Category: Industry
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 […]
‘s Colombo night race first night-in pictures
Dec 17, 2011 (LBO) – Sri Lanka’s Colombo night race flagged off Friday in practice runs and trials as fans lined the streets to watch as drivers became familiar with the track and sought places for Saturday.
‘s Jetwing managed hotel opens in Laos
Dec 17, 2011 (LBO) – Xiengthong Palace, a hotel in Luang Prabang, Laos, managed by Jetwing a Sri Lanka based group has officially opened targeting luxury travel, a media report said. The Island newspaper said the hotel, which had a soft opening in October and its architecture conformed to the style of the ancient city, […]
Sri Lanka night race will help travel trade: Colombo hoteliers
Dec 16, 2011 (LBO) – A night car race in Sri Lanka’s capital Colombo has increased occupancy in city hotels and will help the travel trade if it is made an annual international event, hoteliers said. “An event like this will put us on the map as a happening city,” Rohit Khosla, head of Taj […]
Lower Outlook
Dec 16, 2011 (LBO) – Fitch Ratings has lowered the outlook on the ‘BB+(lka)’ rating of Sri Lanka’s Union Bank of Colombo to negative from stable on operational risks from its information technology system and weak branch procedures. The rating agency said loan growth was high at 56.5 percent but the bank did not have […]