Category: Industry
Small Lender
Aug 25, 2010 (LBO) – Sri Lanka’s Sanasa Development Bank (SDB), a small lender from the co-operative movement, has retained its ‘BBB’ local long term rating with a stable outlook, RAM Ratings Lanka said. “Despite its high-risk target market, SDB has been able to maintain its better-than-industry asset quality, supported by its stringent credit evaluation […]
Lifting Boost
Aug 24, 2010 (LBO) – The Sri Lanka Ports Authority is to borrow 62. 5 million US dollars from the state-owned Bank of Ceylon to fund the acquisition of new cargo handling cranes from China, a statement said. The SLPA statement said it will buy one crane of 50 tonne capacity, two cranes of 41 […]
New Entrant
Aug 23, 2010 (LBO) – PC House, a tech company which completed an Initial Public Offering earlier this month, is to start trading on August 26, 2010, a stock exchange filing said. PC House will be listed under the main board of the Colombo Stock Exchange and will be classified under the IT (information technology) […]
Gainful Moves
Aug 23, 2010 (LBO) – A planned expressway between Sri Lanka’s capital Colombo and Kandy in the central hills will significantly reduce transport costs and connect under-developed regions with developed ones, a new World Bank study said. “Islandwide expenditure on transport will decline from 155 million rupees a day to 127 million rupees, a reduction […]
Sri Lanka captain not guilty of physical contact
DAMBULLA, August 21, 2010 (AFP) – Sri Lanka’s captain Kumar Sangakkara did not breach the players’ code of conduct during a tri-series match against New Zealand, the world governing body said on Saturday. Sangakkara was pulled up by match referee Alan Hurst after he collided with Black Caps’ bowler Nathan McCallum while turning for a […]
Maritime Links
Aug 21, 2010 (LBO) – India and Sri Lanka have prepared the draft of an agreement to resume ferry services across the narrow strip of water separating the two countries, the Indian envoy in Colombo said. “We’ve finalised the draft of the agreement,” Indian high commissioner Ashok Kantha said. “The two countries have in principle […]
Sri Lanka govt says preventing rupee appreciation to help exporters
Aug 20, 2010 (LBO) – The Sri Lankan government is preventing the further appreciation of the rupee against the dollar to support exporters after the loss of a trade deal giving duty free access to the European market, a spokesman said. “We held a number of discussions with manufacturers. After 10 years of tariff preferences […]
Sri Lanka fabric maker hit by high cotton prices, lower sales
Aug 20, 2010 (LBO) – Sri Lanka’s Kuruwita Textile Mills said it made a net loss of 125 million rupees in the June 2010 quarter as it was hit by record high cotton prices and less demand. Sales fell almost five percent to 1.3 billion rupees over the period, the company, a unit of clothing […]
Sri Lanka shell company bought by Malaysian firm
Aug 20, 2010 (LBO) – Malaysia’s Fly Asia has bought a 70 percent stake in Sri Lanka’s Infrastructure Developers (IDL), essentially a loss-making shell company listed on the Colombo bourse, a stock exchange filing said. Fly Asia, an air transport company which operates air services and builds aerodromes, has made a mandatory offer for the […]
Oil Supply
Aug 19, 2010 (LBO) – Sri Lanka is to extend a deal with Iran to buy two million metric tonnes of crude oil a year with a 120-day interest free credit facility, a government spokesman said. Media minister Keheliya Rambukkwelle said Sri Lanka buys most of its crude oil from Iran and the government’s agreement […]
SriLankan Airlines trains first batch of technicians under European certification
Aug 19, 2010 (LBO) – SriLankan Airlines has graduated its first batch of Aircraft Maintenance students under the EASA 147 European certification as it seeks to build its engineering business, a statement said. The 26 students, including seven foreign students from the Maldives, Oman and India, underwent two years of training at SriLankan’s Technical Training […]
Vehicle Market
Aug 19, 2010 (LBO) – India’s Mahindra group said it is studying the possibility of introducing its electric vehicle, Mahindra Reva, to the Sri Lankan market and launching new models soon after their launch in India. Vice chairman Anand Mahindra told a news conference the company was targeting vehicle sales of 10,000 by the 2013 […]