Category: Industry
”’ rating confirmed
July 22, 2014 (LBO) – Fitch Ratings said it was confirming a ‘B’ issuer financial strength rating of Sri Lanka’s Asian Alliance Insurance Plc (AAIP). It also confirmed a National Insurer Financial Strength Rating and National Long-Term Rating of ‘BBB+(lka)’ with a stable outlook. Fitch said the rating reflected benefit that could come from being […]
Key Speaker
July 22, 2014 (LBO) – Alpesh Shah, a Senior Partner and Managing Director of the Indian Unit of the Boston Consulting Group, will address a business forum in Colombo in August.Ceylon Chamber of Commerce said Shah will speak at the upcoming ‘Sri Lanka Economic Summit’ on the topic of ‘Colombo as a Financial Hub at […]
Consolidation
July 22, 2014 (LBO) – George Steuart Finance Deshodaya Development Finance Limited (DDFC), has inked a deal to acquire George Steuart Finance Plc, which valued the licensed finance company at 500 million rupees. In the year to March, George Steuart Finance reported profits of 4.6 million rupees (45 cents per share) on interest income of […]
Sri Lanka 30MW hydro plant financed by ADB; protection for endangered fish
July 21, 2014 (LBO) – Asian Development Bank is financing a 30MegaWatt hydro plant with a 150 million US dollar credit, and the project will have measures to protect an endangered fish in the river.The Moragolla hydro power plant is estimated to generate 97.7 GigaWatt hours (millions of units of electricity) of energy a year, […]
Cricket: Steyn stars in big South Africa win
GALLE, July 20, 2014 (AFP) – Dale Steyn grabbed a match haul of 9-99 as South Africa thrashed Sri Lanka by 153 runs on the fifth and final day of the first Test on Sunday.Sangakkara was dropped on 65 but failed to take advantage of the reprieve, pulling Duminy to short midwicket where Amla took […]
Cricket: Sangakkara keeps alive Sri Lanka victory dream
GALLE, July 19, 2014 (AFP) – Kumar Sangakkara smashed his 49th half-century as Sri Lanka launched a stunning fightback on the fourth day of the first Test against South Africa on Saturday. De Kock fell on the last ball before the break, lobbing an easy return catch to Perera. Opener Dean Elgar, who made 103 […]
Pawning Loans
July 17, 2014 (LBO) – Benefits from a state guarantee for gold-backed loans (pawning) will be temporary, a report by Standard & Poor’s, a rating agency said. “The credit guarantee for pawning loans will provide only brief respite to Sri Lanka’s banking industry, which is still struggling to overcome the effects of declining gold prices,” […]
Merger Consultants
June 17, 2014 (LBO) – Sri Lanka’s National Development Bank and DFCC Bank has engaged Boston Consulting Group (India) Pvt Ltd, to advice on a planned merger. The banks said in a joint stock exchange filing that no final decision has been made on the merger. The two banks are merging under a regulatory move […]
‘s 50
GALLE, July 17, 2014 (AFP) – Rookie batsman Quinton de Kock hit a maiden half-century as South Africa moved to 331-7 at lunch on the second day of the first Test against Sri Lanka on Thursday. De Kock, playing his second Test after making his debut in February, hit six fours in his promising 90-ball […]
Consolidation
July 17, 2014 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said it will acquire Indra Finance, a finance company linked to a top vehicle retailer for 870 million rupees. Indra Finance had 507 million rupees in equity 73 million rupees in profits and 2.0 billion rupees in assets according to the last balance sheet […]
Sri Lanka to re-start oil refinery
July 16, 2014 (LBO) – Sri Lanka has repaired an offshore unloading buoy allowing state-run Ceylon Petroleum Corporation to re-start its refinery which was closed due to lack of crude stocks, the petroleum ministry said.The buoy was repaired on July 15 and 50,000 barrels were unloaded yesterday, the ministry said, allowing the refinery to start […]
Top Appointment
July 16, 2014 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said Sivakrishnarajah Renganathan, the Bank’s Deputy General Manager Personal Banking has been appointed Chief Operating Officer and Executive Director. The appointment takes effect on July 17. He has been with Commercial Bank for 34 years. In July 2003, he was appointed country manager Bangladesh, […]