Category: Industry
Sri Lanka exports up 6.3-pct, imports down 6.2-pct in 2013
Feb 10, 2014 (LBO) – Sri Lanka’s exports rose 6.2 percent to 10.38 billion US dollars in 2013 from a year earlier and imports fell 6.2 percent to 17.99 billion US dollars, the Central Bank said.In December 2013 exports rose 13.2 percent from a year earlier to 986.1 million US dollars with industrial products up […]
Asia-Pacific needs nearly 13,000 new planes by 2032: Boeing
SINGAPORE, February 10, 2014 (AFP) – The Asia-Pacific will require almost 13,000 new airplanes worth .9 trillion over the next 20 years, Boeing said Monday, as booming wealth in the region fuels demand for air travel.Ahead of the Singapore Airshow, the US plane maker said 12,820 extra aircraft would be needed by 2032 and that […]
Merger Moves
Feb 10, 2014 (LBO) – Sri Lanka’s banks could benefit from a regulatory move for consolidation, despite heightened short term risks, Standard & Poor’s, a rating agency said. Sri Lanka’s central bank is pushing banks and finance companies to merge, to reduce the total number in operation and make remaining ones bigger. “We believe Sri […]
Risky Business
Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said.Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers who […]
Capital Injection
Feb 09, 2014 (LBO) – Sri Lanka’s Nation Lanka Finance Plc, a registered finance company is getting a 700 million rupee equity investment which will boost its capital over a few weeks, officials said.Financing by GEM was arranged by Yenom (Pvt) Ltd, a company operated by Kosala Heengama and Gregory Scott Newsome, who were connected […]
Cricket: Sangakkara hits another ton as Sri Lanka eye win
CHITTAGONG, February 7, 2014 (AFP) – Kumar Sangakkara became the second batsman in history to score a triple-century and a hundred in the same match as Sri Lanka pressed for victory in the second Test against Bangladesh in Chittagong on Friday.Spinner Ajantha Mendis finished with six for 99, having claimed both the remaining wickets after […]
Cricket: ICC board discusses controversial revamp
SINGAPORE, February 8, 2014 (AFP) – The International Cricket Council (ICC) board met to discuss controversial proposals to hand wide-ranging powers to the “Big Three” of India, England and Australia on Saturday, following strong opposition from some members.The full board went into talks at a luxury hotel in Singapore at about 11:00 am (0300 GMT) […]
Cricket: ICC passes controversial revamp despite protests
SINGAPORE, February 8, 2014 (AFP) – Cricket’s world body Saturday passed a wide-ranging and controversial shake-up of its governance and structure despite strident protests that it gives too much power to the “Big Three” of India, England and Australia.The dominant trio seemed to be the big winners after the proposals were approved by the necessary […]
” power grab at ICC
LONDON, February 7, 2014 (AFP) – Plans to give India, England and Australia greater power in running the International Cricket Council have been blasted as “entirely motivated by money” by the judge asked to review its governance.Last month the ICC said it had reached “unanimous agreement” on the outline of a plan to give the […]
‘s Janashakthi in travel insurance
Feb 07, 2014 (LBO) – Sri Lanka’s Janashakthi Insurance said it has launched a worldwide travel insurance product which was also available for subscribers of Dialog Telekom. Worldwide travel insurance covering hospitalization of up to 50,000 US dollars and 25,000 for accidental death and disability is also provided for subscribers of Dialog Telekom, for 175 […]
Capital Plan
Feb 06, 2014 (LBO) – Nations Lanka Finance Plc said it would raise 1.4 billion rupees by selling shares to a foreign investor.The firm said in a stock exchange filing that it wanted to sell shares and warrants totaling 29.9 percent of company to Global Emerging Markets Yield Fund LLC. Sri Lanka’s finance companies are […]
Rating
Feb 06, 2014 (LBO) – Sri Lanka’s MCSL Financial Services Ltd has been given a ‘BBB’ rating by RAM Ratings Lanka, and a subordinated debenture ‘BBB-‘. The ratings were supported by its ultimate parent, state-run Bank of Ceylon. MCSL’s gross NPL ratio worsened from 8.76 percent as at end-FY Dec 2011 to 10.41 percent by […]