Category: Industry
Rail Finance
Mar 12, 2012 (LBO) – China has given a 278. 2 million US dollar loan to finance the first part of a new railway track running from the Southern town of Matara to Kataragama, the finance ministry said. A statement on the finance ministry website said the loan has been approved by the Exim Bank […]
Credit Trend
Mar 10, 2012 (LBO) – Credit to business from Sri Lanka’s commercial banks fell to 44.5 billion rupees in January 2012 from 60.2 billion rupees a month earlier, but credit to the state zoomed to a new monthly peak 73.7 billion rupees, official data showed. Rising state borrowings from the banking system, particularly central bank […]
Sri Lanka apparel exporter says US demand to be strong
Mar 09, 2012 (LBO) – Demand from the United States for apparels would be strong this year, though Europe may be weak and domestic conditions in China, a key competitor favoured Sri Lanka, a top industry official said. Competitive currency depreciation began during the great depression and was institutionalized as a policy tool partly after […]
Sri Lanka airport light industry proposals to close on March 15: official
March 09, 2012 (LBO) – Requests for proposals to start medium and light industries near Sri Lanka’s new international airport in Hambantota will close on March 15, the head of a state-run airport agency said. “Companies can visit there see land available there,” chairman of Sri Lanka’s Airport and Aviation Services Ltd, Prasanna Wickramasuriya told […]
Sri Lanka mulls convention centre near airport: official
Mar 08, 2012 (LBO) – Sri Lanka is exploring the possibility of building an international convention centre close to the main airport in Katunayake outside the capital Colombo, an official said. Export development board (EDB) chairman, Janaka Ratnayake said the government may release land for the project. Sri Lanka is holding Expo 2012, an export […]
Lower Gear
Mar 08, 2012 (LBO) – Sri Lanka’s automobile sales are expected to dip in 2012 with pent up demand being met and rapidly rising interest rates, Tilak de Zoysa, deputy chairman of Associated Motorways, the island’s largest auto dealer said. Sri Lanka’s rupee also dipped from 110 to around 120 rupees in the second week […]
Sri Lanka export fair signs up 370 exhibitors
Mar 07, 2012 (LBO) – Sri Lanka Expo 2012 will kick off on March 28, with 370 exhibitors and a series of technical sessions and 700 foreign visitors including a 150 strong delegation from China already registered to attend, an official said. Chairman of Sri Lanka’s Export Development Board, Janaka Ratnayake said the exhibition which […]
‘s Janashakthi Insurance says focusing on underwriting
Mar 07, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance has focused on containing claims and writing more profitable business in 2011, though investment income took a hit due falling stock market values, officials said. Gross written premium rose 15.7 percent to 7.1 billion rupees. The firm said motor premiums rose 13 percent to 3.8 billion […]
Capital Boost
Mar 06, 2012 (LBO) – Sri Lanka’s listed Sampath Bank is planning to issue subordinated debt to boost its regulatory capital by at least 5. 0 billion rupees during the second quarter of 2012, chief executive Aravinda Perera said. At standalone bank level Sampath made profits of 3. 81 billion rupees in 2011 up 15.6 […]
Merchant Rating
Mar 06, 2012 (LBO) – Sri Lanka’s People’s Merchant Plc’s (PMP) ‘BB+(lka)’ national rating has been confirmed by Fitch Ratings with a stable outlook. The rating reflected the support that would be forthcoming if required from its main shareholder stat-run People’s Bank (PB) which has been rated ‘AA(lka)’ with a stable outlook, Fitch said. “Fitch’s […]
Online Trading
Mar 06, 2012 (LBO) – IronOne Technologies, a Sri Lanka based firm said its online trading system used at 15 out of 22 brokers has been connected to an upgrade to the Colombo Stock Exchange’s new automated trading system. It also makes software for banking, insurance, telecom sectors which are also available on on Apple […]
Bank Rating
Mar 06, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ national rating with a stable outlook for HSBC’s branch in Sri Lanka following an outlook downgrade of the main bank. Sri Lanka’s HSBC is a branch and is part of the same legal entity making up HongKong & Shanghai Banking Corporation Limited, which has […]