Category: Industry
Rating Cut
Mar 30, 2009 (LBO) – Fitch Ratings has downgraded the long-term rating of Singer Finance (Lanka) Limited (SFL) to BBB-(lka) from ‘BBB(lka)’.The outlook is ‘stable’. “SFL’s rating is linked to Singer Sri Lanka PLC’s (Singer), of which it is a fully-owned subsidiary, and takes into account the implied support assumed to be available from Singer, […]
Banking Abroad
March 27, 2009 (LBO) – Sri Lanka’s Commercial Bank has said it plans to expand its business in Bangladesh and is still considering setting up branches in other Asian countries despite obstacles.“Although it was the bank’s intention to establish a presence in the Far East, we have put these plans on hold in view of […]
Strategic Investor
March 27, 2009 (LBO) – Sri Lanka’s central bank has called for proposals from investors to invest 5.7 billion rupees (about 50 million US dollars) to take a 33 percent stake in Seylan Bank, part of the troubled Ceylinco group. Expressions of interest (EOI) have been invited from local or foreign parties interested in becoming […]
Sri Lanka Insurance Corp gets to renew petroleum cover
March 27, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC), part of the Distilleries group controlled by businessman Harry Jayawardena, has renewed its contract for insurance cover of a government fuel terminal for 120 million rupees.The facility consists of tank farms and pipelines to store and distribute petroleum product.The government said in a statement that […]
Sri Lankan Airlines to wet-lease aircraft to Mihin Air
March 27, 2009 (LBO) – Sri Lanka’s national carrier SriLankan Airlines will lease a short-haul aircraft to Mihin Air, a state-run budget carrier, at a below market rate, after extending the dry lease of one of its own aircraft, an official said. Mihin Air is now operating with a single aircraft after it was resurrected […]
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 […]