Category: Industry
Tele Trends
Oct 04, 2010 (LBO) – Sri Lanka’s mobile subscribers grew 25.4 percent to 15.86 million in the second quarter of 2010 from a year earlier and a wireline contraction has bottomed out, official data shows. At the end of the second quarter of 2010 Sri Lanka had 15.86 million mobile users up from 11.49 million […]
Risky Ventures
Oct 04, 2010 (LBO) – Sri Lankans investing in unregulated investment schemes face higher risks and should not expect government bailouts if their investments go sour, the banking regulator has warned. Central bank governor Nivard Cabraal said the regulator has repeatedly warned the public of the risk of investing money in unregulated institutions and publicised […]
India poised to stage biggest Games
NEW DELHI, October 2, 2010 (AFP) – India raced Saturday to put finishing touches to preparations for the biggest Commonwealth Games, with the start just a day away — hoping to make the event a success story after a shambolic run-up. Western governments have persistently warned of the threat of a militant attack during the […]
Sri Lanka, India trade deal seen helping lure Indian investors
Oct 02, 2010 (LBO) – An upgraded free trade deal between India and Sri Lanka can help the island lure more investment from Indian companies who are increasingly venturing abroad, India’s envoy in Colombo said. The two countries need to have agreements that remove bottlenecks to exports by harmonising their testing, certification, quarantine and customs […]
Sri Lanka, India local currency trade mooted
Oct 01, 2010 (LBO) – Using local currencies to trade between India and Sri Lanka could reduce transaction costs and speed up cargo movements, an expert has suggested. “This could lead to win-win situation for both sides and bring down transaction cost and the time taken.” Under British rule the Indian rupee, then specie based […]
Sri Lanka eco-friendly apparel making gives edge: Marks & Spencer
Oct 01, 2010 (LBO) – Eco-friendly, energy and material-efficient apparel manufacture is giving Sri Lanka an edge over competition despite the loss of European trade concessions, Marks & Spencer, a UK-based retailer said. M&S sells about 4.0 billion Sterling pounds of clothes a year and 21 percent of its products were bought from Sri Lanka, […]
Introduction
Oct 01, 2010 (LBO) – Sri Lanka’s Citizens Development and Business Finance, a firm 35 percent owned by Ceylinco Insurance is listing itself to comply with a central bank direction and pave the way for raising capital in the future, officials said. CDB is listing on the ‘diri savi’ board of the Colombo Stock Exchange […]
SME Credit
Oct 01, 2010 (LBO) – The World Bank is giving a 57. 4 million US dollar to Sri Lanka to finance small and medium sized business affected by a global downturn and is also giving a partial credit guarantee to banks using the credit line to lend. “The banks can independently access the line of […]
Ad Award
Sep 30, 2010 (LBO) – Ranil de Silva founder of Sri Lanka’s Leo Burnett advertising agency has been awarded a ‘Global Medal of Merit’ by New York based, International Advertising Association. De Silva said he had been overwhelmed and touched by the gesture. “It is the first time ever that someone had recognized my commitment […]
Sri Lanka Aitken Spence in resort deal with Six Senses
Sept 30, 2010 (LBO) – Six Senses Resorts & Spas is to set up their first property in Sri Lanka in a joint venture with Aitken Spence conglomerate and the Favourite Group, a statement said. The project, worth 35-40 million US dollars, will comprise a resort and spa and beach front residential villas on a […]
Standard Rating
Sept 30, 2010 (LBO) – Sri Lanka’s Standard Chartered Bank (SCB) branch has been rated at ‘AAA’ by RAM Ratings Lanka, with the assessment driven mainly by the credit profile of the parent Standard Chartered Bank Plc, the rating agency said. It has also been given a ‘P1’ short term rating on RAM’s rating scale. […]
Capital Cushion
Sept 30, 2010 (LBO) – Sri Lanka’s Central Bank has decided to reduce the general provision on performing loans of banks to 0.5 percent by December 31, 2011 from the current one percent, governor Nivard Cabraal said. “We believe our economy does not now need provisioning as high as one percent and it will be […]