Category: Industry
Sri Lanka must have budget terminal: Air Asia founder
Sept 01, 2009 (LBO) – Air Asia’s flamboyant chief executive says Sri Lankan tourism will get a boost if airport expansion plans include budget carrier-friendly infrastructure to reduce the cost of air travel. Air Asia, which began daily flights to the island from its Kuala Lumpur hub in August, had sold 30,000 tickets before its […]
Slow Transport
Sept 01, 2009 (LBO) – Vehicle imports to Sri Lanka fell 35.5 percent in June with motor cars falling 70.6 percent, three wheelers, 33.6 percent and motor cycles 24.1 percent, the latest official data shows.In the 6-months to June total vehicles imports were down 33.4 percent, according to data released by the Central Bank. In […]
Rail Move
Sept 01, 2009 (LBO) – Sri Lanka’s state-owned railway has ordered wagons to transport petroleum products from Pakistan as it seeks to increase freight transport by rail to reduce congestion on roads, a senior official said.The railway service has been making heavy losses in recent years and has not been allowed by government to raise […]
Bond Profits
Aug 31, 2009 (LBO) – Sri Lanka’s state-run Nation Savings Bank (NSB) profits for the 6-months to June were up 207.8 percent on capital gains on government bonds held for trading, when market interest rates fell, officials said. “We were able to take the market opportunity when the rates came down and we made a […]
Green Shoots
Aug 31, 2009 (LBO) – Sri Lanka’s corporate debt market is generating green shoots with rates coming down, lenders gaining confidence and credit spreads narrowing, officials said.“We are seeing the first securitizations transactions after the absence of more than six to eight months,” says Ajith Fernando, head of Capital Alliance Holdings. “Corporate debt markets are […]
Sri Lanka whitewash Kiwis despite Vettori ton
August 30, 2009 (AFP) – Sri Lanka clinched second spot behind South Africa in the official rankings as they swept aside New Zealand by 96 runs in the final Test on Sunday to sweep the series 2-0.Left-arm spinner Rangana Herath claimed five wickets as the Kiwis, set an improbable victory target of 494 runs, were […]
Sri Lanka set Kiwis 494 to win final Test
August 29, 2009 (AFP) – New Zealand were set a target of 494 runs to win the final Test after Sri Lanka declared their second innings at 311-5 in the post-lunch session on the fourth day on Saturday.The declaration came as soon as Mahela Jayawardene was dismissed for 96. Sri Lanka are looking for a […]
No Loans
Aug 29, 2009 (LBO) – Sri Lanka’s Citibank, which had reported around 22 billion rupees of bad loans following a defaulted derivative sold to a state-run oil distributor, has taken the number off its balance sheet in the June 2009 accounts.In March 2008, the bank reported 22.6 billion rupees classified as ‘other loans’ among non-performing […]
Naval Outlook
Aug 29, 2009 (LBO) – Sri Lanka is looking to protect its economic interests in the ocean with the navy playing bigger role after the end of the ethnic war to ensure terrorism does not recur, a senior defence official said. “Especially in an island nation like ours, the navy has an important role to […]
Upgrade
Aug 28, 2009 (LBO) – RAM Ratings Lanka has upgraded the long-term rating of LB Finance (LBF) by one notch to ‘BBB’ from ‘BBB-‘ with a ‘stable’ outlook and its short term ‘P3’ rating has been confirmed. LBF’s return on assets (ROA) rose to 4.49 percent by March 2009 (end-March 2008: 4.01 percent) and return […]
Sri Lankan airlines loses Rs10bn
Aug 27, 2009 (LBO) – Sri Lankan Airlines group has lost 9.99 billion rupees in the year to March 2009, down from a profit of 4.9 billion rupees a year earlier as revenue fell amid a global downturn and falling tourism arrivals at home. Sri Lankan Airlines group also has a catering subsidiary. At stand […]
Tele Rate
Aug 27, 2009 (LBO) – Standard and Poor’s has lifted the outlook of Sri Lanka Telecom’s (SLT) rating to ‘stable’ from negative, shortly after the host country’s outlook on its ‘B’ sovereign rating was lifted. “The stable outlook on SLT reflects the country risk factors,” S&P said. “Any downward movement of the sovereign ratings could […]