Category: Industry
Derived Rating
Jan 03, 2011 (LBO) – RAM Ratings Lanka has confirmed State Mortgage and Investment Bank’s (SMIB) long- and short-term financial institutions ratings of A and P1 with a stable outlook for the former, a statement said. “The ratings are based on the bank’s strong capitalisation and the financial flexibility it derives from its sole shareholder, […]
Optional Deal
Jan 03, 2011 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has won an optional contract to build a third Multipurpose Platform Supply Vessels (MPSV) for Greatship Global Offshore Services of Singapore, a statement said. The main contract for the construction of two 78-metre MPSVs, signed in October 2010, provided for Greatship Global Offshore Services (GGOSL) […]
Bandwidth Battle
Jan 02, 2011 (LBO) – Sri Lanka Telecom (SLT) has increased bandwidth speeds and data volumes for broadband customers and reduced charges from January 01, 2011, a statement said. “All our volume based broadband packages are free of bandwidth control and contention.” Editor’s note – a spokesman for SLT has clarified that this announcement is […]
Sri Lanka tourist trade raises alarm over new visa rule
Jan 02, 2011 (LBO) – Sri Lanka’s tourist industry wants the government to postpone a new rule to charge for visas, scrapping on-arrival visas, saying it could deter visitors whose numbers boomed after the end of a war, a report said. Approval for a visa would not take more than a single day. ‘New visa […]
Sri Lanka to scrap visa on arrival
December 31, 2010 (AFP) – Sri Lanka has revived plans to scrap the visa on arrival for foreigners, except Maldivians and and Singaporeans, and will launch an on-line visa application system, officials said Friday. The local tourism industry has been buoyed by a near 50 percent increase in foreign visitors since fighting ended in May […]
Finance Act
Dec 31, 2010 (LBO) – A new finance company law that is to be introduced in Sri Lanka will provide for tougher penalties against illegal deposit taking and give regulators wider powers to probe abuses, a statement said. The new law will repeal the existing No 78 finance company act of 1988 which was seen […]
Sri Lanka hydro electricity firm in power purchase deal
Dec 30, 2010 (LBO) – Hydro Power Free Lanka (HPFL) has entered into agreements with Sri Lanka’s state power utility and investment promotion agency to sell power and get tax concessions, according to a stock exchange filing. Its subsidiaries, Hydro Power Free Lanka 2 and Hydro Power Free Lanka 3, have begun building two min-hydro […]
Mobile Identity
Dec 29, 2010 (LBO) – Sri Lanka is to delay a move to restrict the number of mobile phone SIM cards individuals can own after requests for more time from mobile phone companies, a senior Telecommunications Regulatory Commission official said. TRC director-general Anusha Pelpita said that under the new rule the number of registered SIM […]
Wider Margins
Dec 29, 2010 (LBO) – Fitch Ratings has confirmed the National Long-term rating of Sri Lanka’s Housing Development Finance Corporation Bank (HDFC) at ‘BBB+(lka)’ with a stable outlook, a statement said. The rating agency has also confirmed the ‘BBB+(lka)’ rating on the bank’s outstanding 195 million rupee senior unsecured redeemable debentures. “HDFC’s ratings reflect its […]
Trade Links
Dec 29, 2010 (LBO) – India is helping Sri Lanka to revive commercial operations at a port and airport in the island’s north to re-establish regional trade and communications links, a statement said. The High Commission of India said Defence Secretary of India, Pradeep Kumar, had discussed the projects during a three-day visit to Sri […]
Heavy Lift
Dec 29, 2010 (LBO) – Sri Lankan logistics firm FPS Lanka is considering setting up offices in the new southern port of Hambantota and in eastern Trincomalee harbour to handle an anticipated influx of cargo flows for post-war reconstruction. It expects new logistics contracts to be awarded in the first quarter of 2011 as projects […]
SriLankan Airlines wins award for campaign that improved sales
Dec 29, 2010 (LBO) – SriLankan Airlines won the ‘Travel & Tourism’ category at the island’s recent Effie Awards for its ˜Hotseats’ marketing campaign that led to better sales, a statement said. SriLankan received a Bronze for the campaign, which was produced by the ad agency Grant McCann Erickson. It was the highest award presented […]