Category: Industry
Sri Lanka lets Australian hotelier back in after flag spat
COLOMBO, December 24, 2013 (AFP) – The Australian owner of one of the world’s most exclusive hotels was given temporary permission to return to his adopted Sri Lankan homeland Tuesday after being barred in a spat over the national flag. His portfolio includes the private Taprobane Island, whose guests have included pop stars Sting and […]
Capital Raising
Dec 24, 2013 (LBO) – Sri Lanka’s Amana Bank has received 1. 5 billion rupees of subscription for its initial public offer and would close on December 24, registrars to the issue said. The bank offered 214.3 million shares at 7.0 rupees and a further 71.5 million shares if the first tranche was fully taken […]
Rating Cut
Dec 24, 2013 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Multi Finance Plc, a registered finance company by two levels to ‘B-(lka)’ on rising non performing loans. The firm was also place on negative watch at the new rating level. Fitch said the firm’s unprovided loan losses exceeded equity. Sri Lanka’s economy has been […]
Hafeez all-round acts help Pakistan beat Sri Lanka
SHARJAH, December 22, 2013 (AFP) – Mohammad Hafeez demonstrated his all-round skills to guide Pakistan to a convincing 113-run win over Sri Lanka in the third day-night international on Sunday.The 33-year-old right-hander smashed a career best unbeaten 140 to steer Pakistan to an imperious 326-5 before Hafeez the bowler took 2-35 to dismiss Sri Lanka […]
Lowered
Dec 19, 2013 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Union Bank of Colombo Plc by one notch to ‘BB(lka)’ on rising non-performing loans. The outlook was revised to stable from negative at the lower rating. “The downgrade reflects the deterioration in UB’s credit profile, in terms of its asset quality and capitalisation,” the […]
‘s hard-fought win
SHARJAH, December 18, 2013 (AFP) – Pakistan survived a late order scare from Sri Lanka to pull off an exciting 11-run win in the first one-day international in Sharjah on Wednesday, to go 1-0 up in the five-matchs series.Pakistan’s innings was built around a brilliant 122 from Mohammad Hafeez which saw them post an impressive […]
Sri Lanka exports up 27-pct in November: ministry
Dec 19, 2013 (LBO) – Sri Lanka’s exports rose 27 percent in November 2013 from a year earlier, with revenues during the first 11 months growing 5.1 percent, the commerce ministry said. In October 2012, Sri Lanka earned 827.6 million US dollars from exports and revenues for the 11 months were down 6.6 percent at […]
Tele Consolidation
Dec 18, 2013 (LBO) – Bharti Airtel is close to exiting Sri Lanka after investing 300 million US dollars to acquire two million users, a media report said.India’s Hindu Business Line newspaper citing un-named sources said after give months of negotiations it was close to a sale to Etisalat, which had a five million user […]
”s Minor start building US$40mn hotel
Dec 18, 2013 (LBO) – Sri Lanka’s Hemas Holdings said it has started construction of a 40 million US dollar joint venture hotel with Thailand based Minor Hotel Group.It will operate under Minor group’s Anantara brand which is a 28-hotel chain in 8 countries with 15 more properties under development. The foundation stone for the […]
Transit Point
COLOMBO, December 17, 2013 (AFP) – Sri Lanka has recorded a sharp rise in drug busts, suggesting the island is becoming a transhipment hub for heroin in Asia, a government minister said Tuesday. In August, Sri Lanka customs found 260 kilos (572 pounds) of pure heroin in a container at the Colombo port. The cargo […]
‘s Calamander invests US$10mn in Sri Lanka hotel
Dec 17, 2013 (LBO) – Singapore-based Calamander group has invested 1.35 billion rupees (10 million US dollars) to acquire and upgrade a hotel in Sri Lanka. Calamander had bought Unawatuna Beach Resort just off Galle in Southern Sri Lanka for around one billion rupees in 2011 and rebuilt it by investing another 350 million rupees. […]
Credit Trend
Dec 17, 2013 (LBO) – Sri Lanka’s commercial bank credit to the state surged in October 2013 following a net payback in September, while credit to business also rose, official data showed. Sri Lanka is recovering from a balance of payments crisis, which was originally fired by central bank credit injections to the banking system […]