Category: Industry
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 […]
Southern Investment
June 29, 2009 (LBO) – The Sri Lankan government wants to attract investments for ship building, and cement and fertilizer manufacturing at a new port being built in southern Hambantota, a senior official said.Sri Lanka Ports Authority chairman Priyath Wickrama said construction work on the harbour, less than half-an-hour’s deviation from the main shipping route […]
US renews Sri Lanka travel warning
June 28, 2009 (LBO) – The United States has warned its citizens of continued risks of attacks by armed groups and the possibility of foreign nationals of Sri Lankan origin being detained without their embassy being notified.The State Department warned American citizens of a “potential for continued instability, including possible terrorist attacks,” though there were […]
Railway Deals
June 28, 2009 (LBO) – Sri Lanka’s state-run railways is discussing a deal with Pakistan Railways to rehabilitate track damaged in an internal war and upgrade passenger coaches, a media report said. The state utility is over-staffed and is a big burden on the people who do not use rail, losing 4,553 rupees in 2008, […]
Fitness will be key against Sri Lanka, says Alam
LAHORE, June 27, 2009 (AFP) – Pakistan coach Intikhab Alam said his players’ fitness will be the key on their tour of Sri Lanka as the 15-man Pakistan team set off on Saturday.Alam, who led the team to the World Twenty20 title in England last week, warned that the biggest problem for the tourists will […]
India to play triangular tournament in Sri Lanka
NEW DELHI, June 27, 2009 (AFP) – India will play a triangular one-day international tournament in Sri Lanka in September with New Zealand as the third team, the country’s cricket board said on Saturday.The teams will play each other once with the top two advancing to the final, the Board of Control for Cricket in […]
Capital Threshold
June 27, 2009 (LBO) – Fitch Sri Lanka has upgraded state-run People’s Bank’s (PB) long term rating by one notch to ‘A(lka)’ from ‘A-(lka)’ and changed its outlook to ‘stable’ from ‘positive’ at the new level, after reaching minimum capital requirements. The achievement of capital adequacy ratios came form a 1.5 billion rupees capita injection […]
Trade Links
June 27, 2009 (LBO) – Sri Lankan freight forwarders have complained that the lack of Customs automation is a serious obstacle to improving efficiency of trade and achieving the island’s aim of becoming a logistics hub. Waidyaratne said the freight forwards association has decided to approach the government at the highest level and prepare a […]