Category: Industry
Clawback
Apr 07, 2013 (LBO) – A high powered task force will be appointed following a court order to identify assets of directors of Golden Key Credit Card Company, an unregulated financial firm that collapsed five years ago, a media report said.The Sunday Island newspaper said the team will also identify assets the directors have alienated, […]
Wheels
Apr 07, 2013 (LBO) – SML Frontier Automotive (Pvt) Ltd, a unit of listed Sathosa Motors will invest in a one million dollar plant in Hambantota to assemble Land Rovers in Sri Lanka, an official said.At the moment the state has raised taxes on cars bought by ordinary people in the street but elected rulers […]
‘s subsidy calculation flawed: expert
Apr 05, 2013 (LBO) – The calculation of subsidies to customer categories by Sri Lanka’s power regulator was flawed, as the cost of supply to bulk users was lower than retail and domestic customers who were at the tail end of the grid, a top energy expert has said. “I submit to the commission that […]
‘s Liberty Plaza mall in Rs600mn expansion: BOI
Apr 05, 2013 (LBO) – Sri Lanka’s Colombo Land and Development Company Plc, will build a 600 million rupee expansion, through a wholly owned unit, the state investment promotion agency said.Colombo Land owns the Liberty Plaza shopping mall in the Kollupitiya upmarket area in Sri Lanka’s capital. Liberty Developers (Pvt) Ltd has signed an agreement […]
Browns Investments Plc buys Sri Lanka hotel
Apr 05, 2013 (LBO) – Browns Investments Plc said it had bought a 51 percent stake in a 67-room luxury hotel in Dambulla in Central Sri Lanka for 500 million rupees.. The 67-roomed hotel, operated by Green Paradise (Pvt) Ltd, in Kambukkanwala, Dambulla, is close to ancient cities in Sigiriya, Anuradhapura and Polonnaruwa, the firm […]
Tele Credit
Apr 04, 2013 (LBO) – HSBC said it had arranged a 100 million US dollar export credit from Belgium for Etisalat Sri Lanka to expand its network with equipment made by Alcatel-Lucent. “The strong partnership with HSBC, ONDD and Alcatel-Lucent will now enable us to offer the best in technology and services to our customers.” […]
Withdrawn
Apr 04, 2013 (LBO) – Fitch Ratings has confirmed and withdrawn a ‘BB-(lka)’ rating of Sri Lanka’s Vallibel Finance Plc.Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for VFL.The rating has a negative outlook.Fitch said it had withdrawn the rating as […]
‘s murky power utility costs under fire
Apr 04, 2013 (LBO) – Costs claimed by Sri Lanka’s power monopoly Ceylon Electricity Board are murky, the efficiency of expensive plants and other costs are not independently audited, respondents at a public hearing on a proposed tariff hike said. Disallowing around 30 billion rupees from the tariff filing also raised more questions about cost […]
Sri Lanka should push harder to cut peak power demand: think tank
Apr 04, 2013 (LBO) – Sri Lanka should push harder on cutting peak power demand as ‘average’ costs are meaningless and trimming the most expensive 5.0 percent of energy has the potential to eliminate losses at Ceylon Electricity Board, a think tank has said.About 17 percent of the generation costs of state-run Ceylon Electricity Board […]
‘s CEB should not subsidize places of worship: power users
Apr 04, 2013 (LBO) – Sri Lanka’s power utility should stop subsidizing places of religious worship which had their own methods of deriving income and some were operating commercial businesses, respondents at a hearing on a tariff hike said. “Places of worship are given power at very low rates and I do not think it […]
‘s Insurance Sri Lanka says profits surge
Apr 04, 2013 (LBO) – People’s Insurance Limited, a unit of People’s Leasing and Finance, Sri Lanka’s largest non-bank lender said profits rose 226 percent to 235 million rupees, helped by underwriting profits and investment income. “The insurance market has not completely penetrated; therefore we don’t need to eat in to other company’s markets,” he […]