Category: Industry
Half Speed
July 02, 2009 (LBO) – Raman Roy, chairman of India’s Quatrro BPO Solutions, said their Sri Lanka business process outsourcing unit, a tie-up with John Keells Holdings, is not doing as well as anticipated.Revenues had fallen as the US recession took its toll on the auto and restaurant businesses which comprised the bulk of its […]
Bunker Vessel
July 02, 2009 (LBO) – Lanka Maritime Services, a Sri Lankan supplier of ship fuel, said it has acquired an 8,800 DWT double-hull tanker to supply bunkers to ships calling at Colombo port.“This was to avoid loss of foreign exchange by way of payment of demurrage on chartered vessels and also reduce expenses in order […]
Oversight Move
July 01, 2009 (LBO) – Sri Lanka’s registered finance companies would be required to list on the Colombo Stock Exchange as part of an enhanced regulatory framework of the financial sector, Central Bank Governor Nivard Cabraal said. Cabraal said the Securities and Exchange Commission, Sri Lanka Accounting and Auditing Standards Monitoring Board, the Institute of […]
Sri Lanka beefs up security for Pakistan series
July 1, 2009 (AFP) – Sri Lanka has stepped up security for the visiting Pakistan team and slapped new restrictions at match venues, officials said Wednesday. Fireworks, musical bands, glass bottles, tin cans, sharp objects, laser pointers and mirrors have all been banned from the grounds where the matches are slated to be played. “Other […]
Sri Lanka supports Indian Ocean free trade
July 01, 2009 (LBO) – Sri Lanka has welcomed the initiatives taken to promote trade and investment among member states of an Indian Ocean regional grouping, the foreign affairs ministry said in a statement. He also welcomed the initiatives taken by IOR-ARC to promote investment, including the work done towards the implementation of an agreement […]
Sampath Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings said it has confirmed the ‘AA-(lka)’ national long-term rating of Sampath Bank, as well as its individual and support ratings at ‘D/E’ and ‘5’, with a stable outlook. Furthermore, the bank’s credit decisions became more centralised since early-2009, and its recoveries were strengthened by reallocating experienced […]
‘s Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings Lanka said it upgraded Seylan Merchant Leasing (SML) national long-term rating to ‘BBB-(lka)’ from ‘BB +(lka)’ on the acquisition of a 84.5 percent stake by People’s Leasing Company (PLC). PLC’s purchase consideration amounted to 441.4 million rupees for the 84.5 percent stake in SML and was […]
Gas Pricing
June 30, 2009 (LBO) – The Sri Lankan unit of multinational Shell has reduced the price of its liquid petroleum gas while local group Laugfs has hiked its prices, the consumer affairs authority said.The price of a 12.5 kilo Shell gas cylinder will be reduced by 53 rupees to 1,447 rupees from midnight Tuesday, while […]
Sri Lanka gets Chinese loan for coal power expansion
June 30, 2009 (LBO) – Sri Lanka has got Chinese financing to add 600 Mega Watts of coal powered capacity to a generation complex where the first stage is scheduled to be completed next year, a government minister said. The loan will carry an interest rate of only two percent and is repayable over 20 […]
One Entity
June 29, 2009 (LBO) – Sri Lanka’s Sampath Bank said it was merging a fully owned subsidiary dealing in government securities. Samapth Surakum Limited is a primary dealer in government securities licensed by the Central Bank. A series of separate primary dealers were set up a few years ago under a Central Bank to intensify […]
Bank Bailout
June 29, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC) may take up the bulk of risk capital in bailing out Seylan Bank, while state-run Bank of Ceylon and National Savings Bank (NSB) may take smaller stakes, a media report said.SLIC was recently returned to state ownership and management following a court order, and a […]
Bank Rating
June 29, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the national long-term rating of National Development Bank (NDB) at ‘AA(lka)’ with a stable outlook. The agency has also confirmed NDB’s subordinated debentures at ‘AA-(lka)’, Fitch said in a statement. NDB’s ratings are reflective of its continued strong financial profile relative to its […]