Category: Industry
Higher Marks
May 24, 2010 (LBO) – Fitch Ratings Lanka has upgraded the ratings of two regional development banks (RDBs) and confirmed those of four others as their financial health improved or remained stable, it said in a statement. The rating on Kandurata Development Bank (KDB) was upgraded to ‘BBB+(lka)’ from ‘BBB(lka)’; and outlook revised to stable, […]
South Korea, China, Japan agree to work on trade pact
SEOUL, May 23, 2010 (AFP) – South Korea, China and Japan’s trade ministers have agreed to work towards creating a free-trade region grouping their three countries, according to a joint statement issued Sunday. The three ministers confirmed they would complete within two years a feasibility study on creating the trade bloc, said the statement issued […]
Controversial umpire review system gets World Cup nod
LONDON, May 21, 2010 (AFP) – Cricket’s controversial umpire decision review system (DRS) will be used at the 2011 World Cup despite the technology causing splits amongst players. The International Cricket Council (ICC), meeting at Lord’s on Friday, also decided that the DRS should be introduced as soon as possible in all Test series. “The […]
‘s Dilshan to lead in Zimbabwe
May 20, 2010 (AFP) – Batsman Tillakaratne Dilshan has been appointed to lead the squad to Zimbabwe for a tri-nation one-day international series that also involves India, Sri Lanka Cricket said Thursday. Several senior players including captain Kumar Sangakkara, former skipper Mahela Jayawardene, Lasith Malinga and Sanath Jayasuriya, who had a dismal World Twenty20 tournament […]
Foreign Remittance
May 21, 2010 (LBO) – Inward remittances handled by Sri Lanka’s Bank of Ceylon (BOC) rose 22.7 percent in April 2010 despite other private commercial banks eating into its market share, a senior official said. “We see that our inward remittances are growing because people are sending hard currencies for savings and investments,” Gamini Wickramasinghe, […]
Oil Sales
May 20, 2010 (LBO) – Lanka IOC, the Sri Lanka unit of Indian Oil Corporation said it lost 422 million rupees in the year to March 2010 down from 1,237 million a year earlier and had boosted bunkering sales to 15 percent of its total revenues. Lubricant sales had risen to 5. 6 million litres […]
Sri Lanka Lalith Kotelawala to quit Ceylinco Insurance board
May 20, 2010 (LBO) – Sri Lanka’s Ceylinco group chairman Lalith Kotelawala, who spent months in remand over fraud charges at an unlisted subsidiary that collapsed, is to step down from the board of Ceylinco Insurance, a stock exchange filing said. Kotelawala has informed the board and staff that he “will not be available for […]
Off Curve
May 20, 2010 (LBO) – Sri Lanka’s HDFC Bank’s profits for the March 2010 quarter soared to 224 million rupees turning around from a loss of 52 million a year earlier, as the firm recovered defaulted loans backed by pension fund balances. HDFC provided 40 million rupees for loan losses in the quarter up from […]
Donor Funding
May 20, 2010 (LBO) – Sri Lanka is to get 133.9 million dollars from the World Bank and the Asian Development Bank (ADB) to repair four rural roads, the cabinet office said in a statement. Sri Lanka will also get a loan of 50 million dollars from International Development Association (IDA) to support local government […]
Sri Lankans hit Tamil Tiger tourist trail
KILINOCHCHI, May 19, 2010 (AFP) – The wreckage left by a brutal war has created a new tourist trail in Sri Lanka just a year after the Tamil Tiger rebels were crushed by government forces. “I make about 500 rupees (four dollars) a day,” says Kilinochchi native N. Seelan, who sells palmyrah-based sweets to tourists. […]
Sri Lanka-EU talks on trade deal positive: EU envoy
May 19, 2010 (LBO) – The European Union is likely to remain a lucrative market for Sri Lankan exporters with talks to extend a trade deal giving duty free access to Europe being positive, the EU envoy said. EU ambassador Bernard Savage said talks between Sri Lanka and the EU on extending the GSP Plus […]
Sri Lanka air force offers flights after floods block road
May 19, 2010 (LBO) – The Sri Lanka Air Force is offering services to transfer by air passengers traveling to the main international airport at Katunayake, north of the capital Colombo, because of floods on the main road, officials said. A 15-seat Y-12 light aircraft can be charted by groups at the rate of 55,300 […]