Category: Industry
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,” […]
‘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 […]
Sri Lankan Airlines in green flight
Mar 21, 2009 (LBO) – Sri Lankan Airlines, the national carrier of the Indian Ocean island had its first ‘green flight’ Saturday using recyclable consumables on board and flying practices that minimize fuel burn.The airline says it ‘green flight’ to Frankfurt was the first in the region and it wants to make ‘planet friendly flights’ […]
Rating Cut
Mar 20, 2009 (LBO) – Sri Lanka’s The Finance Company (TFC) has lost its investment grade rating with a two notch downgrade to ‘BB+(lka)’ from ‘BBB(lka)’ with the rating placed on negative watch, Fitch Ratings said. A negative watch indicates that TFC’s rating could be downgraded further or affirmed. The downgrade reflects the liquidity stresses […]
Cash Management
Mar 20, 2009 (LBO) – Balance sheets of Sri Lanka’s non bank financial firms have shrunk over 10 percent in two months as jittery savers took cash out, but the sector as a whole is still rolling over most of their deposits, officials said. “Our experience has been that 90 percent of deposits will be […]
Group Rating
Mar 20, 2009 (LBO) – Fitch Ratings has confirmed the ‘AAA(lka)’ rating of Sri Lanka’s John Keells Holdings (JKH) with a ‘stable’ outlook.The ‘AAA(lka)’ rating of the group’s senior notes were also confirmed “JKH’s rating reflects the diversified nature of its businesses, the currently strong financial profile driven in part by its high cash position, […]
No Scrapping
March 20, 2009 (LBO) – Sri Lanka has ruled out ship breaking as an industry under its efforts to promote the island as a maritime hub, going against the trend in the region, according to a new national port and shipping policy.Developed countries have had to face pressure from the public as well as environmental […]
Sri Lanka Allianz unit pre-tax profit up
March 19, 2009 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, said net profit before tax rose 63 percent to 86 million rupees in 2008 from 53 million rupees in 2007.Allianz Lanka said in a statement its pure Underwriting Profit comprises more than 47 percent of the total profit component. The […]
Sri Lankan hotels told of financial gains of cleaner production
March 19, 2009 (LBO) – Sri Lankan hotels stand to make financial gains by adopting cleaner production methods if done in a systematic manner, the head of the hotel trade body has said. Srilal Miththapala, president of the Tourist Hotels Association of Sri Lanka, said many hotels have embarked on some form of energy conservation […]