Category: Industry
Acquisition
July 01, 2014 (LBO) – Sri Lanka’s TKS Finance Limited said it was acquiring Asian Finance Limited under a financial sector consolidation initiated by the regulator.The company said its shareholder planned to inject more capital to the merged entity. It would have a branches in Colombo, Ratnapura, Matara, Negombo, Nugegoda, Kandy, Kiribathgoda, Kurunegala, Galle, Ambalangoda […]
Football: Ten-man Costa Rica stun Greece in penalty shoot-out
RECIFE, June 30, 2014 (AFP) – Costa Rica goalkeeper Keylor Navas claimed man-of-the match honours as his side sank Greece in a penalty shootout to reach the World Cup quarter finals for the first time and a clash with the Netherlands.Reduced to 10 men in the second half, Costa Rica still seemed to be on […]
SriLankan Airlines govt guaranteed debt draw US$3bn in orders
June 30, 2014 (LBO) – A 175 million US dollar debt offer by state-run SriLankan Airlines drew orders worth 3.0 billion US dollars from 85 parties, the carrier and book runner Standard Chartered Bank said. Sri Lankan Chief Executive Kapila Chandrasena said international investors had shown interest in the airline and it showed the confidence […]
Credit Trend
June 30, 2014 (LBO) – Sri Lanka’s credit to private business from commercial banks fell 15.7 billion rupees in April 2014, while credit to government also fell, official data showed, as inflation remained low and the exchange rate was strong. Credit to state enterprises edged up to 331.1 billion rupees in April from 330.0 billion […]
New Bank
Starting Up June 30, 2014 (LBO) – Cargills Bank Plc, Sri Lanka’s newest commercial bank promoted by listed Cargills (Ceylon) Plc and CT Holdings opened for business Monday. The bank was issued a provisional license shortly before the Central Bank started a process to consolidate the banking sector. Central Bank Governor Nivard Cabraal said as […]
Sri Lanka finds better alternative to Iranian crude: minister
June 27, 2014 (LBO) – Sri Lanka has found a better alternative to Iranian oil to feed its ageing refinery which was not able to get high yield of light distillates from processing other types of crude, Petroleum Minister Anura Yapa said.Yapa denied that Sri Lanka has imported Iranian crude through third parties, though reports […]
Sri Lanka looking for alternative ways to unload crude: minister
June 26, 2014 (LBO) – Sri Lanka is looking for a small vessel to unload crude mid-sea from tankers and bring oil to a refinery after a hose in an offshore mooring buoy burst, petroleum minister Anura Yapa said. He said if necessary refined products could be imported. Already two thirds of the fuel to […]
Cricket: Sri Lanka seal thrilling England series win
LEEDS, June 24, 2014 (AFP) – Sri Lanka beat England with just one ball to spare to win the second Test at Headingley by 100 runs on Tuesday and take the two-match series 1-0.It was a desperately close call but the former Australia seamer ruled in Sri Lanka’s favour. After tea, left-arm spinner Herath, who […]
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LEEDS, June 25, 2014 (AFP) – Sri Lanka captain Angelo Mathews had the ideal response to criticism from former England skipper Michael Vaughan regarding the Islanders’ “county” attack after the tourists completed a dramatic Test series win at Headingley.Mathews’s men won the second Test by 100 runs after paceman Shaminda Eranga dismissed England No 11 […]
Education Hub
June 25, 2014 (LBO) – Villa College, a Maldives-based higher education institute, is setting up an arm in Sri Lanka which will be developed into a residential campus, the state investment promotion agency said.The BOI which gives tax breaks and investment approvals had signed an agreement with Ahmed Anwar, Rector of Villa College and Chief […]
Bank Rating
June 24, 2014 (LBO) – Fitch Ratings said a ‘B+’ rating of Sri Lanka’s National Development Bank has been confirmed with a ‘stable’ outlook. Fitch also confirmed its foreign currency rating of ‘B+/Stable’ and withdrew a ‘B+(EXP)’ rating given to a proposed dollar bond sale which has since been abandoned. NDB is in merger discussions […]
Foreign Funding
June 24, 2014 (LBO) – Sri Lanka’s National Bank Plc raised 75 million US dollars with backed by the International Finance Corporation adding to 125 million dollars raised in March, officials said. The proceeds will be used to finance up to 50,000 micro and small scale enterprises. The IFC itself gave 20 million US dollars […]