Category: Industry
Mergers
Jan 02, 2014 (LBO) – Sri Lanka’s Central Bank is expecting two development banks and smaller state banks to be merged, Governor Nivard Cabraal said.National Savings Bank, another state bank will have to broaden their services, he said. New foreign banks setting up in Sri Lanka will also have to be locally incorporated. At the […]
Financial Consolidation
Jan 02, 2014 (LBO) – Sri Lanka’s finance companies will be encouraged to merge with each other and banks and outside investors will be invited in a bid to strengthen capital deficient ones, Central Bank Governor Nivard Cabraal said. The regulator would like to see 58 non-bank financial institutions consolidated into 20 larger ones, he […]
Junaid, Bhatti destroy Sri Lanka in first cricket Test
ABU DHABI, December 31, 2013 (AFP) – Pacemen Junaid Khan grabbed five and Bilawal Bhatti took three wickets as Pakistan caught Sri Lanka napping at 167-8 at tea on the opening day of the first Test in Abu Dhabi on Tuesday.Pakistan strove hard for wickets in the first hour but wasted one review when they […]
Oil Switch
Dec 30, 2013 (LBO) – Sri Lanka will start selling petrol with an Octane count of 92 from January 2014 and will discontinue 90-octane fuel, petroleum minister Anura Yapa said. Minister Yapa said state-run Ceylon Petroleum Corporation and the second player Lanka IOC will both sell 92-Octane petrol. There will be no change to retail […]
Acess Points
Dec 30, 2013 (LBO) – About 11.4 percent of households in Sri Lanka have internet access at home, with 9.2 percent accessing through other means with communications centres were playing a key role, official data shows. In Trincomalee 3.7 percent of households had internet access through Nanasala booths, followed by 3.6 percent in Ampara and […]
Sri Lanka pull off thrilling consolation win over Pakistan
ABU DHABI, December 27, 2013 (AFP) – Dinesh Chandimal kept his nerve to pull off a sensational two-wicket win for Sri Lanka in the fifth and final one-dayer in Abu Dhabi on Friday, but Pakistan took the five-match series 3-2.Chandimal finished with 64 not out off 70 balls and added a match-turning 40 runs for […]
Hafeez, Ajmal guide Pakistan to series-clinching win
ABU DHABI, December 25, 2013 (AFP) – Mohammad Hafeez notched his third hundred of the series while off-spinner Saeed Ajmal grabbed four wickets to help Pakistan beat Sri Lanka by eight wickets in the fourth one-day international on Wednesday.Hafeez finished with 113 not out for his ninth one-day hundred as Pakistan knocked off their modest […]
Sri Lanka win toss, opt to bat in must win game
ABU DHABI, December 25, 2013 (AFP) – Sri Lankan captain Angelo Mathews won the toss and opted to bat in the fourth one-day international against Pakistan in Abu Dhabi on Wednesday. Pakistan, who lead the series 2-1, remained unchanged from the side which won the third match in Sharjah by 113 runs on Sunday. Sri […]
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 […]
Sri Lanka tourist growth slows in November
Dec 24, 2013 (LBO) – Sri Lanka’s tourist arrivals grew 2.8 percent from a year earlier 112,213 million in November 2013, the slowest growth registered in any month in over three years. The State ordered hotels to restrict bookings from regular tourists during the Commonwealth meet and room rates were also boosted up. Given sufficient […]