Category: Industry
Official Rules
July 21, 2011 (LBO ) – Sri Lanka will introduce ‘fit and proper’ tests for senior executives of non-bank lenders, following on from similar rules for commercial banks, deputy central bank governor Dharma Dheerasinghe said. Fit and proper rules are also expected to be imposed on leasing companies in the future. The measures are aimed […]
Finance Fortunes
July 21, 2011 (LBO) – Sri Lanka’s LB Finance’s net profits for the June 2011 quarter grew 94 percent to 351 million rupees from a year ago with a rise in lending, other income more than doubling and lower provisioning. Earnings per share rose to 5.07 rupees from 2.62 rupees, according to interim accounts filed […]
Port Support
July 21, 2011 (LBO) – India is to provide Sri Lanka with grants and soft loans to rebuild Kankesanturai port in the northern Jaffna peninsula that was damaged during the ethnic war, under a deal signed Thursday. India has already committed 20 million US dollars for the work which involves a hydrographic survey, wreck removal […]
Sri Lanka Brandix gets latest energy management standard
July 20, 2011 (LBO) – Sri Lankan apparel exporter Brandix has got latest global energy management certification less than a month after its release which it said would give the firm a competitive edge as an eco-friendly manufacturer. The Brandix Group claimed it has become the first apparel manufacturer in the world to receive ISO […]
SriLankan Airlines to link eastern resorts by floatplane
July 20, 2011 (LBO) – SriLankan Airlines plans to extend its floatplane services to the island’s east coast where new resorts are being developed as a tourism boom continues after the end of a war. The national airline’s subsidiary, SriLankan Air Taxi, will also spread its wings to destinations in the north, which like the […]
Higher Grade
July 20, 2011 (LBO) – Fitch Ratings has upgraded Sri Lanka Telecom’s (SLT) long-term foreign currency rating to ‘BB-‘ from ‘B+ with a stable outlook. At the same time, Fitch confirmed its long-term local currency rating at ‘BB-‘ and national long-term rating at ‘AAA(lka)’. The action follows Fitch’s upgrade of Sri Lanka’s sovereign long-term foreign […]
Rail Move
July 20, 2011 (LBO) – Sri Lanka has revived cargo transport into Colombo port by rail after a lapse of four decades with a shipment of export containers by SG Logistics, part of the newly listed Expolanka Holdings group. Niroza Gazzali, chief executive of SG Logistics, said they were working closely with Sri Lanka Railway […]
Digital Network
July 19, 2011 (LBO) – Sri Lanka Telecom, a firm in which Malaysia’s UT group is a key shareholder, will invest 6. 0 billion rupees over the next two years to migrate fully into a digital network, chief executive Greg Young said. Earlier in the week, SLT’s mobile unit Mobitel said it was investing 5. […]
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 […]
Offshore Support
July 18, 2011 (LBO) – Sri Lanka’s Hayleys conglomerate has strengthened its bid to provide support for offshore oil exploration work to begin in August by getting required international accreditation on safety and environmental management. Hayleys Energy Services, a logistics provider for the oil and gas industry, said it has got certifications covering quality and […]
Sri Lanka Textured Jersey IPO oversubscribed by three times
July 18, 2011 (LBO) – Sri Lankan fabric supplier Textured Jersey Lanka’s initial public offer of 80 million shares to raise 1.2 billion rupees drew applications for thrice as many shares worth almost 3. 7 billion rupees. The regulators moved after complaints small investors were being edged out by the use of bank guarantees. A […]