Category: Industry
New Bank
Apr 28, 2011 (LBO) – India’s Axis Bank has been given preliminary approval to set up a unit in Sri Lanka, with a formal license to be given after the bank meets regulatory requirements, an official said. State Bank of India and Indian Bank already have branches in Sri Lanka. Indian Bank has been expanding […]
Finance Listing
Apr 27, 2011 (LBO) – Commercial Credit Ltd. , a registered finance company based in Sri Lanka’s central hill town of Kandy, has been given regulatory approval to list on the stock exchange. The Colombo stock exchange said it has approved the finance comapny’s application to list 218,074,365 ordinary shares on its ‘diri savi’ or […]
Auto Effect
Apr 27, 2011 (LBO) – The prices of Indian-made Maruti and Alto cars sold in Sri Lanka have gone up by 12 percent because of this week’s government import duty hike, according to agents who ship the vehicles. Shivantha de Zoysa, senior general manager, sales and marketing at Associated Motorways, said the price of an […]
‘s Malinga defends Test retirement
April 26, 2011 (AFP) – Sri Lanka paceman Lasith Malinga on Tuesday brushed aside criticism that he quit Test cricket to be able to make quick money from tournaments such as the Indian Premier League. The injury-prone bowler invited controversy when he made himself unavailable for Tests during a forthcoming tour of England because of […]
Sri Lanka seeks N. American market access through Mexico
Apr 26, 2011 (LBO) – Sri Lanka is seeking to access North American markets under the NAFTA trade deal through partnerships with Mexican businesses, minister of industry and commerce Rishad Bathiudeen said. Mexican Ambassador Nualart said Mexican businesses want to invest in food processing, multiplex cinemas and construction, specially shopping complexes, in Sri Lanka. “Joint […]
Sri Lankan Airlines hires more pilots
Apr 26, 2011 (LBO) – Sri Lankan Airlines has hired 11 new pilots as it expands its fleet to meet increased demand for passenger and freight traffic after the end of the island’s 30-year ethnic war. Eleven young Sri Lankans have qualified to join SriLankan Airlines as pilots upon completion of training by the national […]
Book Stall
Apr 26, 2011 (LBO) – A Sri Lanka stall at the London Book Fair this month had attracted large numbers of visitors while several British authors had made inquiries about publishing their books in the island, participants said. The Sri Lanka Publishers Association, The Booksellers and Importers Association of Ceylon and the Export Development Board […]
Islamic Banking
Apr 26, 2011 (LBO) – Sri Lanka’s Amana Bank has signed a deal with Malaysia’s Bank Islam, which is a shareholder, to get Islamic banking expertise. A company statement said that under the Technical Advisory Service Agreement, Bank Islam will play a “significant role” in transferring Islamic banking expertise to Amana Bank. Bank Islam has […]
Capital Cushion
Apr 25, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BB and NP to Bimputh Lanka Investment (BLI) with the long-term rating carrying a stable outlook. “The ratings are supported by the company’s good asset quality, healthy funding mix and strong capital cushioning,” the rating agency said in […]
Auto Ache
Apr 25, 2011 (LBO) – Prices of several models of imported cars in Sri Lanka will rise after a government import duty increase, senior officials of motor vehicle importers said. The price of a Viva car imported from Malaysia with an engine capacity below 1,000 cc, which had become popular recently, could rise by 150,000 […]
‘s Dilshan seeks early IPL exit
April 25, 2011 (AFP) – Sri Lanka’s new skipper Tillakaratne Dilshan, one of the stars of the Indian Premier League, has said he wants to leave the event early to travel with the national team to England on tour. Dilshan is keen to join the Sri Lankan squad when they fly to England on May […]
Sri Lanka Property Development gets in to hydro-power
Apr 25, 2011 (LBO) – Sri Lanka’s Property Development, a subsidiary of the state-owned Bank of Ceylon, has acquired hydro-power company for 23. 6 million rupees. The acquisition of a 95 percent stake in Koladeniya Hydropower was revealed in the company’s financial results for the March 2011 quarter filed with the Colombo stock exchange. Property […]