Category: Industry
Port Industries
Sept 23, 2009 (LBO) – The Sri Lanka Ports Authority (SLPA) says foreign investors are vying to put up fertiliser and cement plants and ship yards in a new port in Hambantota on the south coast. Wickrama declined to identify the investors as talks were going on. A request for proposals (RFP) inviting investments in […]
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Sept 22, 2009 (LBO) – Fitch Ratings said it has upgraded Sri Lanka HNB Assurance’s (HNBA) National Long-term rating to ‘A(lka)’ from ‘A-(lka)’ with a stable outlook. Concurrently, Fitch has affirmed HNBA’s National Insurer Financial Strength (IFS) rating at ‘A(lka)’. “The upgrade of HNBA’s National Long-term rating reflects mainly the implicit capital, franchise and distribution […]
Food Profits
Sept 21, 2009 (LBO) – The catering unit of state-run Sri Lankan Airlines said it was expecting an upturn with more visitors coming to the island after a war with a 1.2 billion rupee net profit already under its belt in the year to March 2009. These include Emirates, Qatar, Malaysian Airlines, Royal Jordanian, Kuwait […]
Tertiary Reform
Sep 20, 2009 (LBO) – Sri Lanka’s tertiary education policy should change to encourage fee-based universities of international standard to be set up, which will prevent students going abroad for degrees, a senior academic has said. Due to under-investment in tertiary education, areas for which there is a demand in the economy, such as engineering, […]
Cricket: Sri Lanka skipper Sangakkara hails bowlers
JOHANNESBURG, September 17, 2009 (AFP) – Sri Lanka skipper Kumar Sangakkara hailed his bowlers Thursday ahead of the ICC 2009 Champions Trophy in South Africa.“We are confident although our recent wins are not going to count for anything. All the teams here are professional units and whether they played recently or not won’t matter.” The […]
Sri Lanka power IPO draws over Rs1.6bn
Sept 18, 2009 (LBO) – An initial public offering for 31.3 million shares by Sri Lanka’s Hemas Power has attracted applications worth over 1.68 billion rupees, the company representatives said in a stock exchange filing. A total of 5,000 valid applications for over 84.2 million shares were received, SSP Corporate Services, secretaries to the issue, […]
Tele Chase
NEW DELHI, Sept 18 (Asia Pulse) – Luxembourg-based Millicom has rejected Indian telecom PSU BSNL’s bid to acquire its operations in Sri Lanka, but India’s largest private mobile operator Bharti Airtel has entered the ring. Bharti Airtel, which is in talks with South African telecom firm MTN for a possible deal to create a US$23 […]
Risk Monitoring
Sept 18, 2009 (LBO) – Sri Lanka’s Bartleet TransCapital, has linked up with Aprivaa and risk consulting and analytical service provider for banks, insurers and asset managers, the company said.“The ever increasing complexity of products in the financial services sphere and the volatility of financial markets, make risk management and regulatory compliance of utmost importance, […]
Name Change
Sep 18, 2009 (LBO) – Ceylinco Finance, a Sri Lankan finance company that was part of the troubled Ceylinco group, has changed its name to Nation Lanka Finance to make a fresh start, a senior company official said. “The company is heading towards a new direction,” N B S B Balalle, chairman of Nation Lanka […]
Craft Claim
Sept 18, 2009 (LBO) – Sri Lanka’s Colombo Dockyard said it rejected claims it faced a five billion rupee claim over unpaid taxes and customs duties on sale of vessels it built and that it was challenging a court petition by customs.The shipyard said in a stock exchange filing that it had settled all taxes, […]
Lower Risk
Sept 18, 2009 (LBO) – International underwriters in London have further lowered the war risk rating for Sri Lanka following the defeat by government forces of Tamil Tigers, and appear to have excluded Colombo port, a senior official said.The London market’s Joint Cargo Committee (JCC) has lowered the risk rating from 3.0 to 2.9 – […]
Repair Work
Sept 17, 2009 (LBO) – Sri Lanka’s Colombo Dockyard said it has won repair orders from an Indian tanker owner with the end of the 30-year ethnic war helping to attract new business.The listed shipbuilder said in a statement that Pratibha Shipping Co had sent two tankers for dry-docking repairs in mid-June and early July, […]