Category: Industry
‘s Janashakthi Insurance targets 15-pct top line growth
Sept 19, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance, which marks 18 years of operations in September, is expecting revenues to grow 15 percent to 8. 0 billion rupees in 2012, managing director Prakash Schaffter said. In the six months to June, gross written premium grew 14 percent to 3. 8 billion rupees. The composite […]
Bank Rating
Sept 20, 2012 (LBO) – RAM Ratings has confirmed an ‘AAA’ long term and ‘P1’ short term rating of Sri Lanka’s Standard Chartered Bank branch, with a stable outlook. The full statement is reproduced below: RAM Ratings Lanka reaffirms AAA/P1 rating to Standard Chartered Bank-Sri Lanka branch RAM Ratings Lanka has reaffirmed the respective long- […]
Tele Expansion
Sept 18, 2012 (LBO) – Mobitel, a unit of Sri Lanka Telecom, the island’s largest telecom group has signed a 40 million US dollar deal with China’s ZTE to build base stations, and Huawei, another Chinese firm to expand network capacity. Huawei said in a statement that it had inked a deal to renovate and […]
Sri Lanka destination promotion during Twenty20 cricket series
Sept 18, 2012 (LBO) – Sri Lanka’s tourism promotion office said it will promote the Indian Ocean Island during a cricket series in a deal struck with the governing body of the popular fast version of the sport watched by millions of fans around the world. Sri Lanka Tourism Promotion Bureau will be the official […]
Sri Lanka power generation up 5.6-pct in first half
Sept 17, 2012 (LBO) – Sri Lanka’s power generation rose 5.3 percent to 5,875 GigaWatt hours (millions of units) in the six month to June from a year earlier, while growth during the month was 2.0 percent, official data shows. During the month of June power generation rose 2. 0 percent to 982GWh. CEB’s hydro […]
Bank Rating
Sept 17, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s Standard Chartered Bank brand based on support from its parent. The bank is facing a 27 billion rupee fine related to an alleged exchange control violation which has been appealed, but Fitch says it is likely that there will be […]
Faster Roads
Sept 17, 2012 (LBO) – The Asian Development Bank has approved 98 million US dollars in additional financing to expand a road re-building program in Sri Lanka’s North Central Province and war torn Northern Province. The project will reduce travel time on the road by an average of 20 percent from the 2010 level. “The […]
Logistics
Sept 17, 2012 (LBO) – Sri Lanka’s Hemas group said it has formed a logistics company with Forwardair Logistics (Pvt) Ltd, taking 50 percent of the joint venture and branding it Hemas Logistics. “With this joint venture we will expand our integrated logistics solutions capability through container transport and the movement of over-dimensional and project […]
Steady State
Sept 16, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of Sri Lanka’s HSBC branch with a stable outlook, citing support from its parent, Hongkong and Shanghai Banking Corporation Limited. HSBCSL’s National Long-Term Rating is at the highest end of the National Rating scale. A downgrade of HSBCSL rating could result from HKSB’s […]
Sri Lanka state carrier in code-share flight to Italy
Sept 16, 2012 (LBO) – State-run SriLankan Airlines said it will fly to Rome and Milan code sharing with Italy’s Alitalia from September 16. Flight no UL2028 will be operated in association with Alitalia, the airline said in a statement. .
No Change
Sept 15, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating of the Sri Lanka branch of Citibank with a stable outlook, saying it is strongly capitalized and had support would be available from the parent unit. The bank had no bad loans but had a 44 percent concentration on the appare sector. The […]
Vehicle Trend
Sept 15, 2012 (LBO) – Sri Lanka’s vehicle registrations had fallen 39.5 percent to 27,185 in August 2012, from a year earlier, though there was marginal pick up from a low of around 24,000 hit in June, an analysis by an equities research house has showed. Luxury Mercedes, BMW and Audi units fell just 11 […]