Category: Industry
Rural Outsourcing
Oct 02, 2009 (LBO) – Sri Lanka’s rural economy can take a slice of India’s 12 billion dollar Business Process Outsourcing (BPO) industry by catering to the bottom of the pyramid customers who look at costs over optimum service, a foreign investor said. “India does about 12 billion dollars of knowledge base process work; 10 […]
Merchant Reach
Oct 02, 2009 (LBO) – Merchant Bank of Sri Lanka (MBSL) said it had raised its stake in Ceylinco Investment Company, part of the troubled Ceylinco group, to 46 percent, through a five million rupee cash injection.MBSL said in a statement it bought 500,000 shares of Ceylinco Investment Company at 10 rupees a share. MBSL […]
Fresh Capital
Oct 02, 2009 (LBO) – Sri Lanka’s Seylan Bank said its public share issue of 54.29 million shares at 35 rupees a share to raise 1.9 billion rupees has been oversubscribed. “The total capital expected to be generated from both the private placement and public offering will be 3.025 billion rupees,” the bank said in […]
Terminal Trends
Oct 02, 2009 (LBO) – Sri Lanka Ports Authority (SLPA) is in talks with international shipping lines on new services through Colombo port despite the global downturn in trade which has reduced cargo volumes, a senior official said.SLPA chairman Priyath Wickrama said there were signs cargo volumes were picking up as the global economy recovers […]
Trading Platform
LONDON, October 1, 2009 (AFP) – Britain’s London Stock Exchange announced Thursday that it is in exclusive talks to buy pan-European electronic trading platform Turquoise.“London Stock Exchange Group plc announces that it has entered into exclusive discussions with Turquoise Trading Limited, which may lead to a transaction,” the LSE said in a brief statement. “A […]
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 […]