Category: Industry
Evolving Watch
July 27, 2011 (LBO) – Sri Lanka’s Ceylease Financial Services Ltd’s (CFSL), a unit of the state-run Bank of Ceylon group rated ‘BB+(lka)’ has been placed on ‘rating watch evolving’ by Fitch Ratings Ltd ahead of a possible merger. “Conversely, a decrease in BOC’s effective shareholding through, for example, a divestment of the merged entity […]
Cross Country
July 27, 2011 (LBO) – A Sri Lankan apparel maker had made the country’s first ever payment in Renminbi to a supplier in China after the Chinese currency was allowed for cross border trade, HSBC Bank which settled the deal said. “We firmly believe that this initiative will increase our cost competitiveness in the future.” […]
Motor Owners
July 27, 2011 (LBO) – Sri Lanka’s new car registrations rose 10 fold to 29,883 in the first half of 2011, amid 63 percent overall rise in vehicle registrations following a tax cut that increased citizen’s access to vehicles, official data shows. During the six months to June, Sri Lankans have registered 248,572 new vehicles […]
Toll Level
July 27, 2011 (LBO) – Sri Lanka’s first expressway is likely to charge a toll of 300 rupees for the full journey from the capital Colombo to the southern town of Galle, deputy highways minister Nirmala Kothelwawala said. The highway can cut down the journey to Galle from Colombo from the current three hours to […]
Bunker Biz
July 27, 2011 (LBO) – Mc Marine (Pvt) Ltd, a newly incorporated bunkering unit of Sri Lanka’s McLarens shipping group which is planning to cater to ships off the south of the island, has recruited Channa Abeyagunewardena as its chief executive. Sri Lanka started to make greater inroads into bunkering after a state monopoly and […]
Tele Trends
July 26, 2011 (LBO) – Sri Lanka’s mobile users grew 18. 5 percent in the first quarter of 2011 to 17.8 million, a lower pace than in previous years, but there was strong growth in internet users, official data showed. A category called ‘internet and email’ users which the central bank said included mobile broadband […]
Rural Rating
July 26, 2011 (LBO) – Fitch Ratings Lanka said it has given Sri Lanka’s Regional Development Bank, an investment grade rating of ‘BBB+(lka)’ with a stable outlook on its state ownership, though the bank was still small to be systemically important. “The rating could be upgraded if the systemic importance of RDB to the government […]
Learning Centre
July 25, 2011 (LBO) – Sri Lanka’s Laugfs group has started an educational facility with Australia’s University of Canberra to offer courses on customs, border management, tax and excise administration, officials said. LAUGFS Australia Higher Education Services, a unit of the Laugfs group has tied up up with Centre for Customs and Excise Studies (CCES) […]
Sri Lanka first half tourism revenues up 50-pct
July 25, 2011 (LBO) – Sri Lanka’s tourism industry has earned 370. 1 million US dollars in revenues in the first half of 2011, up 50.9 percent from a year earlier, amid a strong increase in arrivals, official data showed. Foreign visitors have been flocking to the country since the end of a 30-year war […]
Sri Lanka hotel by China firm to be US$355: minister
July 24, 2011 (LBO) – A Chinese firm which will invest 355 million US dollars in a hotel and shopping complex in Sri Lanka’s capital Colombo will help draw more tourists from the fast growing Asian giant, a government minister said. A Chinese defence contractor China Aviation Technology Import-Export Corporation (CATIC) is being sold seven […]
Sri Lanka Vietnam links soar after embassy starts
July 23, 2011 (LBO) – Economic and people-to-people exchanges between Sri Lanka and Vietnam have soared after the establishment of an embassy barely two months ago, Hanoi’s envoy to Colombo Ton Sinh Thanh said. With growing affluence, Vietnamese have started travelling abroad in a big way, with Europe and South East Asia being top destinations. […]
Sri Lanka Aitken Spence hotel reopens as health resort
July 22, 2011 (LBO) – Sri Lanka’s Aitken Spence Hotels has reopened its oldest hotel after refurbishment, converting it into an ayurveda health resort with solar power panels and plans for a biogas plan using kitchen waste. The 64-room beach front Neptune Hotel on the southern coast has been renamed Heritance Ayurveda Maha Gedara, a […]