Category: Industry
Sri Lanka Janashakthi Insurance retains A-/P2 ratings
Dec 27, 2011 (LBO) – RAM Ratings Lanka has confirmed Janashakthi Insurance’s long- and short-term claims-paying-ability ratings at A- and P2, with the outlook on the long-term rating remaining stable. “Janashakthi’s ratings are supported by its good competitive position, financial performance in the life segment and capitalisation levels,” a statement said. “On the other hand, […]
Sri Lanka islet eyed by India firm
Dec 27, 2011 (LBO) – Delta Corporation, an India based firm, is in talks with Sri Lanka for 75 million dollar tourism development in an islet off the northwestern coast of the island, an official familiar with the matter said. Officials have said that 185 project proposals worth 1.85 billion US dollars have been received […]
Aviation Fuel
Dec 26, 2011 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has called bids to build an aviation fuel terminal at a second international airport being constructed in Mattala, in the South of the island. Mattala airport in Sri Lanka’s Hambantota district, is being built with Chinese finance. Sri Lanka’s Ceylon Today newspaper said the […]
Sri Lanka islet eyed by Canada firm for US$300mn leisure project
Dec 25, 2011 (LBO) – Sri Lanka is in talks with Sapphire Bay, a Canadian based leisure firm to develop an islet off the northwestern coast of the island in a 300 million dollar investment golf course and hotel development. Arrivals in the 11 months to November 2011 rose 33.1 percent from a year earlier, […]
Sri Lanka October exports fall
Dec 23, 2011 (LBO) – Sri Lanka’s export earnings in October 2011 fell 4. 9 percent to 882 million US dollars from a year ago mainly owing to a fall in earnings from tea shipments, the island’s main agricultural export. Imports in October shot up 41 percent to 1. 75 billion dollars over the same […]
Sri Lanka to train new generation of handloom weavers
Dec 23, 2011 (LBO) – Sri Lanka has begun work to revive its handloom industry, setting up a task force with plans for a national centre to oversee training of a new generation of weavers amid a looming shortage of skilled workers. District Level Handloom Coordinating Centres will also be set up to create a […]
SriLankan Airlines resumes flying to Zurich
Dec 22, 2011 (LBO) – SriLankan Airlines began flying to the Swiss city of Zurich Thursday, the latest destination in the national carrier’s expanding global route network. The service will initially be twice-weekly on Monday and Friday and would be increased in the future, a statement said. The Zurich-Colombo flight will operate via Male in […]
ICT Boost
Dec 22, 2011 (LBO) – Sri Lanka will get more support from the World Bank to boost the use of information technology and increase access to state services online for business and people, a government minister said. Information minister Keheliya Rambukwelle said the cabinet of ministers had approved the borrowing of 11 million dollars to […]
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 […]