Category: Industry
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 […]
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, […]
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 […]
Deposit Protection
Sept 30, 2010 (LBO) – Sri Lanka’s Central Bank said it will introduce a deposit insurance scheme from October 1 that will help protect small depositors and reduce government liability if a financial institution collapses. Central Bank Governor Nivard Cabraal said that under the scheme, depositors will be compensated up to a maximum of 200,000 […]
Bid Circle
Sept 30, 2010 (LBO) – Sri Lanka has decided to call for fresh tenders to build a section of highway around the capital Colombo as bids from Japanese contractors were too high, an official said. The Outer Circular Highway will be connected to the expressways only by four interchanges at four suburban towns – Makumbura, […]
Sri Lanka mini-hydro power firm to list
Sept 29, 2010 (LBO) – Hydro Power Free Lanka, a mini-hydro power firm which has a generating capacity of 3.2 MegaWatts is selling 35 million shares to raise 350 million rupees to build more plants, the Colombo Stock Exchange and officials said. The firm operates two 1.6 MegaWatt plant in the Gampola area in Sri […]
Sri Lanka hotel share, warrants issue approved
Sept 29, 2010 (LBO) – Sri Lanka’s stock exchange has approved the issue of new shares and attached warrants by Hotel Reefcomber to raise cash to revamp the hotel, a statement said. Hotel Reefcomber, which owns the Amaya Reef hotel on the southwest coast, plans to consolidate 10 shares to one and then sell a […]