Tag: businessnews
Sri Lanka to supply free domestic power connections to resettled families in the North and East
Aug 03, 2015 (LBO) – Sri Lanka’s government plans to restore provision of electricity connections free of charge to 20,000 resettled families in the North, Cabinet Spokeman Rajitha Senaratne said.At present, 232,828 families (796,342 members) are resettled in the Northern and Eastern Provinces, with the end of Tamil tiger war in 2009.The government will also […]
Sri Lanka private sector credit growth expands, Policy rates to be maintained: Central Bank
July 24, 2015 (LBO) – Sri Lanka Central Bank says credit to the private sector by commercial banks grew by 17.6 per cent, year-on-year, in May 2015, given the low interest rate environment in the Island. In absolute terms, credit to the private sector expanded by 48.6 billion rupees in the month of May and […]
Sri Lanka’s official reserves USD 6.8bn in May 2015
July 23, 2015 (LBO) – Sri Lanka’s gross official reserves stood at 6.8 billion US dollars in May 2015, equivalent to 4.2 months of imports, while total foreign assets amounted to 8.7 billion US dollars, equivalent to 5.3 months of imports, data showed. Sri Lanka’s gross foreign reserves rose to 7.5 billion US dollars in […]
SMEs to drive banking loan growth going forward: Asia Securities
June 19, 2015 (LBO) – Sri Lanka Asia Securities says that small and medium enterprises (SME) will drive banking loan growth going forward. “The SME sector is expected to drive the economic growth going forward,” Asia Securities says in a recently launched banking report titled ‘Banks: An Evolving Story of Elephants and Cheetahs’. Banking Loan […]
Cabinet approves to pay Golden Key depositors
June 18, 2015 (LBO) – Sri Lanka’s government has given approval for the repayment mechanism of the golden key depositors which was submitted by Prime Minister Ranil Wickramasinghe. It has been proposed to grant reliefs to depositors of nonbank inactive financial institutions by the supplementary budget 2015 and several meetings have been held with the […]
‘l bids to be opened for cross country oil pipeline
June 18, 2015 (LBO) – Sri Lanka’s government to call for an open international tender to construct a new pipeline network that carries oil from Colombo Harbour to Kolonnawa wholesale terminal, cabinet spokesperson Rajitha Senaratne said.He said the existing network is 40 to 70 years old and is in a very dilapidated status. A proposal […]
Sri Lanka’s NDB debenture oversubscribed
June 17,2015 (LBO) – Sri Lanka’s National Development Bank’s debt issue was oversubscribed reciving 10 billion rupees during the early hours of the opening day as per the disclosures made to the CSE by the Registrars to the Debenture Issue, a statement said. The company issued 75,000,000 rated unsecured subordinate redeemable debentures with a par […]
Sri Lanka bloated public sector needs HR reforms to create national prosperity: HR expert
June 17, 2015 (LBO) – Sri Lanka’s laid back public sector needs human resource reforms to help the country move forward and create national prosperity, a human resource expert said.“Unfortunately it reminds me the value of human resource development is yet to develop in the public service who is expected to make a crucial contribution […]
Singer Finance to enter the Credit Card business
June 15, 2015 (LBO) – Sri Lanka’s Singer Finance said it plans to launch a credit card in the latter half of this year targeting rural consumers, the company told shareholders in its annual report of 2014/2015. The company said that it has applied to the Central Bank of Sri Lanka for a license to […]
Sri Lanka Tourism – Korean Air to promote South Korean market to double the visitors
June 15, 2015 (LBO) – Sri Lanka tourism promotion bureau joined hands with Korea Airlines to promote tourism to the South Korean market in order to double the arrivals to the Island, a statement said. “Sri Lanka currently attracts 13,000 visitors from South Korea and we want to double this volume within a year and […]
Sri Lanka’s Global Glass to set up Double and Triple Glazed Units, Plans for regional exports
June 12, 2015 (LBO) – Sri Lanka’s Globe Mirror Industries, a glass merchant and a processor, rebranded as Globe Glass, said that it plans to set up a Double and Triple Glazed Units, to expand its product portfolio while expanding exports to region.“We have planned to set up our own double and triple glazed units […]
Sri Lanka Central Bank establishes legal and compliance Dept
June 12, 2015 (LBO) – The Central Bank of Sri Lanka said that it has established a ‘legal and compliance department’ to entrust the discharge of duties under several legislative enactments which provide powers relating to the supervision and control of banking institutions, non-bank financial institutions and leasing companies. Accordingly, this department is expected to […]