Category: Industry
Debt Refinance
Dec 16, 2009 (LBO) – Fitch Ratings Lanka said it has assigned an ‘A-(lka)’ National Long-term rating to the Sri Lanka unit of Singer’s proposed 600 million rupees senior unsecured debenture issue. At the same time, the rating agency has confirmed the ratings on Singer’s outstanding senior unsecured notes at ‘A-(lka)’ with a stable outlook. […]
Lower Step
Dec 16, 2009 (LBO) – RAM Ratings Lanka said it has downgraded the long-term rating of Central Investments and Finance Limited (CIFL) from B+ to C-, reflecting its poor financial performance and liquidity pressures. It also reflects the acute deterioration in the company’s asset quality, the rating agency said in a statement. “The outlook on […]
Managed Finance
Dec 16, 2009 (LBO) – Sri Lanka’s Central Bank said it has appointed People’s Leasing Company as managing agent of Industrial Finance Limited, a company facing liquidity shortages, with immediate effect. The Central Bank said in a statement all directors of Industrial Finance, which is currently under its supervision, will continue to serve as members […]
Liquidity Support
Dec 16, 2009 (LBO) – Sri Lanka’s central bank said it will guarantee loans given by banks to registered leasing and finance companies in liquidity trouble, though the assistance would be conditional. The Central Bank quickly moved to act on the finance companies and also took action against directors of the Ceylinco firm. In providing […]
Fuel Market
Dec 15, 2009 (LBO) – A planned ship fuel business off a new port being built in southern Sri Lanka, will target small vessels sailing past the island and lure them with break-even prices, officials said.Sri Lanka Ports Authority (SLPA) intends to start sales of bunkers in the first quarter of next year off Hambantota, […]
India stop Sri Lanka in high-scoring thriller
RAJKOT, December 15, 2009 (AFP) – India overcame a brilliant century by Tillakaratne Dilshan to defeat Sri Lanka by three runs in a dramatic start to the five-match one-day series on Tuesday. Dilshan made 160 off 124 balls as the tourists made a spirited effort to surpass India’s highest one-day total of 414-7, before falling […]
Capital Question
Dec 15, 2009 (LBO) – Capital investment in Sri Lanka’s telecom infrastructure has plummeted amidst a price war and high taxation, which will crimp expansion in the future and broadband roll out in the island, top telecom operators said.“Before the price war each operator was spending about 150 to 200 million (US dollars) a year […]
Farming Message
Dec 14, 2009 (LBO) – Mobile phone message services like one deployed by the financial news agency Reuters to over a million farmers in India, could help Sri Lankan farmers earn more for their produce, experts said. Ranjit Pawar of Reuters Market Light, India said their SMS (short message service) in India provide farmers timely […]
Box Moves
Dec 14, 2009 (LBO) – Container volumes at a Colombo port terminal controlled by Sri Lanka’s John Keells Holdings have almost reached last year’s levels but those at the state-run facility are still lagging behind, latest figures show. The November 2009 volumes at South Asia Gateway Terminals (SAGT) were up 10.4 percent to 153,793 TEUs […]
Yuvraj leads India to record win over Sri Lanka
MOHALI, December 12, 2009 (AFP) – Yuvraj Singh took 3-23 and smashed an unbeaten 60 off 25 balls on his 28th birthday as India defeated Sri Lanka by six wickets on Saturday to draw the two-match Twenty20 series 1-1. India, who lost the first match in Nagpur on Wednesday by 29 runs, chased down Sri […]
Sri Lanka in push for solar energy
Dec 12, 2009 (LBO) – Sri Lanka’s renewable energy promotion agency is in a new drive to push larger solar power plants connected to the national grid in Sri Lanka though the technology is still relatively expensive.In rural Sri Lanka small off-grid plants are being sold by a number of private firms and solar hot […]
Rating Trend
Dec 11, 2009 (LBO) – Fitch Ratings Lanka confirmed the long-term rating of BB+(lka) and a stable outlook for Trade Finance and Investments (TFI) Limited, a firm specializing in three wheeler vehicle finance. Provision coverage for NPLs was 21 percent at end of the first half 2010 on account of 75 percent of NPLs falling […]