Category: Industry
Tight Quarter
Aug 14, 2013 (LBO) – Profits at Commercial Bank of Ceylon, Sri Lanka’s largest private lender fell 5.0 percent to 2.3 billion rupees in the June 2013 quarter, amid forex losses on foreign funding, interim accounts showed. The bank’s core capital adequacy rose to 13.85 percent to by June from 12.63 percent in December and […]
Spectator Port
Aug 14, 2013 (LBO) – Large crowds have surged to view a billion US dollar port expansion project in Sri Lanka after the state port agency opened its doors to the public, extending a deadline twice on popular appeal.The port had not seen by many people in Sri Lanka, as it was under tight security […]
Vehicle Trend
Aug 14, 2013 (LBO) – Sri Lanka’s car registration have surged forward to a 15-month high of 2,305, up 74.6 percentfrom a year earlier, mostly driven by pre-registered cars, an analysis of data shows. But rulers gave state workers tax slashed permits most of which are now being sold to the more affluent ordinary citizens, […]
Disruptive Tech
NEW YORK CITY, August 14, 2013 (AFP) – Having turned print media upside down, the Internet now is disrupting television, forcing broadcasters to adapt to tablets and video-on-demand to hold onto views and advertisers. Viacom and CBS have seen their income stemming from program distribution rights leap 28 and 22 percent respectively, due in part […]
Gilt Glitter
Aug 14, 2013 (LBO) – Defaults in Sri Lanka’s gold-backed loans will grow and keeping defaulters out of a credit information system increases moral hazard by not discouraging default, an international credit rating agency said. Standard & Poor’s said in a report that defaults in gold-backed loans in banks covered by the agency was rising. […]
Singapore firm launches in-flight Muslim prayer app
SINGAPORE, August 13, 2013 (AFP) – A Singapore-based company has launched an iPhone app alerting Muslims when to pray and in which direction they should face even when they’re 35,000 feet in the air.Travellers input the flight details and are provided with prayer times during their journey, as well as the direction of the Muslim […]
Asset Rich
Aug 13, 2013 (LBO) – Profits at Sri Lanka’s DFCC Bank group was flat at 595 million rupees for the June 2013 quarter from a year earlier, while the company also made unrealized gains in 558 million rupees on listed shares. Unrealized gain in listed stocks, mostly in Commercial Bank of Ceylon was 585 million […]
One Offs
Aug 13, 2013 (LBO) – Profits at Sri Lanka’s Hatton National Bank rose 27 percent to 2.1 billion rupees in the June 2013 quarter from a year earlier, helped by higher net interest income and a one-off reversal in employee compensation. The bank’s gross non performing advances ratio stood at 4.55 percent at the end […]
Sri Lanka state airline on track for direct China flights
Aug 12, 2013 (LBO) – State-run SriLankan Airlines is on track to fly direct to China next year as traffic to Colombo picks up, a top official said.SriLankan is now flying to China via Bangkok, with tourists to Maldives being a key contributor to filling seats.But direct traffic to Sri Lanka has been picking up. […]
Core Capital
Aug 12, 2013 (LBO) – Sri Lanka’s banks had reasonable capital buffers, higher than Vietnam and India but when adjusted for gold loans and some state exposures, core capital was lower than reported, Fitch Ratings officials said. Sri Lanka has zero risk weight for gold-backed or ‘pawning’ loans, a highly accessible tool that provide over-the-counter […]
Settlement Plan
SAN FRANCISCO, August 11, 2013 (AFP) – Online financial transactions titan PayPal says it is keen to collaborate with others as it strives for a cash-free future.“We are all about working with developers to let them take advantage of the heavy lifting we’ve done when it comes to moving money around the world,” Hill Ferguson, […]
Brazil to privatize two airports in late October
BRASÃLIA, August 9, 2013 (AFP) – An auction to privatize airports in Rio and Belo Horizonte, two host cities for the 2014 World Cup, will be held on October 31, Brazilian authorities said Friday. Presidential chief of staff Gleisi Hoffmann announced the date for the auction to sell concessions to run Rio’s Galeao airport and […]