Category: Industry
Sri Lanka reserves at USD7.0Bn
Jan 29, 2019 (LBO) – Sri Lanka Governments’s gross official reserves stood at US dollars 7.0 billion which was equivalent to 3.7 months of imports at end November 2018, data shows. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to US dollars 9.7 billion as at […]
Sri Lanka exports grow 4.1-pct USD980Mn in Nov 2018
Jan 29, 2019 (LBO) – Sri Lanka’s deficit in the trade account narrowed significantly in November 2018 (year-on-year) following a decline in import expenditure, the Central Bank said. Exports grew by 4.1 per cent while imports contracted by 9.1 per cent in November 2018 (year-on-year). “The deficit in the trade account narrowed significantly in November […]
Ground breaking ceremony kicks off construction for TRI-ZEN
Jan 29, 2019 9LBO) – John Keells Properties celebrated the beginning of construction for their newest development, TRI-ZEN, during a special groundbreaking ceremony recently. The groundbreaking ceremony was held in the presence of the Deputy Chairman and the Group Finance Director of John Keells Holdings PLC Gihan Cooray, President of John Keells Property Sector Suresh Rajendra, […]
Sri Lanka Govt introduces more loans for 3-wheel owners and migrant workers
Jan 28, 2019 (LBO) – The Finance Ministry under the Enterprise Sri Lanka concessionary loan scheme is to introduce further concessionary loans to widen the schemes enabling the stake holders to move towards next generation economic activities in their areas of activities. Accordingly migrant workers will be given up to 10 million rupees concessionary housing loans […]
5G & competition, key issues for Asia-Pacific Telco investors: Fitch Ratings
Jan 25, 2019 (LBO) – Credit investors in the Asia-Pacific telecommunications sector have key questions on telcos’ growth prospects amidst rising competition, the investment case for 5G, regulatory pressures, and the implications of these factors, Fitch’s Ratings said.Fitch has published a compendium of key questions received from investors and our views on each issue, following investor […]
” as government support weakening
Jan 24, 2019 (LBO) – Fitch Ratings has downgraded the National Long-Term Rating and senior unsecured debentures of Housing Development Finance Corporation Bank (HDFC Bank) to ‘BB+(lka)’ from ‘BBB-(lka)’ reflecting the weakening of the sovereign’s ability to provide support. “The downgrade reflects Fitch’s assessment of HDFC Bank’s standalone strength, as we believe timely support from the […]
Sri Lanka ready to create artificial rain for hydropower generation
Jan 23, 2019 (LBO) – Ceylon Electricity Board and Sri Lanka Air Force today signed a memorandum of understanding to facilitate the project of creating artificial rain for hydropower generation. The Air Force has agreed to provide aircraft modified especially for this purpose while the Thai government is providing technical expertise for the project. Rainmaking […]
Sri Lanka obtains USD200Mn from WB for primary health care system
Jan 23, 2019 (LBO) – Sri Lanka is to obtain USD 200 million from the International Bank for Reconstruction and Development (IBRD) of the World Bank to implement the primary health care system strengthening project. The development objective of the proposed project is “to increase the utilization and quality of primary health care services, with an […]
Capitol TwinPeaks construction continues ahead of schedule: Sanken
Jan 23, 2019 (LBO) – Capitol TwinPeaks, the flagship venture of the Sanken Group, located on the Beira lakefront in Colombo 2, forges forward ahead of schedule with 35 floors completed to ensure timely delivery of their investment for maximum profitability, the Sanken Group said.The twin 50-storey skyscrapers feature green spaces, common areas and residential spaces, overlooking […]
SriLankan Airlines posts Rs40bn net loss for 9 months amid rising fuel prices
Jan 23, 2019 (LBO) – SriLankan Airlines said the net loss for the nine months ended 31 December 2018 was 40 billion rupees (USD135mn) against the loss for the corresponding period of previous year stood at 11 billion rupees (USD66mn). During this period, SriLankan’s net traffic revenue from core airline operations has increased to 120 […]
Chinese cement manufacturer to enter Sri Lankan market
Jan 23, 2019 (LBO) – A Chinese cement manufacturer is seeking to set up a new cement plant in the Hambantota Export Processing Zone in Sri Lanka. According to the Deputy Minister of Development Strategies and International Trade, Nalin Bandara, this is the first time a Chinese cement company is entering the local market directly. […]
BOI signs deal for mixed development apartment complex in Colombo 3
Jan 22, 2019 (LBO) – Sri Lanka’s Board of Investment has signed an agreement with HNJ Towers private limited to build a mixed development project located at R A De Mel Mawatha, Colombo 3.Board of Investment said in a statement that when completed HNJ Towers will provide employment for 14 staff members. The total value […]