Category: Industry
Stable Outlook
June 26, 2012 (LBO) – Fitch Ratings Sri Lanka revised Sinhaputhra Finance PLC’s outlook upwards to ˜stable’ from ˜negative’ on improvements in its credit risk management practices. The outlook revision and affirmation reflects¦ subsequent stabilisation and enhancement in its asset quality, although the latter still remains weaker than its peers’ average, the risk evaluator said […]
Safe Zone
June 26, 2012 (LBO) – Sri Lanka’s Sampath Bank PLC secured a A+(lka) for its upcoming 2.5 billion rupees debenture from Fitch Ratings Sri Lanka. The five-year debt paper is expected to be listed on the Colombo Stock Exchange, and will be used to beef up Sampath’s Tier II capital, Fitch said on Tuesday. Full […]
Trading Platform
June 25, 2012 (LBO) – Borsa Italiana’s cash markets have migrated to London Stock Exchange group’s Millennium IT trading software which will offer new functions and flexbility. “The migration of Borsa Italiana’s cash markets to the Millennium Exchange represents an important step for Borsa Italiana and its customers,” Raffaele Jerusalmi, chief execytie of Borsa Italiana […]
Seven vie to own a Sri Lanka Cricket premier league franchise
June 25, 2012 (LBO) – Sri Lanka Cricket has received seven bids, each worth around 4.3 million dollars, to manage a franchise for the country’s first Twenty20 premier league tournament, officials said. The governing body said 17 parties picked up bidding documents, but only seven bids were submitted when the deadline closed on Monday. I […]
Sri Lanka state budget carrier shows fat margins
June 25, 2012 (LBO) – Sri Lanka’s state-run budget carrier Mihin Lanka, has made profits of 2. 0 billion rupees before tax, on revenues of 4,576 million rupees in the nine months to December 2011 according to a finance ministry report. Mihin Lanka’s long term liabilities fell to 414 million rupees by December from 2,802 […]
Sri Lanka tourism receipts up 25-pct to May
June 23, 2012 (LBO) – Sri Lanka has earned 399. 3 million US dollars from tourism in the first five months of 2012, up 25. 5 percent from the 318.1 million US dollars earned a year earlier, official data showed. Tourist arrivals rose 18.2 percent to 387.622 in the same period. Sri Lanka’s tourist sector […]
Sri Lanka Cricket seeks new clothing partner after Reebok deal falls through
June 22, 2012 (LBO) – Sri Lanka Cricket has sought a new clothing partner, after India’s Rebook failed to renew the contract when the tender was awarded this month, a statement said. The governing body this month announced multi-million rupee contracts for clothing, soft drinks, energy drinks and food to a number of Sri Lankan […]
‘s NDB Bank undecided on Aviva unit: official
June 22, 2012(LBO) – Sri Lanka’s NDB Bank Plc, has not a made a decision to buyout their partner or exit a joint venture insurance unit with Britain’s Aviva, which reports said is on the block as part of a retreat from Asian markets. NDB Group’s Chief Executive, Russell de Mel said if Aviva’s stake […]
Next Wave
June 22, 2012 (LBO) – Sri Lanka’s banks have to be ready to finance infrastructure when the state is expected to woo private capital into toll roads and ports in the next few years, an investment banker said. Several foreign firms have made proposals. The government is already tapping commercial banks for infrastructure finance through […]
Sri Lanka Vietnam trade up 80-pct in first quarter
June 21, 2012 (LBO) – Trade between Sri Lanka and Vietnam had expanded 81 percent to 27. 6 million US dollars in the first quarter of 2012 from a year earlier, with a steep increase in Sri Lankan exports, a business association said. Mahesha Ranasoma, managing director, Dipped Products Plc was elected president of the […]
Conflict Debate
June 21, 2012 (LBO) – Sri Lanka’s Central Bank has denied that there was a regulatory conflict where a fund under its control bought bank stocks it regulated, following concerns raised by Standard and Poor’s, a rating agency. S & P said there were regulatory conflicts because the Monetary Board or the governing body of […]
Bank Soundness
June 21, 2012 (LBO) – Sri Lanka’s banking sector did not face high risks as assessed by Standard & Poor’s, the island’s Central Bank said in a detailed response to the rating agency’s ranking of Sri Lanka as a high risk economy for banks. The Central Bank said S & P’s statement was “is factually […]