Category: Industry
Sri Lanka insurance upgrade on national rating, Fitch says
Sept 30, 2009 (LBO) – Fitch Ratings said it was correcting a previous announcement on Sri Lanka Insurance Corporation (SLIC), saying it had upgraded its National Long-term rating, and not the National Issuer Default Rating. It said in a statement the announcement corrects the version issued on 14 August 2009. According to the corrected version, […]
Sri Lanka Aitken Spence in deal to manage south Indian hotel
Sept 30, 2009 (LBO) – Sri Lanka’s Aitken Spence Hotels has struck a deal to manage another hotel in south India as part of an expansion in the sub-continent, a senior official said.The company has said several more hotels are scheduled to commence operations under its management within the next two years.Malin Hapugoda, managing director […]
Fresh Capital
Sept 30, 2009 (LBO) – Sri Lanka’s state-owned Bank of Ceylon said it has bought a 10 percent stake in Seylan Bank, once part of the troubled Ceylinco group.Bank of Ceylon said in a stock exchange filing that it bought 13 million Seylan shares at 35 rupees a share, amounting to an investment of 455 […]
Sri Lanka seeks wider access to China under trade deal
Sept 28, 2009 (LBO) – Sri Lankan exporters will get better access to the Chinese market in a new round of talks under a regional trade deal scheduled for completion in October, officials said.Sri Lanka will ask for more products to be covered in the fourth round of talks under the preferential trading arrangement, Asia-Pacific […]
Top Marks
Sept 28 (LBO) – Fitch Ratings Lanka said it has confirmed DFCC Bank’s (DFCC) national long-term rating at ‘AA(lka)’ with a stable outlook.It also confirmed the bank’s senior debentures at ‘AA(lka)’ and subordinated debentures at ‘AA-(lka)’, also with a stable outlook. “The ratings are driven by the bank’s strong capital base as supported by continued […]
Rogue Banking
Sep 28, 2009 (LBO) – The global financial crisis was triggered by the loose monetary policy of the US Federal Reserve but central banks remained unregulated, a top Indian Reserve Bank official said.“The crisis has happened because of two things,” Reserve Bank of India deputy governor K C Chakrabarty said at the Sri Lanka Association […]
Uneasy Ryder sets up vital New Zealand victory
JOHANNESBURG, September 27, 2009 (AFP) – Brave opener Jesse Ryder struck 74 runs to set up New Zealand for a 38-run win over Sri Lanka at the Wanderers Sunday that kept alive hopes of an ICC Champions Trophy semi-finals place.Ryder had to use a runner as he battled a hamstring injury and his 125-run opening […]
”s gesture
JOHANNESBURG, September 26, 2009 (AFP) – Sri Lanka captain Kumar Sangakkara has praised his England counterpart Andrew Strauss for recalling his batsman after he was run out during a Champions Trophy match here on Friday. Sri Lankan Angelo Mathews turned England fast bowler Graham Onions to square-leg and completed a first run comfortably but collided […]
DFCC Vardhana
Sept 25, 2009 (LBO) – Fitch Ratings Lanka has confirmed the ‘AA-(lka)’ national rating of DFCC Vardhana Bank Limited’s (DVB) with a ‘stable’ outlook, driven by the ‘AA(lka)/stable’ rating of its parent, DFCC Bank. DVB accounted for 29 percent of DFCC group’s assets, and Fitch says it is expected to play an important strategic role […]
Asian Focus
LONDON, September 25, 2009 (AFP) – HSBC on Friday said its chief executive Michael Geoghegan would move to Hong Kong from London to be closer to the banking group’s “largest and most important region” of operation.HSBC, founded in Hong Kong and Shanghai in 1865, said it would remain headquartered in London and regulated by Britain, […]
Every match is tough, says Sri Lanka coach
JOHANNESBURG, September 24, 2009 (AFP) – Sri Lanka will be keen to cash in on England’s inconsistent form and boost their hopes of qualifying for the Champions Trophy semi-finals here on Friday. Kumar Sangakkara’s Sri Lankans, having already beaten South Africa by 55 runs in their opening match of the four-team group, are closing in […]
Sri Lanka exporters miss preferential duty access to China
Sept 25, 2009 (LBO) – Sri Lankan exporters are not making use of lower import duty market access to China under a regional trade pact owing to lack of awareness and initiative, economists and trade officials said.The preferential trading arrangement, Asia-Pacific Trade Arrangement (APTA), previously called the Bangkok agreement, has helped increase trade between Sri […]