BIZ BRIEFS

Chinese move calms credit concerns

China's Central Bank has pumped $5 billion (£3.1 billion) into the banking system to ease concerns over a credit squeeze that has caused rising interest rates.

The People's Bank of China did not explain its actions, but over the past few days there has been growing concern over the availability of credit.

That has been reflected in the interest rates banks charge each other. On Monday one important benchmark rate rose to its highest level since June, the height of China's credit crunch. The seven-day bond repurchase rate hit 8.93% but fell back to 6.56% after the Central Bank added funds to the banking system.

Amana Bank IPO

Amana Bank received Rs 1.5 billion in subscription for its initial public offer, registrars to the issue said.

The bank offered 214.3 million shares at Rs 7 and a further 71.5 million shares if the first tranche was fully taken.

Amana offers Islamic banking services. LBO

Tourist arrivals up 15%

Sri Lanka's tourist arrivals grew 2.8 percent in November 2013, the slowest growth registered in any month in over three years, according to the latest statistics. In November 112,213 million arrivals have been reported and accordingly arrivals this year was up 15 percent to 1,016,228.

Western European arrivals slumped 2.2 percent with key markets in Netherlands down 30 percent to 1,616 and France down 6.4 percent to 5,091. Arrivals from UK, Sri Lanka's top market after India was up 2.5 percent to 11,095 and Germany was up 3.8 percent to 8,468.

The Middle East was down 44 percent to 3,395. East Asia was up 2.8 percent with China up 59 percent to 5,330 but visitors from most other regions plunged.

Annual Christmas carols of People's Bank

The annual Christmas carols organised by the Christian Guild of People's Bank was held recently at the People's Bank Staff Training College auditorium. The staff of People's Bank branches of Colombo suburbs and Negombo, Kalutara and Northern regions were present. The Auxiliary Bishop of Colombo, Rev Dr. Maxwell Silva, Chief Executive Officer and General Manager, People's Bank, N. Vasantha Kumar, executives and retired staff of the bank were present. At the conclusion of the Christmas carols children received gifts from Santa Claus. Here the staff sing Christmas carols.