Biz Briefs  

Fitch rates NSB's Senior Notes 'BB-'

Fitch Ratings has affirmed 'BB-' rating for the issue of US dollar dominated notes by the National Savings Bank, due in 2019, according to a Fitch media release.

The notes have a maturity of five years and an annual coupon rate of 5.15 percent which will be paid on a semi-annual basis. NSB intends to use the proceeds for lending to state-owned entities and government-related projects, the statement said.

This follows the receipt of final documents conforming to information previously received. The final rating is at the same level as the expected rating assigned on September 2, 2014.

Exim Bank funds over 21 projects

China will sign extended agreements with Sri Lanka for the development of expressways and highways during Chinese President Xi Jingping’s visit to Sri Lanka this week, Export and Import Bank of China, Deputy General Manager Lei Wentao told a group of journalists from Sri Lanka and Pakistan who visited the Bank headquarters in Beijing last week.

Wentao of the Corporate Banking Department, said the signing of agreements with Sri Lanka will show the Chinese government’s commitment towards development of infrastructure facilities in Sri Lanka.

DEG provides US $15m to CLC

DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH) recently provided a US $ 15 million credit facility for five years to Commercial Leasing and Finance PLC (CLC), a member of the LOLC Group, for the development of its SME portfolio.

The signing ceremony was held at the LOLC Head Office premises recently. Senior officials of DEG, CLC and LOLC were present.

This is the second DEG credit facility for the LOLC Group. Previously, a Euro 7.5 million loan was made available to LOLC in 2007 to enhance the its lending portfolio towards the SME sector.

McLarens Lubricants partners Carmart

McLarens Lubricants Limited, the sole distributor for ExxonMobil in Sri Lanka, signed an agreement with Carmart Limited, the distributor for Peugeot and Mazda in Sri Lanka, to improve service offerings.

General Manager, McLarens Lubricants, Dilan Seneviratne said, “We are on a mission and we will not stop until we completely dominate the franchise car agency market in Sri Lanka. Carmart has been working with us in the past as well, hence this partnership will only help build on our strengths and eventually be beneficial to all customers of Carmart.”

“We see this as strategic synergy which will ultimately lead to greater benefits to our companies and customers.

We have already begun to work with Mobil to improve benefit to clients,” said Carmart CEO Yasendra Amerasinghe.

CCC launches 'Sri Lanka in Brief 2014'

'Sri Lanka in Brief 2014' is the latest publication of the Ceylon Chamber of Commerce to assist the local business community and the those interested in doing business in Sri Lanka to obtain important information.

Published for the 28th time, the booklet is a handy reference guide and a useful give-away to foreign business contacts, who wish to have basic information about Sri Lanka.

The booklet covers local information such as, geography and weather, economy and trade, social indicators, infrastructure telecommunication, aviation, power, roads and ports, airports and airlines, registration of motor vehicles, education, investment, trade agreements and concessions, registration of business in Sri Lanka, tourism, diplomatic representation overseas and diplomatic representation in Sri Lanka.

Car leasing package from Sampath Bank

Sampath Bank launched a leasing package for hybrid vehicles recently.

The package is being offered up to October to those who intend buying unregistered hybrid vehicles. A low leasing rate is the highlight of this offer.

Hybrid owners have the facility of paying the least monthly rental of Rs. 2,158 per one hundred thousand spread over five years. They need not necessarily be Sampath account holders. Others can also take advantage of the offer. 'Hybrid Leasing Carnivals' are planned at several locations to provide convenience and to bring superlative leasing facilities under one roof.

National Youth Council wins award

The National Youth Council (Sri Lanka Youth) was presented a commendation award (Service Sector - Medium Scale) by the National Productivity Secretariat of Ministry of Productivity Promotion.

"This a step forward in our mission of competing head to head with the corporate sector. Sri Lanka Youth was shortlisted while competing for the SLIM Awards 2013 under the category - Service Brand of the Year," Chairman, NYSC, Lalith Piyum Perera said. "Sri Lanka Youth applied for this productivity award for the first time while promoting productivity in our premises. Our staff and youth who interact with us understand the fruitfulness of productivity," he said.

The Sri Lanka-Japan Business Forum was held last week to coincide with the State visit of Japanese Prime Minister Shinzo Abe. Here Japanese Premier Shinzo Abe with the memento presented by Sri Lanka-Japan Buisness Co-operation Committee President Daya Weththasinghe. Enterprise Development and Investment Promotion Minister Lakshman Yapa Abeywardena, Foreign Affairs Minister Prof. G.L. Peiris, Senior Minister Dr. Sarath Amunugama and JETRO Executive Vice President Miyako Hamano look on. Pic: Chinthaka Kumarasinghe