Category: Industry
Bank Rating
July 18, 2011 (LBO) – RAM Ratings Lanka has confirmed Merchant Bank of Sri Lanka’s (MBSL) long- and short-term financial institution ratings at AA- and P1, a statement said. At the same time, the long-term rating of AA- for the company’s 186.80 million rupee Unsecured Unlisted Public Debentures has also been confirmed. All the long-term […]
Northern Revival
July 18, 2011 (LBO) – Loans worth 4. 6 billion rupees have been disbursed in Sri Lanka’s war-torn north to revive livelihoods and businesses under Central Bank sponsored credit programmes since the conflict ended in mid-2009. The programmes helped promote livelihood and income generating activities among conflict-affected households and refugees in the Northern Province, a […]
Regional Expansion
July 18, 2011 (LBO) – Sri Lanka’s port expansion projects in the capital Colombo and Hambantota in the south, can benefit from expanding regional trade as India and China grows, a media report said. ‘South-South’ trade could account for 40 percent of world trade in 2030 from 18 percent now, according to a Standard Chartered […]
Shipping Loss
July 17, 2011 (LBO) – Sri Lanka’s state-run Ceylon Shipping Corporation’s losses rose 64 percent to 57.1 million rupees in the 2009/201 financial year, while revenues continued to fall, a finance ministry report said. Revenues had fallen 45 percent to 485 million rupees. The report said the firm lacked capital to expand operations and was […]
No Distractions
July 17, 2011 (LBO) – Sri Lanka’s first expressway which is due to open later this month will have curbs on advertising to prevent drivers from being distracted, Road Development Authority chief R W Pemasiri said. “No construction will be permitted within 500 metres of expressway, without permission from the RDA,” Pemasiri said. “No advertising […]
Sri Lanka apparel maker to invest US14mn in Bangladesh unit
July 16, 2011 (LBO) – Sri Lanka’s Brandix apparel group, will invest 14 million US dollars in a garment manufacturing unit in Bangladesh’s Comilla export processing zone, a media report said. It has also invested in India, where the group runs a 1,000 acre industrial estate, Brandix India Apparel City in Visakhapatnam in the eastern […]
Branching Out
July 16, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II will buy Sri Lanka’s The Finance and Guarantee Company (TF&G), investing 1.1 billion rupees to revive the finance firm. Union Bank chairman Aijta de Zoysa said in a statement the acquisition is part of Union Bank’s diversification and expansion […]
Strength Test
July 15, 2011 (LBO) – Colombo Dockyard has commissioned a ‘bollard pull’ test facility in Sri Lanka’s eastern port of Trincomalee for use by its own vessels and others such as in planned oil exploration work. “The test facility is built mainly to check and confirm the pulling capacity of ships including tugs and Anchor […]
Indian Track
July 15, 2011 (LBO) – India’s state-run Indian Railway Construction International Ltd (lRCON) has been given a 149. 3 million US dollar contract to build a remaining part of a railway track to Sri Lanka’s north, the government’s information office said. The entire track from Vavuniya to Jaffna was destroyed during a civil war which […]
Marine Risk
July 15, 2011 (LBO) – With pirate attacks on the increase, Sri Lankan shippers have been advised to insure cargo against the risk of piracy off Somalia to minimize losses and delays if a vessel with their shipments is hijacked. Ships hijacked by Somali pirates take a long time to get released, said P Mukundan, […]
Sri Lanka cricket team attack accused on bail
LAHORE, July 14, 2011 (AFP) – Pakistan on Thursday released on bail the leader of one of its leading extremist organisations who is accused of sectarian murders and masterminding an attack on the Sri Lankan cricket team. Malik Ishaq, head of Lashkar-e-Jhangvi (LJ) and held for nearly 14 years, was cheered by more than 100 […]
Sri Lanka expects exports to grow 25-pct in 2011
July 15, 2011 (LBO) – Sri Lanka exports grew by a better-than-expected 42 percent in the five months to May and full-year revenues are projected to grow 25 percent to 10 billion US dollars, the state export promotion agency chief said. “Now, our strategy is developing our exports portfolio beyond those markets while protecting the […]