Category: Industry
Northern Loan
July 13, 2009 (LBO) – Sri Lanka’s central bank is giving three billion rupees to several banks to lend to small and micro businesses in agriculture and fisheries and in the war-torn north of the island. Following the end of fighting with Tamil Tiger separatists in May, Kilinochchi and Mullaitivu have been largely depopulated and […]
Shipping Forum
July 13, 2009 (LBO) – Sri Lanka is to host a meeting of Asian shippers in Colombo, a conference made possible after 15 years of lobbying because of the end of the ethnic war, the Sri Lanka Shippers’ Council (SLSC) said. The meeting is expected discuss policy issues, maritime security, shipping costs like terminal handling […]
Sri Lanka on top as Pakistan hit new low
July 12, 2009 (AFP) – Seamer Nuwan Kulasekera took a career-best 4-21 as Sri Lanka took early charge of the second cricket Test after bowling Pakistan out for a paltry 90 on Sunday. The tourists, electing to bat on a wicket that provided early assistance to the seamers, slumped to their lowest total against Sri […]
Margin Call
July 11, 2009 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp., has urged the government to change import duties and blamed its 1.2 billion rupee loss in the year to March 2009 partly on an import duty hike. LIOC’s turnover last year rose 7.8 percent to 47.617 billion rupees, although it […]
No Bid
July 10, 2009 (LBO) – Hutchison Port Holdings (HPH) said it did not bid for a container terminal concession at Sri Lanka’s Colombo port for a second time because elements of its original bid were put in the second request for proposals. China is also financing a new port in Sri Lanka’s south in Hambantota.“..HPH […]
Fuel Market
July 10, 2009 (LBO) – Sri Lankan ship fuel suppliers in Colombo port are aiming to expand their market by selling bunkers to vessels passing the island, after the break-up of a monopoly lowered prices and boosted volumes, officials said.“We need to improve on that area,” said Kumar. “We need to look at an expanded […]
Sri Lanka tourist arrivals up in June
July 09, 2009 (LBO) – Tourist arrivals in to Sri Lanka rose in June 2009, just one month after the ethnic war ended and the first monthly growth in over a year, the tourism promotion office said. The number of visitors to the island went up 8.1 percent in June 2009 to 30,234 from a […]
Sri Lanka Aitken Spence to upgrade oldest hotel to new brand
July 9, 2009 (LBO) – Sri Lanka’s Aitken Spence group said it was upgrading the oldest hotel in its chain to its premium ‘Heritance’ brand which is built to reflect the history of an individual hotel as well as the country it is situated in. Neptune Hotel, which will be closed for refurbishment, was the […]
Forward Looking
July 09, 2008 (LBO) – In a far sighted move that puts the country firmly on a higher growth path Sri Lanka’s central bank Governor Nivard Cabraal has ruled out state directed bank lending as a long term policy.“As a policy we have resisted that (directed lending) because we think that the bank should have […]
Foreign Banks
July 09, 2009 (LBO) – Foreign banks operating in Sri Lanka had maintained or improved profitability in 2008, despite adverse conditions, a report by Fitch Ratings said.Though risk management was good, Fitch said counterparty settlement risks were not studied enough on hedging deals. But the banks are expected to get support from head offices to […]
Submarine Links
July 09, 2009 (LBO) – Lanka Bell, a Sri Lankan wireless telecommunications operator, said its investment in an undersea fibre-optic cable had helped increase business and reduce rates.The company said in a statement the rapid expansion of the FLAG (Fiber-optic Link Around the Globe) high-speed submarine cable network has opened up new markets and opportunities […]
Fuel Delivery
July 08, 2009 (LBO) – The Sri Lankan unit of Indian Oil Corporation said it has chartered a bunker barge to supply ship fuel in Colombo port as sales were increasing.LIOC is the newest player in Colombo port’s bunker business. Competition in the business has been growing after a court order ended an effective monopoly […]