Category: Industry
Loan Risk
Dec 22, 2011 (LBO) – A new Sri Lankan law to expropriate certain businesses has prompted RAM Ratings to put Bimputh Lanka on ‘Rating Watch’ with a negative outlook while confirming the microfinance firm’s BB/NP ratings. Concerns arose over Bimputh’s exposure through cultivation loans given to sugar cane growers of Sevanagala Sugar Industries, which is […]
Station Teller
Dec 21, 2011 (LBO) – Sri Lanka’s Commercial Bank has begun opening automated teller machines at railway stations to give commuters access to its electronic cash dispensing facility, a statement said. The bank’s first ATM machine under the programme was commissioned at the Fort Railway Station, the biggest terminal, in the heart of the capital […]
Mega Ship
Dec 21, 2011 (LBO) – Colombo port has handled its first ship capable of carrying 10,000 containers and will soon be the only port in south Asia to handle even bigger cargo vessels given new deep-water terminals under construction. APL Chongqing docked at the state-run Jaya Container Terminal, the main transhipment facility in Colombo, Monday, […]
Small Stature
Dec 20, 2011 (LBO) – RAM Ratings Lanka has confirmed the long- and short-term financial institution ratings of Sri Lanka’s Union Bank at BBB and P3 with the long-term rating having a stable outlook. Union Bank’s performance is deemed moderate, albeit with an improving trend since fiscal 2009. Supported by its robust loan growth that […]
Regulator Succession
Dec 20, 2011 (LBO) – Sri Lanka’s central bank has promoted four officers to the post of Assistant Governor with effect from January 01, 2012 in line with the succession plan of the banking regulator. The four officers are A Kamalasiri, R Dheerasinghe, S S Ratnayake and K D Ranasinghe, the bank said in a […]
Transport Training
Dec 20, 2011 (LBO) – A Sri Lankan training academy has tied up with an American logistics organisation to certify its courses to build a body of transport professionals amid a post-war port and airport building boom. Sri Lanka’s Shippers’ Academy Colombo (SAC) said it has struck a deal with the American Society of Transportation […]
Sri Lanka tourist arrivals top 800,000 by Dec 19
Dec 19, 2011 (LBO) – Sri Lanka greeted its 800,000th tourist on December 19, with arrivals up 33. 1 percent from the 654,476 in the 12-months to December 2009, the island’s tourist promotion office said. Sri Lanka is expecting 2.5 million visitors by 2016. The 800,000th tourist arrived from flight from UK, and was welcomed […]
Top Marks
Dec 19, 2011 (LBO) – The Commercial Bank of Ceylon has been named Sri Lanka’s ˜Bank of the Year’ by the UK-based ˜The Banker’ Magazine, the eighth time it won the award. The award is decided on the strength of strong performance in key indicators and saw competition from banks in 147 countries this year, […]
Open Loans
Dec 19, 2011 (LBO) – Sri Lanka’s central bank has lifted a 5.0 percent limit on margin loans by saying a correction in stock prices showed that the danger of an asset price bubble has passed. The central bank said declining earnings multiples of firms and lower utilization of margin credit showed that banks were […]
Healthy Funding
Dec 19, 2011 (LBO) – RAM Ratings Lanka has confirmed the long- and short-term financial institution ratings of People’s Bank at AAA and P1 with the long-term rating having a stable outlook. The ratings are premised on the bank’s position as the second-largest licensed commercial bank in Sri Lanka, its healthy funding, good asset quality, […]
Sri Lanka approves US$1.8bn in tourism projects
Dec 18, 2011 (LBO) – Sri Lanka’s tourism development office has approved 1. 8 billion dollars of investment proposals to build hotels deputy economic development minister Lakshman Abeywardene said. A ‘one stop unit’ at the tourism development office which was set up in November 2010 had received 189 applications by October 2011 of which 73 […]
Sri Lanka to promote tea brand in key markets
Dec 17, 2011 (LBO) – Sri Lanka will register its ‘Ceylon tea’ brand and seven growing regions in 25 key markets next year, using intellectual property law to protect its main agricultural export, officials said. Registration under the GI law, although costly, provides protection for the trade marks and prevents the names being false used […]