Category:
Tighter Rules
Aug 24, 2012 (LBO) – Sri Lanka will tighten its anti-money laundering and terrorist financing laws to comply with international requirements, minister Keheliya Rambukwella said. Rambukwella said cabinet of minister had given the nod to draft necessary changes to an existing Convention on Suppression of Terrorist Financing Act No 25 of 2005 to comply with […]
Sri Lanka state-carrier and Royal Jordanian in code-share deal
Aug 24, 2012 (LBO) – SriLankan Airlines and Royal Jordanian has a signed a code-share deal which will be effective from August 26, for three weekly flights between Colombo and Amman. “Royal Jordanian becomes SriLankan’s sixth codeshare partner, and the first that is a full-fledged oneworld member,” SriLankan Airlines chief exective, Kapila Chandrasena, said in […]
Sri Lanka tea brand expands China café franchise, R&Ds new products
Aug 24, 2012 (LBO) – Sri Lanka’s HVA Foods, a branded tea producer and exporter said a franchise tea café network in China had expanded to 25 in the past year, while the firm was also researching new forms of delivering tea to customers. First established in 2009, the franchise network grew to 20 by […]
Sri Lanka stocks close up 0.21 pct
Aug 23, 2012 (LBO) – Sri Lanka stocks closed up 0.21 percent Thursday, with investors picking on selected counters, brokers said. The All Share Price Index gained 10.75 points to close at 5,038.15 up 0.21 percent while the Milanka index of more liquid stocks dropped 1.17 points to close at 4,692.82 down 0.02 percent. The […]
Rail Finance
Aug 23, 2012 (LBO) – China will give a 278 million credit to finance a railway track from Matara in Sri Lanka’s South to Beliatta, cabinet spokesman minister Keheliya Rambukwelle said. The Exim Bank will provide 200 million US dollars under preferential buyers credit terms and the government of China will give a concessional loan […]
Port Expansion
Aug 23, 2012 (LBO) – China will finance the expansion of Hambantota Port in the island’s south with two loans of 600 million US dollars and one billion yuan, cabinet spokesman Keheliya Rambukwelle said. The first phase of the Hambantota port, also financed by China has been positioned as an industrial port with facilities to […]
Shipping Trend
Aug 23, 2012 (LBO) – Containers handled at Sri Lanka’s ports fell 1. 8 percent to 1.718 million twenty foot equivalent units in the first five months of the year, though there was recovery in transshipment volumes in May, official data show. Total cargo discharged rose 5.5 percent to 16.6 million metric tonnes up to […]
Outlook Revision
Aug 23, 2012 (LBO) – Fitch Ratings has confirmed an ‘AA(lka)’ rating of Sri Lanka’s Sampath Bank but cut its outlook to stable from positive, saying its core capital build-up was weaker than expected though still above the regulatory minimum. “The Outlook revision reflects the weaker-than-expected build-up of SB’s core capitalisation relative to higher rated […]
Sri Lanka state carrier franchises training arm to Maldives
Aug 23, 2012 (LBO) – Sri Lanka’s state-run SriLankan Airlines said its training arm had struck a franchise agreement with Orient Express Pvt Limited, a services company in the Maldive Islands. International Aviation Academy, SriLankan’s training arm which is recognized by the International Air Transportation Association (IATA) provided training for the airline and also for […]
Sri Lanka Treasuries yields up
Aug 22, 2012 (LBO) – Sri Lanka’s 12-month Treasuries yields rose 05 basis points to 13. 27 percent at Wednesday’s auction, while the 3-month rate was flat at 11.36 percent, the state debt office said. Excess liquidity in money market, which came from unsterilized foreign exchange purchases in the last week of July dried up […]
Sri Lanka money market liquidity dries up
Aug 21, 2012 (LBO) – Excess liquidity in Sri Lanka’s money markets which came from a unsterilized purchase of foreign exchange from a sovereign bond has largely dried up, tightening the monetary system. On Aug 21, excess liquidity in the banking system fell to 1. 9 billion rupees from 12.9 billion rupees on Aug 14, […]
Sri Lanka gives nod to USD1.59bn worth hotel projects
Aug 22, 2012 (LBO) – Sri Lanka has approved 129 projects involving the building of 9,364 hotel rooms up to July 2012, deputy economic development minister Lakshman Abeywardene said. In 2013, revenues of 1,360 million US dollars were expected; in 2014, 1,740 million US dollars; in 2015, 2,120 million US dollars and in 2016, 2,500 […]