Category: Industry
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 […]
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 […]
” 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 […]
Cricket: Sangakkara lifts Sri Lanka with 34th century
CHITTAGONG, February 4, 2014 (AFP) – Kumar Sangakkara became the leading century-maker among active Test players as Sri Lanka bounced back strongly after a shaky start in the second Test against Bangladesh in Chittagong on Tuesday.The tourists, who won the first Test by an innings and 248 runs in Dhaka last week, recovered from 49-2 […]
Credit Trend
Feb 03, 2014 (LBO) – Sri Lanka’s private credit is expected to pick up from this quarter, based on historical trends, but there could be a delay, Standard Chartered Bank said, as credit slowed following a balance of payments crisis.The report said further monetary easing should be viewed cautiously as it could generate currency instability […]
Consolidation
Jan 31, 2014 (LBO) – Sri Lanka’s banks and non-bank firm consolidation was progressing with meeting with individual firms with the regulator with preliminary plans expected to be submitted by March 31. In addition, the Central Bank requested all banks, NBFIs and others who are involved in the process to continue a close dialogue with […]
Sri Lanka probes China coal plant for defective materials, design
Jan 31, 2014 (LBO) – Sri Lanka is probing a Chinese built coal plant for possible material, design or construction defects, following leaks in a steam cooling unit, officials said. Power minister Pavithra Wanniarachchi said she had informed Chinese embassy officials at a meeting in Colombo that the builders had to bear responsibility for the […]
Sri Lanka JKH unit gets Air France-KLM agency
Jan 31, 2014 (LBO) – Mack Air (Pvt) Ltd, a unit of Sri Lanka’s John Keells Holdings said it will be the general sales agent for Air France – KLM in the island from February 2014.The agency for the Netherlands-based KLM was held by Sri Lanka’s Carson Cumberbatch for 50 years, dating back from before […]
Capital Raising
Jan 31, 2014 (LBO) – Sri Lanka’s Commercial Credit and Finance Plc said it planned to raise 1.6 billion rupees from a US registered company.Creation Investments Sri Lanka LLC, a Delware, USA, registered firm will initially buy 40 million shares at 21 rupees each for 1,008 million rupees, the firm said in a stock exchange […]