Business and Economics
Japan’s syndicated loans to India climb 20%

Japanese lenders extended $1.53 billion in syndicated loans to Indian companies in 2019, up a fifth on the year, as yield-starved banks captured booming demand for low-cost financing.

India is now the second-biggest home to so-called samurai and ninja loans, trailing only the U.S. figure of $3.47 billion, figures from Refinitiv show. The Indian scale has increased by more than 10 times since 2017.

Low interest rates back home have led Japanese regional banks to increasingly invest in Indian syndicated loans to improve portfolio returns. Solid Indian credit ratings have bolstered the trend.

Meanwhile, funding demand from Indian corporations has grown amid looser rules governing lending from foreign sources. Yen-denominated loans also offer lower interest rates than dollar-denominated loans.

FitsAir launches schedule flights to Jaffna

Opening up a new chapter in the aviation industry, Sri Lanka’s domestic airline operator FitsAir launched schedule flights to the Jaffna International Airport from Ratmalana from Saturday.

The flights would operate thrice a week on Monday, Wednesday and Saturday and it is planned to connect to the Air India flight from Chennai. “We want to allow passengers from Air India flight to connect with Colombo in a less than three hours by transiting to FitsAir flights from Palali,” an official said.

The airline would use a modern 72- seater ATR 72 aircraft for this operation operated by a six member crew. T. Z. Mohamed Ishan from FitsAir Passenger Aircraft Marketing said that they will also look at a daily operation soon.”

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Classic Travel unveils branch in Orion City

Classic Travel, the IATA accredited subsidiary of Expolanka Holdings PLC, opened a new branch in the heart of Orion City—the one-stop-hub for innovation and collaboration—in a bid to extend its Travel & Visa services to IT professionals, entrepreneurs, and investors of high-tech companies. The branch is located at 716, Dr. Danister De Silva Mawatha, Colombo 9.

The Orion City branch holds an in-house photo studio, where customers can get the visa photos FOC and visa processing unit backed by a team of proficient travel agents. The list of services offered at the branch include Airline Ticketing, Travel Insurance, Online Check-In, Outbound Holidays, Hotel Reservations, Cruise Packages, Coach Tours, Worldwide Airport Transfers, Worldwide Airport Meet & Assist, and VISA Assistance (i.e. Sri Lanka Immigration, Assistance for New Passport/Renewal, LK Entry Visa, Tourist Visa, and Business Visa Extension).

“The ultra-modern facility aims to serve the next generation of customers whose needs are sophisticated and convenience-driven. We found Orion City to be ideal in terms of its emergence as a highly business locality with a potential market segment for outbound corporate travel,” said Classic Travel Director/ General Manager, Sabry Bahaudeen.

Classic Travel is the only travel agency in Sri Lanka opened 24/7/365.

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