Category: Industry
Oil Tumble
NEW YORK, December 4, 2008 (AFP) – Oil prices tumbled to their weakest levels in nearly four years Thursday as investors fixated on mounting signs of recession in the global economy. On the New York Mercantile Exchange, light, sweet crude for January delivery settled at 43.67 dollars a barrel, down 3.12 dollars from Wednesday’s close.It […]
Petrol Pricing
Dec 05, 2008 (LBO) – The government said it will reduce fuel retail prices from midnight Friday in line with falling global oil prices and ahead of a court hearing on domestic fuel pricing.Prime minister Ratnasiri Wickremenayake told parliament that the price of a litre of petrol will be cut by 20 rupees and furnace […]
” pays dividends
Dec 05, 2008 (LBO) – A Sri Lankan apparel exporter said increased energy efficiency in a new ‘green’ environmentally friendly manufacturing plant it started earlier this year should help pay for the extra costs of building it. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Lingerie manufacturer […]
Exposure
Dec 05, 2008 (LBO) – Sri Lanka’s Commercial Bank says its liability to a counterparty under an exotic derivative deal arranged for state-run Ceylon Petroleum Corporation (CPC) is 982 million rupees, after payments were suspended by court. Commercial Bank of Ceylon said the contract, based on WTI crude would expire on June 30, 2009 and […]
Finance Rating
Dec 05, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sri Lanka’s Vallibel Finance Ltd’s (VFL) national long-term rating at ‘B+’ with a stable outlook. The rating agency said Vallibel Finance’s profit margins had recovered after narrowing last year but noted that its bad loans had increased although its lending had shifted from three-wheelers to […]
Bank Rating
Dec 05, 2008 (LBO) – Fitch Ratings Lanka has assigned a ‘BB+)’ national long-term rating to Pan Asia Banking Corporation’s (PABC) proposed unsecured, redeemable five-year subordinated debenture issue of up to 150 million rupees. At the same time, the agency said in a statement it confirmed PABC’s national long-term rating at ‘BBB-‘ with a stable […]
Emirates operates extra flights to Thailand
Dec 04, 2008 (LBO) – Emirates said it plans to operate two extra flights to Thailand to help passengers stranded by the closure of Bangkok’s Suvarnabhumi airport after anti-government protestors occupied the facility. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Emirates said in a statement it […]
Strikes that hit Sri Lanka managed resorts in Maldives end
Dec 04, 2008 (LBO) – A series of strikes that hit Maldivian resorts, including several managed by Sri Lanka’s Aitken Spence group are ending, after the strikes were called off following presidential intervention, officials said.Maldives has a new coalition government, which was brought to power by pro-democracy activists. The strikes were partly triggered by a […]
Private Issue
Dec 04, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) has raised one billion rupees through a 5-year private placement, an official said. The unsecured subordinated redeemable debenture would boost its tier two capital adequacy ratio. The bank issued 100 million debentures with a face value of 100 rupees paying 21 percent a year. […]
Outlook Cut
Dec 04, 2008 (LBO) – Fitch Ratings has cut the outlook of Sri Lanka’s The Finance Company (TFC) from ‘stable’ to ‘negative’ but confirmed its investment grade ‘BBB(lka)’ long term national rating. As a result, TFC’s portfolio growth was just 9 percent in the 2008 financial year from 33 percent the year before while cash […]
Bunker Compensation
Dec 03, 2008 (LBO) – Sri Lanka’s John Keells Holdings group said that the Supreme Court had ruled that former employees of its bunker fuel unit be paid 153 million rupees it had kept as a deposit for compensation.To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 JKH […]
Sri Lanka evacuates nationals from Thailand through military base
December 3, 2008 (AFP) – Sri Lanka operated special flights to a Thai military base to evacuate all its 378 nationals stranded in Thailand due to political protests, acting foreign minister Hussein Bhaila said Wednesday. The country’s national carrier, Sri Lankan airlines, operated flights to Thailand’s U-Tapoa airbase and completed the evacuation of all its […]