Category: Industry
New Managers
Sept 04, 2009 (LBO) – Sri Lanka’s Asian Finance Ltd, and Ceylinco Investment and Realty Ltd, two firms of the troubled Ceylinco group will be put under a new managing agent, the Central Bank said. MBSL has been asked to “restore their normal business operations to strengthen the viability of the companies,” by the regulator. […]
Kiwi Oram stumped by his hat-trick feat
September 3, 2009 (AFP) – New Zealand’s Jacob Oram said Thursday he was unaware he had taken a hat-trick during the thrilling three-run win over Sri Lanka in a Twenty20 international. Oram’s three wickets in three balls, but in separate overs, was missed by almost everyone at the Premadasa stadium on Wednesday night, including Oram’s […]
Savings Rating
Sept 03, 2009 (LBO) – Sri Lanka’s Fitch Ratings has confirmed the ‘AAA(lka)’ rating of state-run National Savings Bank (NSB), with a ‘stable’ outlook. “The rating reflects NSB’s state ownership, systemic importance, the low risk nature of most of its asset base and explicit guarantee from the Government of Sri Lanka on its deposits,” Fitch […]
Rating Retained
Sept 03, 2009 (LBO) – Fitch Ratings has confirmed HSBC Sri Lanka’s long term national Long-term rating at ‘AAA(lka)’ with a ‘stable’ outlook, on the strength of its parents ‘AA/negative outlook’ rating. HSBC Sri Lanka is a branch of Hongkong & Shanghai Banking Corporation Limited, Hong Kong’s largest banking group and is wholly-owned by HSBC […]
Loss Transfer
Sept 03, 2009 (LBO) – Citibank Sri Lanka has transferred billions of rupees of losses from a defaulted derivative deal with a state-run oil retailer to a foreign unit and the local branch has retained its ‘AAA(lka)’ rating, Fitch Ratings said. At end-December 2008, the top 20 loans had accounted for 93.1 percent of total […]
Abandoned Property
Sept 03, 2009 (LBO) – Sri Lanka’s Central Bank said it has issued new instructions to banks to put assets unclaimed by customers for a long period to an account in the Central Bank. All licensed commercial banks holding any abandoned property are required to inform the banking regulator each year and transfer such monies […]
Road Upgrade
Sept 03, 2009 (LBO) – Sri Lanka will upgrade 150 kilometres of provincial roads in the east of the country and 220 kilometres in the north central province with a 70 million US dollar credit from the Asian Development Bank (ADB), a senior minister said.Information minister Anura Yapa said the total cost of the project […]
Chinese Leg
Sept 03, 2009 (LBO) – A 30-kilometer fourth stage of a 126-kilometre expressway from Sri Lanka’s capital Colombo to the southern city of Matara will go to a Chinese contractor but the supervision consultancy will be open for international bids. The first two sections of the road (34.3 and 31.7 km) is financed by the […]
Uva Roads
Sep 03, 2009 (LBO) – Sri Lanka will upgrade 200 kilometres of roads in the under-developed Uva province and 100 kilometres in Amparai in the eastern province with a 105 million US dollar World Bank credit, a senior minister said. “The project is aimed at improving access to social and economic activities in the Eastern […]
Tug Boats
Sept 03, 2009 (LBO) – Sri Lanka’s Colombo Dockyard said it has won an order worth about seven billion rupees to build two tugs for a Singapore customer with an option for two more vessels of the same type.The contract for the 130 tonne bollard pull Anchor Handling Tug Supply Vessels was significant as it […]
Sri Lanka may lose EU trade concessions: report
Aug 02, 2009 (LBO) – Sri Lanka may lose lucrative trade concessions to the European Union as the results of an initial investigation on human rights abuses in the country was very adverse, a media report said. EU has banned the Tigers as terrorists but relations with the West deteriorated in the last stages of […]
Sri Lanka apparel exporter goes east
Sept 02, 2009 (LBO) – A big Sri Lankan apparel exporter has set up a new factory in the east after it was cleared of Tamil Tiger rebels, saying its main baby wear product has not been affected by the slump in demand caused by recession.Kumar Dewapura, chairman of Tristar Apparel Exports, said the 50,000 […]