Author: lbostgadmin
Sri Lanka state-carrier looks for foreign finance
Oct 31, 2013 (LBO) – Sri Lanka’s state-run SriLankan Airlines is negotiating a 250 million US dollar facility for working capital, a top official said.The carrier is looking for 4-year funding, from international markets chief executive Kapila Chandrasena said. SriLankan Airlines has mapped out an ambitious re-fleeting program involving fuel-efficient Airbus A-350 XWB and new […]
Detained
COLOMBO, October 30, 2013 (AFP) – Immigration authorities raided a meeting of journalists in Sri Lanka’s capital Wednesday and detained an Australian activist on a charge of working without a visa, a local rights group said.The International Federation of Journalists (IFJ) representative for the Asia-Pacific region, Jacqui Park, was taken into custody by immigration officials, […]
Credit Profile
Oct 31, 2013 (LBO) – Fitch Ratings has confirmed a ‘BBB(lka)’ investment grade rating of Sri Lanka’s Pan Asia Bank but has lowered the outlook to ‘stable’ from ‘positive’.PABC accounted for 1.5% of banking sector assets in Sri Lanka at end-2012 and operated through a network of 73 branches. Fitch said there was an unanticipated […]
Finance Chief
Oct 31, 2013 (LBO) – Nalin Wijekoon, has been appointed President of the Finance House Association of Sri Lanka, an industry body representing registered finance company. The association started in 1958 with 42 member firms. Wijekoon is chief executive of Softlogic Finance Plc. He has over 30 year’s experienced in the financial sector and has […]
Debt Rating
Oct 31, 2013 (LBO) – Fitch Ratings said a 3.0 billion rupees subordinated debt offer of Sri Lanka’s Nations Trust Bank has been given an expected ‘A-(lka)’ rating. The rating agency also confirmed a ‘A(lka)’ long term rating of the bank, which is a notch higher, with a stable outlook.’ “The ratings reflect NTB’s broadly […]
Sri Lanka stocks close up 0.4-pct
Oct 30, 2013 (LBO) – Sri Lanka stocks closed 0.47 percent higher helped by tobacco and consumer goods stocks and strong foreign purchasing, brokers said. Touchwood ended up 20 cents to 4.10 rupees. PCH Holdings closed flat at 1.70 rupees and PC House closed flat at 80 cents. NDB Bank closed flat at 158.00 rupees […]
‘s Sampath Bank to sell Rs5.0bn in debt
Oct 31, 2013 (LBO) – Fitch Ratings said a 3.0 billion rupees subordinated debt offer of Sri Lanka’s Nations Trust Bank has been given an expected ‘A-(lka)’ rating. SB could be downgraded if there is an increase in risk appetite, for instance through aggressive lending or weakening of underwriting standards that can put pressure on […]
Sri Lanka Smart phone sales taking off: Singer
Oct 30, 2013 (LBO) – Smartphone sales are taking off showing fast growth, Singer Sri Lanka, a top consumer durables retailer which launched a slim phone targeting domestic and tourist markets said.Smartphones have an operating system which can run many applications, similar to a small computer, while remaining connected to the internet compared to so-called […]
Sri Lanka hotels profits may be squeezed by rising labour costs
Oct 30, 2013 (LBO) – Shortfalls of labour amid fast growth in Sri Lanka’s tourism sector may squeeze profits and undermine industry attempts to boost product quality, an official said.“We will seriously need to see how we can halt the current shortage of staff,” Jayantissa Kehelpannala, president of the Tourist Hotels Association of Sri Lanka […]
Smartphone Sales
Oct 30, 2013 (LBO) – Smartphone sales are taking off showing fast growth, Singer Sri Lanka, a top consumer durables retailer which launched a slim phone targeting domestic and tourist markets said. Smartphones have an operating system which can run many applications, similar to a small computer, while remaining connected to the internet compared to […]
Militarization
October 30, 2013 (AFP) – An anti-corruption watchdog Wednesday criticised the appointment of Sri Lanka’s navy chief as head of the country’s shipping company, calling it a further sign of the military’s growing influence. Vice Admiral Jayanath Colombage took over as chairman of the state-run Ceylon Shipping Corporation (CSC) on Tuesday which he will run […]
Sri Lanka Treasuries yields plunge
Oct 30, 2013 (LBO) – Sri Lanka’s Treasuries yields dropped sharply at Wednesday’s auction with the 12-month yield falling 19 basis points to 9.83 percent, data from the state debt office showed.The debt office which offered 10 billion rupees in bills for roll-over said 20 billion rupees worth bid were accepted from the market. The […]