All Blogs
Logistics
Sept 17, 2012 (LBO) – Sri Lanka’s Hemas group said it has formed a logistics company with Forwardair Logistics (Pvt) Ltd, taking 50 percent of the joint venture and branding it Hemas Logistics. “With this joint venture we will expand our integrated logistics solutions capability through container transport and the movement of over-dimensional and project […]
Faster Roads
Sept 17, 2012 (LBO) – The Asian Development Bank has approved 98 million US dollars in additional financing to expand a road re-building program in Sri Lanka’s North Central Province and war torn Northern Province. The project will reduce travel time on the road by an average of 20 percent from the 2010 level. “The […]
Bank Rating
Sept 17, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s Standard Chartered Bank brand based on support from its parent. The bank is facing a 27 billion rupee fine related to an alleged exchange control violation which has been appealed, but Fitch says it is likely that there will be […]
Sri Lanka power generation up 5.6-pct in first half
Sept 17, 2012 (LBO) – Sri Lanka’s power generation rose 5.3 percent to 5,875 GigaWatt hours (millions of units) in the six month to June from a year earlier, while growth during the month was 2.0 percent, official data shows. During the month of June power generation rose 2. 0 percent to 982GWh. CEB’s hydro […]
Sri Lanka economy grows 6.4-pct in 2Q: statistics office
Sept 17, 2012 (LBO) – Sri Lanka’s economy grew 6.4 percent in the second quarter of 2012 from a year earlier, slowing from 7.9 percent in the first quarter, gross domestic product estimates by the state statistics office showed. The statistics office said agriculture grew 9.1 percent from a year earlier, industry grew 9. 5 […]
Sri Lanka banks on cricket to repair image
COLOMBO, Sept 17, 2012 (AFP) – Sri Lanka is banking on cricket to repair the damage to its blood-stained image after the brutal end to a 37-year ethnic war as it stages the biggest tournament in the nation’s post-independence history. Since declaring an end in 2009 to a conflict that claimed up to 100,000 lives, […]
Steady State
Sept 16, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s HSBC branch with a stable outlook, citing support from its parent, Hongkong and Shanghai Banking Corporation Limited. HSBCSL’s National Long-Term Rating is at the highest end of the National Rating scale. A downgrade of HSBCSL rating could result from HKSB’s […]
Compensation
Sept 16, 2012 (LBO) – Shareholders of two listed firms that were expropriated by the state last year can lodge claims for compensation from a three member tribunal, a media report said. Sri Lanka’s The Sunday Island newspaper quoting a public notice said the panel wahzas made up of the Government Valuer, former chief valuer […]
Vehicle Trend
Sept 15, 2012 (LBO) – Sri Lanka’s vehicle registrations had fallen 39.5 percent to 27,185 in August 2012, from a year earlier, though there was marginal pick up from a low of around 24,000 hit in June, an analysis by an equities research house has showed. Luxury Mercedes, BMW and Audi units fell just 11 […]
No Change
Sept 15, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of the Sri Lanka branch of Citibank with a stable outlook, saying it is strongly capitalized and had support would be available from the parent unit. The bank had no bad loans but had a 44 percent concentration on the appare sector. The […]