Author: lbostgadmin
‘s inflation accelerates to 9.5-pct in November
Nov 30, 2012 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 9.5 percent in November 2012 from a year earlier, accelerating from 8.9 percent a month earlier, data from the state statistics office showed. The Colombo Consumer Price Index rose 1. 3 percent to 167.1 points during the month, with the food component […]
Sri Lanka electricity generation falls for second month
Nov 30, 2012 (LBO) – Sri Lanka’s electricity generation fell in absolute terms by 1. 5 percent to 971 GigaWatt hours (millions of units) in September 2012 from a year earlier, declining two months in a row, pointing to a slowing economy. Last year Sri Lanka’s economy was given an unexpected boost by nearly 200 […]
Consumer Finance
Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BBB+(lka) rating of Sri Lanka’s Singer Finance (Lanka) Plc, with a stable outlook, based on an 80 percent holding and strong links with its parent, Singer (Sri Lanka) Plc, which is rated A(lka) with a stable outlook. In 2012 SFL’s portfolio has expanded 53 percent […]
Bank Rating
Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BB+(lka) rating of Sri Lanka’s Union Bank with a negative outlook, saying the lender faced risks to asset quality from strong growth but it had strong capital ratios. “Significant improvements to its risk management system and processes, including effective implementation of a core banking system […]
‘s Seylan Bank to list up to Rs2.0bn in debt
Nov 30, 2012 (LBO) – Sri Lanka’s Seylan Bank will to sell up to 2. 0 billion rupees of public listed debentures maturing in five years, abandoning an earlier plan to privately place the securities. Seylan Bank said in a stock exchange filing that it will offer to sell one billion rupees of debentures and […]
” cargo clearance with e-customs
Nov 29, 2012 (LBO) – Sri Lanka will soon have ‘zero time’ customs with an automated customs clearing process to begin up to 24 hours before a vessel docks at port, Customs chief Neville Goonewardena said. Sri Lanka is implementing the latest version of Automated System for Customs Data promoted (ASYCUDA World) initiated by the […]
MAS Holdings Sri Lanka sets up US$70mn knitting plant
Nov 29, 2012 (LBO) – Sri Lanka’s MAS Holdings, an apparel exporter is setting up a 70 million US dollar knit fabric plant at its own industrial park, the state investment promotion agency said. BOI said the factory reflected a “spirit of innovation” in Sri Lanka’s apparel industry and a state goal of reducing imported […]
‘s Sunshine Holdings in talks with palm oil firm
Nov 29, 2012 (LBO) – Sri Lanka’s Sunshine Holdings, which has interests in tea and oil palm said it was in talks with Pyramid Wilmar (Pvt) Ltd, a Colombo based unit of two Singaporean firms, to use their expertise and distribution chains. . Sunshine Holdings said in a stock exchange filing that it was exploring […]
”’: Fitch
Nov 29, 2012 (LBO) – Fitch Ratings has downgraded Sri Lanka’s HDFC Bank, a mortgage lender by one level to ‘BBB(lka)’ as its profits came under pressure from rising interest rates. “The downgrade reflects the bank’s inability to swiftly re-price its existing housing loan portfolio to avert deterioration in profits as market interest rates started […]
Space Journey
Nov 28, 2012 (LBO) – A Sri Lanka’s first communications satellite by SupremeSAT, a Sino-Lankan joint venture was launched from China’s Xi Chang launch centre on November 27, the state information office said. The launch of ‘SupremeSAT-1’ at 15.45 hours was successful, an alert from the state information office said. SupremeSAT has said the comsat […]
Friendly Help
Nov 28, 2012 (LBO) – Japan has given 3. 7 million rupees worth tools and equipment to a Sri Lanka based organization making artificial limbs, the Japanese embassy in Colombo said. . The ‘Colombo Friend-in-Need Society’ gives ‘Jaipur’ artificial limbs with rehabilitation free of charge to needy people, and helps about 1,000 people a year, […]
Paper Mill
Nov 28, 2012 (LBO) – Sri Lanka’s Seylan Bank Plc, which came under state stewardship following a run is trying to recover 418 million rupees loaned to a public private partnership involving an Australia based party, a public notice shows. Seylan Bank in a notice published in Sri Lanka’s Daily Mirror newspaper said it was […]