Industry – Page 626 – Lanka Business Online

Finance Offer

Sept 28, 2011 (LBO) – An initial public offer by Sri Lanka’s Trade Finance and Investments Limited (TIFL) was over-subscribed on the opening day Wednesday. Corporate Services (Pvt.) Ltd, registrars to the offer, told the Colombo Stock Exchange that the IPO would be closed at 4. 30 p.m. Wednesday. Trade Finance and Investments offered six […]

Sri Lanka July 2011 export earnings up 9.4%, tea down

Sept 27, 2011 (LBO) – Sri Lanka’s exports rose 9.4 percent to 958 million US dollars in July 2011 from a year ago although earnings from tea, its main agricultural export fell, the central bank said. Spending on imports shot up 58 percent to 1. 78 billion US dollars in July from the year before, […]

Sri Lanka to start e-visa for 78 countries

Sept 27, 2011 (LBO) – Sri Lanka will start electronic visa approval for 78 countries with a online portal being opened after September 30, but Singapore and Maldives nationals will continue to be given on arrival visas at entry points, the island’s border agency said. The online visas could be applied through www.eta.gov.lk, Sri Lanka’s […]

Sri Lanka travel show planned in Canada

Sept 27, 2011 (LBO) – A travel show to boost tourism to Sri Lanka wil be held in Toronto, Canada where the bulk of existing tourist traffic is now directed to India and the Maldives, its organizers said. “There is a lack of packages to Sri Lanka with travel agents in North America compared to […]

SriLankan Airlines starts flights to Moscow

Sept 26, 2011 (LBO) – SriLankan Airlines has begun flights to Moscow as it expands its network and increases the number of planes in the fleet. The first flight to the Russian capital was on September 17, a twice-weekly scheduled service between Colombo’s Bandaranaike International Airport and Moscow’s Domodedovo Airport, an airline statement said. The […]

Outsource Reach

Sept 26, 2011 (LBO) – PC House, a Sri Lankan information technology company, has bought a 90 percent stake in Infoserve (Private) Limited for 45 million rupees. The company also has a firm revenue stream from computer hardware and software sales and setting up networks. Infoserve is a company based in Sri Lanka providing Internet […]

Liquidity Path

Sept 26, 2011 (LBO) – Sri Lanka’s The Finance Company, which was put under new management by the financial regulator, is planning to sell commercial property as the firm recovers. “..[M]easures are being taken to convert non-yielding land stock to yielding stocks and certain pivotal steps are being ascertained to dispose commercial properties…” chairman Preethi […]

IMF, World Bank eye new tax on air travel, shipping

WASHINGTON, September 24, 2011 (AFP) – The World Bank and IMF are proposing global carbon taxes on aviation and ship fuels in developed economies to help reduce carbon dioxide emissions, according to a draft proposal seen by AFP Friday. The same report also urged governments to remove subsidies for fossil fuels in the Annex II […]

Finance Law

Sept 24, 2011 (LBO) – Sri Lanka’s central banks said it had tightened a law on finance businesses closing several loopholes and allowing authorities to probe unlicensed businesses more easily. A new bill on Finance Business passed by parliament on September 21, will replace an existing Finance Companies Act brought in 1998, the central bank […]

Sri Lanka tribal recipes to entice tourists

Sept 23, 2011 (LBO) – A well-known Sri Lankan chef is to offer food made according to exotic recipes of the island’s indigenous ‘veddah’ community to entice tourists during forthcoming celebrations to mark World Tourism Day. Sri Lanka is experiencing a boom in tourist arrivals after the end of the island’s 30-year ethnic war in […]

Upgraded

Sept 23, 2011 (LBO) – Sri Lanka’s Seylan Bank was upgraded by one notch to ‘A-(lka) from ‘BBB+(lka) with a stable outlook on state support, improved credit profile and capital injections, Fitch, a rating agency said. By June 2011, the state had a 30 percent effective control of the lender’s voting stock. By the first […]

Wheel Trend

Sept 23, 2011 (LBO) – Registrations of new vehicles in Sri Lanka dropped in July 2011 to 43,725 from a high of 48,157 a month earlier, while 12-month growth slowed to 30. 8 percent from a 55.8 percent in June, official data showed. In July, new car registrations fell to 4,338 from 5,069 a month […]