Category: Industry
Top Rating
Sept 13, 2013 (LBO) – A ‘AAA(lka)’ rating of Sri Lanka’s Dialog Axiata has been confirmed by Fitch Ratings with a stable outlook.“Dialog’s rating reflects Fitch’s expectations that its 83 percent-parent, Axiata Group Berhad of Malaysia (Axiata), is likely to provide support if required, given operational and strategic linkages between the companies,” the rating agency […]
Chinese Links
Sept 13, 2013 (LBO) – A top delegation from Sri Lanka’s banking sector headed by Central Bank Governor Nivard Cabraal had talks with key Chinese banks which are among the largest in the world. “We are establishing links with Chinese banks,” Cabraal told LBO in a telephone interview. “There has been a very good interaction. […]
Energy View
PARIS, September 12, 2013 (AFP) – An increase in output should help cushion oil markets seized by tension over a possible conflict in the Middle East, the IEA said Thursday, with emerging market nations facing difficulties due to their falling currencies.The slow pace of the global economy led the International Energy Agency to keep its […]
Sri Lanka port expansion with UltraTech cement
Sept 12, 2013 (LBO) – UltraTech Cement Lanka (Pvt) Ltd, a unit of India’s Aditya Birla group said it had provided 90 percent of the cement for Sr Lanka’s Colombo South Harbhour expansion.It had supplied 160,000 metric tonnes for the project over two years, the firm said in a statement. Kiran Redkar, chief exective UltraTech […]
Debt Sale
Sept 12, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon will sell 8.0 billion rupees of junior debt to boost regulatory capital. Fitch Ratings said it had given the debt an ‘AA(lka)’ expected rating. The bond is rated one notch below Bank of Ceylon’s national rating of ‘AA+(lka)’ because as regulatory Tier II debt […]
‘s Lanka Ventures invests in Bangladesh power
Sept 11, 2013 (LBO) – Lanka Ventures Plc, a unit of Sri Lanka’s Acuity Partners, group said it had invested 2.0 million US dollars in a 52.2 MegaWatt heavy fuel power plant in Bangladesh.Acuity Partners is owned by Sri Lanka’s DFCC and HNB banking groups. Raj Lanka Power Company Ltd, promoted by Sri Lanka based […]
Gas Premium
TOKYO, September 10, 2013 (AFP) – Japan called Tuesday for a reduction in the price of liquefied natural gas and a rebalancing of the global market.“I don’t understand this phenomenon,” he told the conference. Hirose added that the vast utility was diversifying its energy sources in order to reduce costs. But officials from gas-producing nations […]
No Nationalism
BRUSSELS, September 10, 2013 (AFP) – The EU presents a radical shake-up of the telecoms sector Wednesday, aiming to enforce a single telecoms market and remove unpopular mobile phone roaming charges it claims are unjustified.Commission President Jose Manuel Barroso will unveil the plans to the European Parliament in his last annual ‘State of the Union’ […]
Bank Report
Sept 10, 2013 (LBO) – Bad loans rose across Sri Lanka’s listed banks as economic conditions weakened and defaults in gold loans took their toll, but capital remained strong, and loan to deposit ratios were narrowing, an equities research report said.A report by CAL Research said gross NPL ratios of banks had risen 72 basis […]
”s Avic
Sep 09, 2013 (LBO) – Sri Lanka’s Lee Hedges Plc is seeking shareholder nod to sell land worth 1.24 billion rupees to a Chinese led mixed development project. Lee Hedges said it is selling 181 perches of land (about 1.2 acres) to Avic International Hotels Lanka Ltd, promoted by Chinese defence contractor Avic. The firm […]
Opposition Warning
Sept 06, 2013 (LBO) – Sri Lanka’s main opposition has warned that several finance companies are taking public deposits without meeting minimum statutory requirements, saying action was needed prevent disasters. “It is well known to the regulators and financial analysts that several finance companies who are still taking public deposits are on the verge of […]
Sri Lanka and India in link to boost textile sector
Sept 05, 2013 (LBO) – India and Sri Lanka will sign a deal to promote handloom, powerloom and textile as a delegation visits the island during a fabric exhibition to be held next week.Zohra Chatterji, secretary of the ministry of textiles will lead a business and official delegation to the island and sign a memorandum […]