Category: Industry
Emissions Testing
Mar 25, 2011 (LBO) – Laugfs Eco Sri, a unit of Sri Lanka’s listed Laugfs gas which tests vehicle emissions for the government, says it is expanding in to the north and the east of the country and is also mulling an initial public offer. Laugfs group chief W K H Wegapitiya said the firm […]
Exposure Limits
Mar 25, 2011 (LBO) – Sri Lanka’s banking regulator plans to limit exposure of banks to the stock market to prevent the risk of a downturn in equities affecting the financial sector, a senior central bank official said. Samarasiri, who spoke at a public forum on how the central bank revived finance companies that collapsed […]
Credit Access
Mar 25, 2011 (LBO) – Sri Lanka’s NDB Bank has joined a World Bank credit scheme to channel low cost loans to small and medium enterprises (SMEs) through eight lending institutions. SMEs with an annual turnover of less than 300 million rupees operating in a large number of sectors are eligible to apply under concessionary […]
Recovery Road
Mar 25, 2011 (LBO) – Fresh capital will soon be given to the remaining Sri Lankan finance companies that got into trouble two years ago, prompting intervention by the banking regulator, senior central bank officials said. “It has taken over two years but was much quicker than the liquidation process.” Strategic investors have been found […]
England are underdogs against Sri Lanka, says Prior
March 23, 2011 (AFP) – Matt Prior admitted England have not played their best cricket in the World Cup and will be underdogs in their quarter-final against Sri Lanka on Saturday. England, who have never won the tournament, endured a rocky ride in the first round, losing to Ireland and Bangladesh but beating South Africa […]
Sri Lankan Airlines expands cargo network
Mar 24, 2011 (LBO) – Sri Lankan Airlines is expanding its cargo network with the opening of its first agent’s office in Galle in the island’s southern province where economic activity is growing. A statement by the national carrier said its SriLankan Cargo unit aims to increase revenue for the airline. SriLankan Airlines Cargo Sales […]
Niche Target
Mar 24, 2011 (LBO) – Sri Lanka’s information technology and business process outsourcing sector is positioning itself as a niche player targeting finance and accounting, telco, travel and aviation sectors, an official said. “We will focus on SMEs (small and medium enterprises), more that 90 percent of us are working with SMEs in other countries,” […]
Sri Lanka sees interest from Marriot, Hyatt
Mar 23, 2011 (LBO) – International hotel chains Marriot and Hyatt have shown interest in Sri Lanka’s southern Hambantota city, which is bidding for the 2018 Commonwealth Games, an official said. Sri Lanka’s tourist development authority chief Nalaka Godahewa said Marriot and Hyatt have looked for land in Hambantota to build hotels, though no applications […]
Sri Lanka power demand hits new peak
Mar 23, 2011 (LBO) – Sri Lanka’s night power demand hit a new peak load of 2,000 MegaWatts on Tuesday amid hot seasonal weather and growing usage, in a day that the utility officially commissioned a new 300 MegaWatt coal plant. Power demand hit a peak of 1,999 MegaWatts at 7. 30 in the evening […]
Sri Lanka insurers need skills to manage forex risk: rating agency
Mar 23, 2011 (LBO) – Sri Lanka’s insurers will need skills and rules to manage foreign exchange risk after the regulators allowed up to 20 percent of their reserves to be invested abroad, a rating agency has said. Meanwhile life premium had risen 16 percent in the first half of 2010. RAM Ratings Lanka said […]
International Board
MADRID, March 22, 2011 (AFP) – The London Stock Exchange on Tuesday announced plans to create an unprecedented trading network that will allow blue-chip stocks to be traded in up to six countries. The planned partnership follows news of a planned merger between the London and Toronto stock exchanges, illustrating once again the move towards […]
Restricted Entry
Mar 23, 2011 (LBO) – A new British student visa scheme will restrict immigration, with a higher English standard, no right to work and a time limit to study for degrees while encouraging student entrepreneurs. A British High Commission statement said the new scheme is meant to prevent abuse of the system while making it […]