Category: Industry
Harbour Traffic
Aug 02, 2011 (LBO) – The Sri Lanka Ports Authority has started work on widening a bridge inside Colombo port to ease traffic congestion within the harbour caused by an influx of cargo as trade recovers after a war. We have fulfilled a long awaited requirement of purchasing new operation equipment. Currently, 03 new gantry […]
Sri Lanka Finco exits apparel firm
Aug 01, 2011 (LBO) – Sri Lanka’s Finco group has sold a controlling stake in listed Orient Garments to PC House Holdings, an unlisted firm and its chairman Mohamed Rishan for 600 million rupees, officials said. Finco vice president Priyanjith Weerasooriya said the group wanted to focus on the leisure sector. The group is building […]
Alternative Finance
Aug 01, 2011 (LBO) – Amana Bank, Sri Lanka’s first licensed commercial bank to operate under Islamic ‘Shariah’ laws has opened its doors in Colombo and fourteen other branches, the firm said. The bank has 14 branches with its main office in Colombo 03 and other branches in Colombo’s Pettah commercial area, Kandy, Kurunegala, Akurana, […]
Leasing Level
Aug 01, 2011 (LBO) – Sri Lanka Citizens Development Business Finance’s net profit shot up 132 percent to 80 million rupees in the June 2011 quarter from a year ago, according to a Colombo stock exchange filing. Interim accounts showed sharp increases in interest income and earnings from leasing and hire purchase amid loan growth […]
Financial Strength
Aug 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) national long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating is at the highest end of the national rating scale and reflects the financial strength of Standard Chartered Bank PLC (SCB),” a statement said. “The rating is […]
Port Call
Aug 01, 2011 (LBO) – Singapore-based carrier Pacific International Lines (PIL) has added Sri Lanka’s Colombo port on its East Africa – Far East Service, with a weekly frequency calling on Fridays. The new service connects the Far East and East Africa and transshipment cargo from the Indian sub-continent, a Sri Lanka Ports Authority statement […]
Winning Reports
July 31, 2011 (LBO) – Sri Lanka’s Smart Media, an annual report publishing consultancy has won gold at an international competition coming within the top two in the world, while its local and foreign clients have also won 39 awards. “Readers would like to see annual reports saying something useful; and saying it in a […]
Port Revival
July 31, 2011 (LBO) – An American salvage company has begun clearing wrecks from a port in Sri Lanka’s former northern war zone ahead of dredging and repair work that will enable resumption of commercial activity. Resolve Salvage and Fire (Asia), a Singapore subsidiary of US-based Resolve Marine Group, said it was awarded the contract […]
Sri Lanka name T20 squad for Australia series
July 30, 2011 (AFP) – Sri Lanka Cricket on Saturday named a 16-man squad for the Twenty20 games against Australia next month. The teams will play two Twenty20 games on August 6 and 8 at the newly-built Pallakelle International Stadium in the central town of Kandy, which will also host the opening one-dayer and the […]
Duopoly
July 30, 2011 (LBO) – Dubai-based Flemingo International, which has won a concession to operate a second duty free shop in Sri Lanka’s main international airport, is aiming at a 55 million dollar annual market, an official said. Better pricing and availability of more brands can make passengers spend more in Colombo and prevent them […]
‘s Finco builds two east coast resorts
July 29, 2011 (LBO) – Sri Lanka’s Finco group, which has interests in construction, export manufacturing and real estate is building two resorts in the island’s eastern coast investing nearly 16 million US dollars to expand its leisure arm, an official said. Finco, a privately held business group listed an export apparel making unit, Orient […]
Indian Caution
July 29, 2011 (LBO) – India’s central bank has asked regional banks to be careful when dealing with people and entities from Sri Lanka after an international anti money laundering body listed the island as having insufficient compliance, a media report said. India’s Hindu newspaper said the country’s regional rural banks have been advised to […]