Category: Industry
Breathing Space
Mar 26, 2009 (LBO) – Sri Lanka’s The Finance Company, a member of the island’s troubled Ceylinco group, is suspending withdrawals of deposits for three months, while the firm is restructured under new management, officials said. State-run Lankaputhra Development Bank which has been appointed as the firm’s ‘managing agent’ by the Central Bank said interest […]
Big Bank
Mar 26, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon profits have increased 19.2 percent to 3.87 billion rupees in 2008, helped by strong fee income despite interest expenses rising. The bank said its foreign branches in London, Maldives and Indian had performed well in 2008. “Our London branch has come into profits after […]
Extended
Mar 25, 2009 (LBO) – Sri Lanka’s Chevron unit said the island’s government has extended the lease on a land where its blending plant was located for a further five years, ending months of uncertainty. The firm was originally the lubricants division of state-run Ceylon Petroleum Corporation (CPC) which was privatized. Chevron Lubricants Lanka Ltd […]
Emirates launches facility for mobile devices
March 24, 2009 (LBO) – Emirates, the Dubai-based international airline, has launched a facility to let customers access their website from mobile devices called Mobile Emirates.com. Visitors to the site may check-in online up to 24 hours before departure, select a favourite seat or request a special meal and check real-time flight status and view […]
Next Forum
Mar 24, 2009 (LBO) – Sri Lanka will host an international telecom forum of network standardization in April together with the International Telecommunications Union (ITU) and the Commonwealth Telecommunications Union (CTO), the telecom regulator said. The forum will discuss trends and the future of networks within the context of sharing experiences on the standardization, architecture, […]
Overseas Look
Mar 24, 2009 (LBO) – Sri Lanka’s Hatton National Bank is looking to start investment banking operations in Bangladesh as part of its venture into overseas markets, a senior official said. HNB had gone into Oman to push remittances through Majan Exchange LLC, which is 40 percent owned by the bank. And it has just […]
Port Moves
March 24, 2009 (LBO) – Two big shipping lines, four Sri Lankan conglomerates, and a Middle East port operator were among the prospective bidders for a new container terminal in Colombo port which met government officials last week. Two shipping lines also took part, Maersk, the world’s biggest shipping line, and APL, another big shipping […]
‘s money-spinning IPL seeks new home
NEW DELHI, March 23, 2009 (AFP) – Organisers of the Indian Premier League scrambled on Monday to find an emergency venue for the lucrative cricket tournament after security fears forced them to abandon the event’s home nation.England and South Africa are regarded as the front-runners to host the IPL’s glitzy Twenty20 games from April 10 […]
Sri Lankan Airlines halves flights to India, trims costs
Mar 23, 2009 (LBO) – State-run national carrier, Sri Lankan Airlines, has slashed flights to India from 100 a week to 51, as part of a cost-cutting strategy and re-aligning of services to conserve cash and maximize yields, an official said. In the first quarter of the current financial year starting March 2008, the airline […]
Watching Brief
Mar 23, 2009 (LBO) – RAM Ratings has put the BB+ rating on Sri Lanka’s Asian Finance Limited (AFL), a member of the troubled Ceylinco group, on rating watch with a ‘developing’ outlook. On March 16, the Central Bank said state-run Lankaputhra Development Bank has been made its managing agent. RAM Ratings Lanka said the […]
Downgraded
Mar 23, 2009 (LBO) – Fitch Sri Lanka has downgraded the rating of Industrial Finance Limited (IFL), a central bank regulated finance company, to ‘CCC(lka)’ from ‘BB-(lka)’ with a ‘negative’ outlook, the rating agency said. “The rating action reflects IFL’s weakening credit quality, which has resulted in continued operating losses that eroded the company’s capital […]
Risk Management
March 23, 2009 (LBO) – The International Finance Corporation said it is helping bank executives in Sri Lanka and other South Asian countries to understand and better manage risks in the wake of the global financial crisis. “The financial crisis has taken a global form, affecting people’s livelihoods directly and indirectly all over the world,” […]