Category: Industry
Tele Offer
Nov 29, 2010 (LBO) – Lanka Bell, a Sri Lankan wireless fixed access operator using CDMA (code division multiple access) technology controlled by listed Distilleries Company of Sri Lanka has been offered for sale. Suntel, a unit of Sweden’s Telia, Sri Lanka’s other fixed-access-only operator has also had talks with possible buyers. The telco was […]
Steady State
Nov 29, 2010 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) ‘A (lka)’ long term rating has been confirmed with a ‘stable’ outlook, Fitch Ratings Lanka said. Fitch has also confirmed an ‘A(lka)’ on a 500 million senior debenture and an ‘A-(lka)’ rating on a billion rupees subordinated debenture. The banks loans books contain a […]
Influence Tussle
Nov 29, 2010 (LBO) – Indian investors will be encouraged to invest in southern Sri Lanka where China has built a new port, according to remarks by India’s foreign minister, as both countries vie for influence on the island. Visiting Indian Minister of External Affairs S M Krishna said India’s decision to set up a […]
Sri Lankan spinners impress in drawn Windies Test
November 27, 2010 (AFP) – Sri Lanka’s spinners, led by Rangana Herath, put in an impressive performance as the second Test against the West Indies ended in a draw on the fifth and final day on Saturday. Left-armer Herath removed Dwayne Bravo, Sulieman Benn and Carlton Baugh as the West Indies were bowled out for […]
Sri Lanka hit by cascading power outage
Nov 28, 2010 (LBO) – Sri Lanka was hit by cascading outage Sunday afternoon after a key transmission line tripped out of the national grid, but officials at the state-run power utility said electricity was restored before nightfall. Power failed in most part of the island after a transmission lines from the Kotmale and Victoria […]
Be Nice
Nov 28, 2010 (LBO) – Sri Lanka’s central bank will support friendly mergers of banks, which can be difficult due to existing regulations, a media report said. Banks – especially those catering to different classes of risk – are needed to finance small and medium businesses. “We have had some feelers and have discussed it […]
Sri Lanka, India pre-war air, sea links to resume
Nov 27, 2010 (LBO) – Pre-war air and ferry links between south India and northern Sri Lanka should resume to improve contacts between people and strengthen the local economies, Indian foreign minister S M Krishna said. With the end of the 30-year ethnic war in May 2009, both governments want to resume the old ties […]
Sri Lanka gets more Indian aid for coal power plant
Nov 26, 2010 (LBO) – India is giving Sri Lanka a 200 million US dollar soft loan to help its cash-strapped power utility proceed with a joint venture 500 MegaWatt power plant on island’s east coast, a statement said. India is also offering financial support for the equity contribution of the Ceylon Electricity Board (CEB) […]
Rating Strength
Nov 26, 2010 (LBO) – Sri Lanka’s HSBC branch’s ‘AAA(lka)’ long term rating has been confirmed with a ‘stable’ outlook backed by the ‘AA’ rating of Hongkong & Shanghai Banking Corporation Limited, Fitch Ratings Lanka said. By end June, the Sri Lanka branch of HSBC had increased its loan book 6.4 percent after contracting 12.4 […]
Rail Fund
Nov 26, 2010 (LBO) – Sri Lanka and India has inked a deal for a 416 million US dollar credit from India’s export import bank to rebuild railways in the island’s war-torn north, a government statement said. The president’s office said the deal was signed between Nadeem Panketan, managing director of the Indian export import […]
Rain washes out play in Sri Lanka-Windies Test
November 26, 2010 (AFP) – No play was possible due to rain on the penultimate day of the second Test between Sri Lanka and the West Indies in Colombo on Friday. The West Indies were 165-5 in their first innings in reply to Sri Lanka’s 387-9 declared on Thursday, with Carlton Baugh unbeaten on four […]
Sri Lanka Hemas expects govt to honour power deals
Nov 26, 2010 (LBO) – Hemas Holdings group expects Sri Lanka’s government to honour power purchase agreements with investors who set up private power plants and helped ward off power cuts despite talk of renegotiating them, a senior official said. Hemas chief executive Husein Esufally said private power suppliers had not been officially informed the […]