Category: Industry
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 […]
Dollar Finance
Aug 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata, the country’s largest mobile operator said it had raised 200 million US dollars from a syndicated loan.The 5-year loan had been arranged by OCBC Bank Malaysia Berhard and Standard Chartered Bank, Dialog said in a statement. The fund will be used for capital expenditure, working capital […]
Rating Confirmed
Aug 09, 2013(LBO) – RAM Rating has confirmed Commercial bank’s rating at AA+ with a stable outlook. Media contact Nilusha Fonseka (9411) 2553089 The ratings are based on the Bank’s strong market position in the island as the largest privately-owned licensed commercial bank and third-largest overall,” the rating agency said in a statement. The ratings […]
SriLankan to break even over four years with new fleet
Aug 08, 2013 (LBO) – State-run carrier SriLankan airlines group is planning to break even in the year to March 2017, after running about 335 million US dollars of losses in the intervening years, an official said. Sri Lankan is buying 13 new aircraft from Airbus which will be more fuel efficient saving costs and […]
Sri Lanka Crown project to be built on same place: minister
Aug 08, 2013 (LBO) – A large casino resort by Australia’s Crown group will be built on the original location and they have only been informed to design two towers to maintain a view of a nearby lake, a minister said.Investment promotion minister Lakshman Yapa Abeywardene said the project, which borders Colombo’s Beira Lake should […]
Bank Award
Aug 08, 2013 (LBO) – HSBC said it had been named the best internet bank by Gobal Finance, a magazine for the eight year running. HSBC’s Internet banking platform has created a simpler, quicker and more convenient method for banking. James Rebert, head of cards, products and service, HSBC said in a statement. We are […]
Dilshan blitz helps Sri Lanka win cricket T20 final
HAMBANTOTA, August 6, 2013 (AFP) – Tillakaratne Dilshan smashed an unbeaten 74 off 51 balls as Sri Lanka defeated South Africa by six wickets in the final Twenty20 game Tuesday to retain their number one ranking in the short format.Du Plessis and Duminy put on their century stand after opener Henry Davids had been dismissed […]