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Outlook Revision
Aug 23, 2012 (LBO) – Fitch Ratings has confirmed an ‘AA(lka)’ rating of Sri Lanka’s Sampath Bank but cut its outlook to stable from positive, saying its core capital build-up was weaker than expected though still above the regulatory minimum. “The Outlook revision reflects the weaker-than-expected build-up of SB’s core capitalisation relative to higher rated […]
Sri Lanka state carrier franchises training arm to Maldives
Aug 23, 2012 (LBO) – Sri Lanka’s state-run SriLankan Airlines said its training arm had struck a franchise agreement with Orient Express Pvt Limited, a services company in the Maldive Islands. International Aviation Academy, SriLankan’s training arm which is recognized by the International Air Transportation Association (IATA) provided training for the airline and also for […]
Sri Lanka Treasuries yields up
Aug 22, 2012 (LBO) – Sri Lanka’s 12-month Treasuries yields rose 05 basis points to 13. 27 percent at Wednesday’s auction, while the 3-month rate was flat at 11.36 percent, the state debt office said. Excess liquidity in money market, which came from unsterilized foreign exchange purchases in the last week of July dried up […]
Sri Lanka money market liquidity dries up
Aug 21, 2012 (LBO) – Excess liquidity in Sri Lanka’s money markets which came from a unsterilized purchase of foreign exchange from a sovereign bond has largely dried up, tightening the monetary system. On Aug 21, excess liquidity in the banking system fell to 1. 9 billion rupees from 12.9 billion rupees on Aug 14, […]
Sri Lanka gives nod to USD1.59bn worth hotel projects
Aug 22, 2012 (LBO) – Sri Lanka has approved 129 projects involving the building of 9,364 hotel rooms up to July 2012, deputy economic development minister Lakshman Abeywardene said. In 2013, revenues of 1,360 million US dollars were expected; in 2014, 1,740 million US dollars; in 2015, 2,120 million US dollars and in 2016, 2,500 […]
Sri Lanka coal plant: Chinese designer says accusations unfair
Aug 22, 2012 (LBO) – Sri Lanka’s Chinese built coal plant which is breaking down repeatedly has been over-used without scheduled maintenance but had still saved billions of rupees to the power utility, its designer has said. Zhao Wenxue, from the Northwest Electric Design Institute which designed the plant said in a statement that most […]
Internet Drive
Aug 21, 2012 (LBO ) – Dubai based Etisalat Sri Lanka unit, the island’s third largest celco says it is pushing mobile broadband in a bid to increase internet penetration in the island though challenges remain for broader use. Mobile broadband is one of the fastest growing sectors in telecoms in Sri Lanka where fixed […]
Akashi to push reconciliation, assess post war development
Aug 21, 2012 (LBO) – Japan’s special envoy to Sri Lanka Yasushi Akashi will arrive in the Island Tuesday on a five day visit to assess post war developments, the Japanese embassy in Colombo said. Sri Lanka faces a periodic review at the UN Human Rights Council in Geneva this November where the island’s human […]
‘s Cargills (Ceylon) net down 24-pct
Aug 20, 2012 (LBO) – Profits of Sri Lanka’s Cargills (Ceylon) Plc, which interests in retailing and fast moving consumer goods fell 24 percent to 245 million rupees, as higher interest costs bit into the bottom line, interim accounts showed. The group reported earnings of 1.10 rupees for the quarter. Revenues rose 25 percent to […]
” rating confirmed
Aug 20, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s John Keells Holdings, a diversified group which has interests in transport, leisure, consumer foods and financial services, with a stable outlook. “The affirmation reflects the continued strong dividend income from JKH’s core investments and its subsequent low financial leverage,” Fitch […]