Category: Industry
Strong Profile
Aug 03, 2010 (LBO) – Fitch Ratings Lanka said it has confirmed National Development Bank’s (NDB) National Long-term rating at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’. “The ratings reflect NDB’s strong financial profile relative to its peers,” a statement said. “The ratings are however constrained by […]
Business Guidance
Aug 02, 2010 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) and a micro financier attached to a charity are teaching relatives of foreign migrant workers to set up and run small income generating businesses. “People themselves hand carry or they send through their friends and family members,”Nanayakkara said. “So what happened is the […]
Credit Trends
Aug 02, 2010 (LBO) – The number of credit cards issued by Sri Lanka’s banks picked up slightly in May 2010 from the previous month but total credit contracted as banks remained cautious, latest data showed. Total credit given through cards fell to 29.9 billion rupees in May 2010 from 30.2 billion in April 2010 […]
Rights Issue
Aug 02, 2010 (LBO) – People’s Leasing Finance Company wants to raise 568 million rupees via a one-to-one rights issue to meet capital adequacy requirements, a stock exchange filing said. The 22.7 million rights issue will be priced at 25 rupees per share, to raise 568 million rupees to boost the firm’s core capital. “The […]
Bank Rating
Aug 02, 2010 (LBO) – Fitch Ratings Lanka said it has downgraded Commercial Bank’s National Long-term rating to ‘AA(lka)’ from ‘AA+(lka)’ and its individual rating to ‘D/E’ from ‘D’ with a stable outlook. The agency has also downgraded the rating on the bank’s subordinated debentures to ‘AA-(lka)’ from ‘AA(lka)’ and simultaneously confirmed its Support rating […]
Bank Numbers
Aug 02, 2010 (LBO) – Sri Lanka’s Commercial Bank net profit for the June 2010 quarter rose 7. 5 percent to 1.2 billion rupees from a year ago with a sharp fall in interest expenses, a stock exchange filing said. Total income was down 10 percent to 9. 9 billion rupees in the quarter, the […]
Sri Lanka insurer to cover graduate study
Aug 01, 2010 (LBO) – Sri Lanka’s Chartis Insurance has tied up with an information technology school to cover degree study costs of students who lose support owing to the loss of their parent or guardian, officials said. In the event of accidental death or dismemberment affecting a parent or guardian, the student will receive […]
Call Charges
Aug 01, 2010 (LBO) – Sri Lanka Telecom has changed its tariff plans for new ‘Citylink’ fixed wireless telephone connections with a rate of one rupee a minute for outgoing calls within its own network for prepaid subscribers. SLT said in a statement the charges for the CDMA (Code Division Multiple Access) fixed wireless telephone […]
Credit Flow
LONDON, August 1, 2010 (AFP) – British banks must use first-half profits to boost lending to businesses, Chancellor of the Exchequer George Osborne said in an interview on Sunday, ahead of key results for the nation’s top lenders. “But the industry’s ability to support the economy needs to be considered as the increased capital and […]
Sri Lanka rupee appreciation a concern, exporters say
July 31, 2010 (LBO) – Sri Lankan exporters have urged the government not to allow the rupee to appreciate as it would erode their competitiveness. Exporters’ Association chairperson Nirmalie Samarathunga said they were bracing for the loss of duty free market access to Europe after a trade deal with the European Union ends in August. […]
Sri Lanka gets more Emirates flights to Male
July 31, 2010 (LBO) – Emirates is to increase the frequency of flights between Sri Lanka and the Maldives to cater to increasing tourist traffic, a statement said. These flights will be served by Emirates’ Airbus A330-200 aircraft in a three-class configuration, with 12 seats in First Class, 42 seats in Business Class and 183 […]
Sri Lanka travel warning removed by Britain
July 31, 2010 (LBO) – The British government has removed a travel warning on Sri Lanka advising against visits to the former northern war zone, following the withdrawal of previous travel warnings in the rest of the island. A British Foreign and Commonwealth Office (FCO) statement said it no longer advised against all travel to […]