reports said. Flights to Dubai, Colombo, Kathmandu, Bangkok will stop operating by Sunday, March 25, 2012. “We have decided to suspend our international operations as we are not on […]
Sri Lanka to get rail link to international airport
Mar 21, 2012 (LBO) – Malaysia’s Airport Express Air and Rail Company is to build a rapid transit rail link between Sri Lanka’s capital Colombo and the international airport at Katunayake, a northern suburb. The planned new railway terminal can be accessed directly from the arrivals and departures lounges of the Bandaranaiyake International Airport building […]
Oil Opportunity
Mar 20, 2012 (LBO) – A wide range of business opportunities is opening up for Sri Lankan companies in the emerging hydrocarbon exploration and production programme after two offshore gas strikes by Cairn India, an official said. These range from providing banking and financial services, oil well insurance, risk management, and training to catering services […]
Sri Lanka state airline on yield maximizing drive
Mar 20, 2012 (LBO) – Sri Lankan Airlines is focusing on maximizing yields on its network and shifting capacity from Europe where competition is high to Asia, amid rising fuel prices, chief executive Kapila Chandrasena said. Mihin Lanka, a budget carrier, which shares some services with Sri Lankan is expected to lose around 15 million […]
Name Change
Mar 20, 2012 (LBO) – Sri Lanka’s banking regulator has tightened regulation of finance companies, ordering those firms that are not licensed finance companies to remove words relating to finance from their names. It is also not applicable to an association of finance companies formed for the protection of their interests, trade unions which are […]
Carrier Call
Mar 20, 2012 (LBO) – A state-run container terminal in Sri Lanka’s Colombo port has won back Japan’s NYK (Nippon Yusen Kaisha) Line, which is a partner of the G6 Alliance of carriers formed last December. The 8,200 TEU vessel ‘MV NYK Virgo’, operated by G6 Alliance partner NYK Line had its inaugural call at […]
Lube Location
Mar 19, 2012 (LBO) – Chevron Lubricants Lanka, a unit of the US based group said it will re-locate its blending and packing plant with the end of a land lease with a state-run petroleum firm. “In order to sustain the long term growth of the business, the Board has made a decision to relocate […]
Luxury Repair
Mar 19, 2012 (LBO) – Colombo Dockyard said it was eyeing yacht repair as a new market after winning work from a French specialist yacht management company, given Sri Lanka’s proximity to the Maldives where many vessels end their cruises. The yard, majority owned by Japan’s Onomichi Dockyard Co. , said it completed repairs on […]
SriLankan Airlines borrows $175mn to pay creditors: report
Mar 18, 2012 (LBO) – SriLankan Airlines is to get a loan of 175 million US dollars (21. 8 billion rupees) from the Mashreq Bank in the United Arab Emirates to pay its creditors, the Sunday Times newspaper said. Sri Lanka’s Cabinet of ministers has agreed to offer a government guarantee to the national carrier […]