Category: Industry
Finance Rating
Dec 13, 2011 (LBO) – Fitch Ratings said a ‘BB+(lka)’ rating of Sri Lanka’s Trade Finance and Investment (TFI), a registered finance company, has been confirmed with a stable outlook. “The rating factors in TFI’s strong asset quality, capitalization, and profitability metrics for a small-sized registered finance company (RFC),” Fitch said. “The rating is, however, […]
Funding Deal
Dec 13, 2011 (LBO) – Sri Lanka’s state-owned Bank of Ceylon (BOC) has signed a deal with Dubai’s Mashreq Bank for a 140 million US dollar syndicated loan facility, a statement said. Mashreq, one of the top financial institutions in the United Arab Emirates, has a strong franchise in loan syndication anchoring the transaction with […]
Credit Trend
Dec 12, 2011 (LBO) – Loans to business from Sri Lanka’s commercial banks hit a fresh high of 54.50 billion rupees in October 2011 to 1,882 billion rupees while central bank credit to the state also rose amid defence of a dollar peg, official data shows. Credit to business grew 33.4 percent in the 12-month […]
Sri Lanka inland attractions draw more tourists: minister
Dec 11, 2011 (LBO) – Sri Lanka’s main historical, and wildlife attractions had begun to draw more visitors, weaning the island away from being mainly a beach tourist destination, deputy economic development minister Lakshman Abeywardene said. The ancient city of Polonnaruwa had drawn 103,335 visitors of 15.7 percent of the total and Anuradhapura 75,917 or […]
Sri Lanka rubber, food products boost Sept exports
Dec 09, 2011 (LBO) – Sri Lanka’s exports in September 2011 rose 20 percent to 854 million US dollars from a year ago, helped by higher shipments of garments and rubber and food products, the central bank said. Earnings from minor agricultural exports also grew by 12 per cent in September 2011. “Expenditure on imports […]
‘s Galle Literary Festival 2012 in final stretch
Dec 09, 2011 (LBO) – The program Sri Lanka’s HSBC Galle Literary Festival 2012 is the last stages of being finalized and tickets will go on sale from January 04, organizers said. The festival runs from January, 18 to 22. Among the writers confirmed to attend are Joanne Trollope, Richard Dawkins, Tom Stoppard, D. B.C […]
Sri Lanka tourist arrival up 25.8-pc up in November
Dec 09, 2011 (LBO) – Sri Lanka’s tourist arrivals rose 25. 8 percent to 90,889 in November 2011 with arrivals during the 11 months to November rising 33. 1 percent to 758,458 data from the tourism promotion office said. In the 11 months to November total visitors from South Asia rose 38.8 percent to 211,777. […]
Sri Lanka airline ups business class with flatbeds
Dec 08, 2011 (LBO) – Sri Lanka’s state-run SriLankan Airlines has started a 15 million US dollar upgrade of its long-haul business class product with flatbeds and personalized entertainment system, officials said. The loss-making state carrier is to get a 100 million dollar injection from tax payers this year. The airline is hoping to break-even […]
Buying Point
Dec 08, 2011 (LBO) – GroupM, which operates the media investment units of WPP, the world™s largest advertising agency group by sales, has begun operations in Sri Lanka. GroupM will act as the central buying point for WPP media agencies, which are independent global operations in their own right, a statement said. There is no […]
Travel Banking
Dc 08, 2011 (LBO) – Commercial Bank has opened its first 24-hour outlet near Sri Lanka’s international airport at Katunayake, north of the capital, providing access to banking facilities to travellers. Services offered include exchange of foreign currency and encashment of travellers’ cheques, a statement said. They also include opening of accounts, payment of utility […]
Fast Berth
Dec 08, 2011 (LBO) – State-run Sri Lanka Ports Authority (SLPA) is building a 125 million US dollar berth in an expanded harbor in Colombo to fill a capacity gap until a Sino-Lanka joint venture comes on stream in 2014, an official said. Colombo International Container Terminal a joint venture between China Merchant Holdings and […]
Fast Travel
Dec 08, 2011 (LBO) – About 5,000 vehicles are using Sri Lanka’s first expressway, the southern expressway, each day on average, Ranjith Pemasiri, the chairman of the road development authority, said. Revenue earned on weekends is about three million rupees a day. The southern expressway, which opened last month, cost about 70 billion rupees to […]