Category: Industry
India construction expo seeks Sri Lanka participation
Nov 01, 2013 (LBO) – Organizers of India’s Excon 2013, touted as South Asia’s largest construction equipment fair say Sri Lanka’s construction industry and component makers can benefit from taking part.The show will have 900 exhibitors including 200 construction equipment makers from outside India. “We would like Sri Lankans who are in the construction industry […]
Google Phone
SAN FRANCISCO, October 31, 2013 (AFP) – Google on Thursday unveiled its Nexus 5 smartphone, putting its premium brand on a device intended to champion the latest version of its Android operating system.The hotly anticipated addition to Google’s Nexus line is powered by a new “KitKat” version of Android, which was redesigned to work across […]
‘s Aitken Spence to up Oman hotels to six
Nov 01, 2013 (LBO) – Sri Lanka’s Aitken Spence Hotels will add another hotel to properties under its management in Oman, taking the total to six, an official said.Aitken Spence also owns and manages hotels in India and the Maldives as well as Sri Lanka and is an expanding regional leisure group. The firm operates […]
Bank Status
Oct 31, 2013 (LBO) – Profits at Sri Lanka’s Seylan Bank group fell 17 percent to 535 million rupees in the September 2013 quarter from a year earlier, on higher loan losses, interim accounts showed.The group reported earnings of 1.55 rupees per share. For the nine months to September the group reported earnings of 4.46 […]
Debt Rating
Oct 31, 2013 (LBO) – Fitch Ratings said a 3.0 billion rupees subordinated debt offer of Sri Lanka’s Nations Trust Bank has been given an expected ‘A-(lka)’ rating. The rating agency also confirmed a ‘A(lka)’ long term rating of the bank, which is a notch higher, with a stable outlook.’ “The ratings reflect NTB’s broadly […]
Textured Jersey Sri Lanka net up 68-pct
Oct 31, 2013 (LBO) – Profits at Sri Lanka’s Textured Jersey Lanka Plc, a fabric maker, rose to 263 million rupees in the September 2013 quarter up 68 percent from a year earlier, on strong European demand and better margins, the firm said. The cash positive firm showed a 19 million rupee net interest income. […]
Sri Lanka state-carrier looks for foreign finance
Oct 31, 2013 (LBO) – Sri Lanka’s state-run SriLankan Airlines is negotiating a 250 million US dollar facility for working capital, a top official said.The carrier is looking for 4-year funding, from international markets chief executive Kapila Chandrasena said. SriLankan Airlines has mapped out an ambitious re-fleeting program involving fuel-efficient Airbus A-350 XWB and new […]
Credit Profile
Oct 31, 2013 (LBO) – Fitch Ratings has confirmed a ‘BBB(lka)’ investment grade rating of Sri Lanka’s Pan Asia Bank but has lowered the outlook to ‘stable’ from ‘positive’.PABC accounted for 1.5% of banking sector assets in Sri Lanka at end-2012 and operated through a network of 73 branches. Fitch said there was an unanticipated […]
Finance Chief
Oct 31, 2013 (LBO) – Nalin Wijekoon, has been appointed President of the Finance House Association of Sri Lanka, an industry body representing registered finance company. The association started in 1958 with 42 member firms. Wijekoon is chief executive of Softlogic Finance Plc. He has over 30 year’s experienced in the financial sector and has […]
Sri Lanka Smart phone sales taking off: Singer
Oct 30, 2013 (LBO) – Smartphone sales are taking off showing fast growth, Singer Sri Lanka, a top consumer durables retailer which launched a slim phone targeting domestic and tourist markets said.Smartphones have an operating system which can run many applications, similar to a small computer, while remaining connected to the internet compared to so-called […]
Smartphone Sales
Oct 30, 2013 (LBO) – Smartphone sales are taking off showing fast growth, Singer Sri Lanka, a top consumer durables retailer which launched a slim phone targeting domestic and tourist markets said. Smartphones have an operating system which can run many applications, similar to a small computer, while remaining connected to the internet compared to […]
Militarization
October 30, 2013 (AFP) – An anti-corruption watchdog Wednesday criticised the appointment of Sri Lanka’s navy chief as head of the country’s shipping company, calling it a further sign of the military’s growing influence. Vice Admiral Jayanath Colombage took over as chairman of the state-run Ceylon Shipping Corporation (CSC) on Tuesday which he will run […]