Category: Industry
Sri Lanka faces trade deal suspension: EU
Dec 17, 2009 (LBO) – The European Union will recommend suspending a trade deal giving duty free access to Sri Lankan exports but hopes to reverse the decision following talks with the island’s government, its envoy said. European Union ambassador Bernard Savage said the European Council, its decision-making body, will “logically have to recommend suspension” […]
Broad Speed
Dec 17, 2009 (LBO) – Mobitel, a unit of fixed access provider Sri Lanka Telecom said it has successfully tested and launched a high speed broad band technology that will double peak download rate that can be offered on its mobile network. The upgraded high speed packet access (HSPA) technology uses multiple antennas in both […]
Floor Connection
Dec 17, 2009 (LBO) – Sri Lanka is looking at setting an interconnection rate of around 60 cents a minute for mobile operators from February next year, the regulator said, as the industry was gripped in a price war. “We are looking at 60 cents a minute,” director general of Sri Lanka’s telecom regulatory commission […]
Finance Rating
Dec 17, 2009 (LBO) – RAM Ratings Lanka has confirmed the long term rating of Bartleet Finance Limited at BBB- and its short term rating at P3, but its outlook has been cut to ‘negative’ from ‘stable’. RAM said the outlook cut was due to higher defaults in some loans segments that have pressured the […]
Fibre Net
Dec 16, 2009 (LBO) – Sri Lanka Telecom, Dialog Telekom, India’s Bharat Sanchar Nigam Ltd and Sweden’s Ericsson, are among the firms in the running to get a fibre optic backbone for the island, an official said.“We are hoping to award the deal by April 2010,” director general of Sri Lanka’s Telecommunications Regulatory Commission (TRC) […]
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 […]