All Blogs
Pirate Poser
Jan 21, 2013 (LBO) – Sri Lanka’s southern port of Galle has become a hub in the fight against Somali pirates who threaten international merchant shipping, a report in a new magazine said. “Sri Lanka is one of the few countries in the region to authorise the transit of armed guards through their waters for […]
OTT Revolution
Jan 21, 2013 (LBO) – Asian mobile operators are likely to see sharp falls in short message service (SMS) revenues as subscribers shift to services like WhatsApp which allow unlimited texting, an economic research consultancy has said.In December 2012, WhatsApp had processed 7 billion inbound messages and 11 billion outbound messages worldwide on December 31. […]
Sri Lanka printer gets top green rating
Jan 21, 2013 (LBO) – Sri Lanka’s Aitken Spence Printing said its new printing facility had received a ‘Gold’ rating from in Leadership in Energy and Environmental Design (LEED) from US-based Green Building Council. The company’s new 77,000 square feet facility near Sri Lanka’s capital Colombo, was given LEED-NC (New Construction): GOLD Certification, the firm […]
Sri Lanka needs price formula for petroleum, electricity: power minister
Jan 21, 2013 (LBO) – Sri Lanka needs a cost based price formula for electricity and petroleum, power minister Patali Ranawaka has said.The rupee fell from 110 to 134 to the US dollar during the crisis. There was a steep energy price hike in February 2012 and the rupee has since strengthened to 126.50 to […]
Bus Bailout
Jan 20, 2013 (LBO) – Sri Lanka Transport Board, a loss-making state bus utility has been given a 2.8 billion rupee bailout from tax payer money, the state information office said.In 2011 the SLTB had being given a 3.939 billion rupee subsidy on top of a 4.6 billion rupee cash handout the year earlier, according […]
Finance Rating
Jan 19, 2013 (LBO) – Sri Lanka’s Vallibel Finance Ltd has been rated ‘BB+’ with a stable outlook by RAM Ratings Lanka. “Vallibel’s ratings are moderated by the increasing trend in new non-performing loans (NPLs) in recent times, coupled with its unseasoned loan portfolio, given aggressive loan Growth,” RAM Ratings Lanka said. “The ratings are, […]
US officials to visit Sri Lanka for LLRC talks
Jan 19, 2013 (LBO) – Three US officials led by deputy assistant secretary James Moore will visit Sri Lanka from January 26 for talks which include progress on implementing recommendations of a post-war reconciliation report, the US embassy in Colombo said. He will be accompanied by Deputy Assistant Secretary of Defense Vikram Singh and Deputy […]
UN flays Sri Lanka Chief Justice removal
Jan 19, 2013 (LBO) – The controversial removal of Sri Lanka’s Chief Justice Shirani Bandaranayake through a process courts have ruled to be unconstitutional is a “calamitous setback” for rule of law, a United National official has said. “The removal of the Chief Justice through a flawed process which has been deemed unconstitutional by the […]
Liquidity spikes in Sri Lanka money markets
Jan 18, 2013 (LBO) – Liquidity in Sri Lanka’s money markets has climbed to around 40 billion rupees amid dollar inflows bought by the monetary authority, but two terms auctions were announced Friday to mop up liquidity.Sri Lanka’s central bank creates money through dollar purchases to maintain a de facto peg to the US dollar […]
Sri Lanka LOLC Rs1.25bn debentures rated [SL)A- by ICRA
Jan 18, 2013 (LBO) – ICRA Lanka, an associate of Moody’s Investors Service has given a [SL]A- rating with a stable outlook for a 1.25 billion rupee usecured debenture sale by Lanka Orix Leasing Company Plc. The rating took into account LOLC track record of profitable operations, its market position, experienced management team, adequate risk […]