Category:
Credit Trend
Apr 01, 2013 (LBO) – Heavy state borrowings from banks crowded out credit to private business to a 44-month low in January 2013, despite the monetary authority cutting policy rates, official data show.Commercial banks loaned 9.7 billion rupees to private borrowers in the month, the lowest since May 2010, when 7.2 billion rupees was loaned […]
Foreign Cash
April 01, 2013 (LBO) – Sri Lanka’s DFCC Bank has raised 45 million US dollars in a loan syndicated among Middle Eastern and Asian banks, lead arranger HSBC said. “DFCC’s success in this debut international loan syndication…demonstrates the strong level of confidence placed in the Bank and on the positive growth outlook for the country […]
Sri Lanka heath sector to be modernized with US$200mn from World Bank
Apr 02, 2013 (LBO) – A 200 million US dollar credit has been approved to develop Sri Lanka’s health sector to meet the challenges of emerging new diseases, the World Bank said. Injuries affect mainly the young male population and account for 15 percent of all registered deaths and for approximately 18 percent of all […]
Sri Lanka power regulator cuts penalties on late payers
Mar 31, 2013 (LBO) – Sri Lanka’s power regulator had directed state-run Ceylon Electricity Board to cut penalties on late payers and also halted penal interest accruing after disconnection. The CEB has also been directed to come up with a plan to pay interest on customer security deposits held by the power firm.The power utility […]
Sri Lanka consumer durables firm in rural push
Mar 31, 2013 (LBO) – Sri Lanka’s Dinapala group, a consumer durables distributor says electrification of rural areas is increasing the demand and the firm is also strengthening a network in former war torn areas. “This year we are going to expand in to another 10 branches, likewise we are targeting to open 10 branches […]
”’ by RAM
Mar 30, 2013 (LBO) – A ‘BBB’ long term rating of Sri Lanka’s Union Bank has been confirmed by RAM Ratings Lanka Plc, with a stable outlook. A ‘P3’ short term rating was also confirmed. “The ratings are supported by the Bank’s healthy capitalisation but tempered by its small stature, below average asset quality, performance […]
Sri Lanka combined cycles more expensive than diesel engines: data
Mar 30, 2013 (LBO) – Sri Lanka’s combined cycle power plants which are supposed to be efficient and cheaper have turned out to be more expensive than internal combustion plants, published data show. According to a consultation document released by the Public Utilities Commission, Sri Lanka’s power regulator, private plants running IC engines including Heladanavi […]
Cutting energy subsidies will slash carbon emissions: IMF
Mar 30, 2013 (LBO) – Cutting energy subsidies will slash carbon emissions while releasing resources for education and health, and helping boost the balance of payments of many countries, the International Monetary Fund has said. An IMF study Energy Subsidy Reform: Lessons and Implications has estimated that direct energy subsidies totaled about 480 billion US […]
Value Destruction
Mar 28, 2013 (LBO) – Sri Lanka’s transport sectors is estimated to contribute to 10 percent of the gross domestic product, but its shortcoming including accidents, traffic jams and delays cost 200 billion rupees, an expert has said.“However about 30 percent is lost due to accidents, congestion, lost time in public transport and damaged goods […]
Fourth Gen
Mar 28, 2013 (LBO) – Sri Lanka’s Dialog Axiata, which bought a slice of 1800MegaHertz band spectrum says it will launch fourth generation high speed mobile broadband services shortly. Dialog group operates Sri Lanka’s largest mobile network with 7.8 million subscribers with GSM, 3G and HSPA+ technology. Dialog says it was chosen as the internet […]
Sri Lanka nationalists attack Muslim-owned store
Mar 29, 2013 (LBO) – A Muslim owned shop in a suburb of Sri Lanka’s capital was torched amid growing Buddhist nationalist attacks against minorities, while police said security has been tightened and they were searching for the perpetrators. “A special police team in investigating the incident,” police spokesman Buddhika Siriwardena said. “We will bring […]
”’ rating confirmed: Fitch
Mar 28, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon had high exposure to the state enterprise with Ceylon Petroleum Corporation making up 20 percent, though some of the loans were guaranteed, Fitch Ratings said. Bank of Ceylon’s capitalization has weakened with dividend payouts by dividend payouts, and high loan growth. “While slowing loan […]