Category: Industry
Sri Lanka-India one-dayer abandoned over poor pitch
NEW DELHI, December 27, 2009 (AFP) – Unfit pitch conditions at the Ferozeshah Kotla stadium forced the fifth and final one-day international between India and Sri Lanka to be abandoned on Sunday. Sri Lanka, sent in to bat, were 83-5 in the 24th over when the umpires stopped play after a ball from debutante seamer […]
Steady State
Dec 24, 2009 (LBO) – Rating agency Fitch confirmed Union Bank of Colombo Limited’s long term rating of ‘BB+(lka), reflecting the bank’s moderate asset quality and lack of a broad deposit base. Several equity infusions occurred between 2003 and 2007 from both existing and new shareholders, which increased equity to 1.5 billion rupees as at […]
Port Industries
Dec 25, 2009 (LBO) – Sri Lanka’s cabinet of ministers has kicked off the process to bring private enterprises to a new industrial port in Hambantota in the south of the island, the government’s information office said.The first phase of the port, which is being financed and built by China also includes a bunker terminal […]
Sri Lanka Distilleries group insurance unit approved by regulator
Dec 24, 2009 (LBO) – Distilleries group said in a stock exchange filing the Insurance Board of Sri Lanka had approved its application to set up an insurance subsidiary called Continental Insurance Lanka.The Insurance Board said in a separate statement it had given registration to Continental Insurance Lanka to do General Insurance Business with effect […]
Sri Lankan Airlines launches second service to Italy
Dec 24, 2009 (LBO) – SriLankan Airlines has twice weekly to the second Italian city from Colombo, which is expected to boost tourist traffic between the countries, the carrier said. An estimated 12,000 visitors from Italy travel to Sri Lanka each year now. SriLankan Airlines already operates twice weekly flights to Italian capital Rome. The […]
Steady Outlook
Dec 24, 2009 (LBO) – Pan Asia Bank had its long term national rating of BBB-(lka), which carries a stable outlook, confirmed by Fitch Ratings Lanka. PABC, is a small licensed commercial bank established in 1995, and is 35.3 percent owned by Mr. K.D.D. Perera and related parties. It operates through a branch network of […]
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Dec 22, 2009 (LBO) – Private power producer Vidullanka PLC has been given a short term financial rating of P2 and a long term rating of BBB+, by agency RAM Ratings Lanka. The long term rating has a stable outlook. The rating is supported by the company’s sound project economics and financial strategy, the rating […]
Fleet Growth
Dec 23, 2009 (LBO) – Sri Lanka’s Mercantile Shipping Company said it has taken delivery of the second of a pair of new cargo ships it ordered built by a Dutch yard. According to the company’s September quarter results just released to the stock exchange, it made a loss of 18.8 million rupees in the […]
Sri Lanka October exports dip but recovery underway
Dec 22, 2009 (LBO) – Sri Lanka’s exports in October fell five percent from a year ago, the lowest decline so far this year, dragged down mainly by lower apparel exports, although tea exports were up, the Central Bank said.But the export recovery which began in April after last year’s slump is continuing, despite a […]
Satellite Partners
Dec 22, 2009 (LBO) – Two Malaysian telecom firms have expressed interest in taking part in a communications satellite project promoted by Sri Lanka’s telecom regulatory commission, a top official said.Sri Lanka wants to launch a geo-stationary satellite in the next three years, at an estimated cost of some 150 million US dollars and has […]
Mortgage Outlook
Dec 21, 2009 (LBO) – Sri Lanka’s Fitch Ratings has lifted the outlook on the ‘BBB+(lka)’ rating on Housing Development Corporation Bank (HDFC) to ‘stable’ from ‘negative’ citing a hiking of rates to counter interests rates risk. The rating agency also confirmed a ‘BBB+(lka)’ rating on a 250 million rupees senior debenture. The rating took […]
Port Prospects
Dec 22, 2009 (LBO) – A new port next to Colombo the Asian Development Bank is helping Sri Lanka to build should get enough cargo despite the expansion of India’s own ports, a senior bank official said.Vokes said Colombo should be able to attract cargo as long as it provides an efficient service to shipping […]