Category: Industry
SME Funds
HONG KONG, December 8, 2008 (AFP) – Global banking giant HSBC has set up a 5 billion US dollar fund to help small and medium sized businesses get access to credit during the global financial crisis, the bank said.The fund represents money “over and above” what the London-based bank would normally lend in the current […]
Domino Effect
Dec 08, 2008 (LBO) – The effects of a payment halt on derivatives by a state-run oil distributor is spreading far into Sri Lanka’s banking sector, hurting capital, interbank transaction integrity and international relationships, market participants say.Two weeks ago, CPC chairman Ashantha de Mel said outstanding exposures of Citibank to CPC were 400,000 barrels, Standard […]
Health Focus
Dec 07, 2008 (LBO) – Sri Lanka’s Hemas group has officially opened a new 1.5 billion rupee hospital in Wattala, north of the capital Colombo, saying the move marks its entry into the healthcare service industry. The 100-bed Hemas Hospital was built in collaboration with the Columbia Asia Hospital Chain, a hospital operator in Asia, […]
Trishaw Knights
Dec 7, 2008 (LBO) – Often blamed for road accidents, but first on the scene to ferry victims of accidents or bomb blasts, Sri Lanka’s errant tuk tuk drivers are learning first aid skills to save lives.Drivers of the tiny auto-rickshaw taxis, commonly called “autos”, “trishaws”, or “three-wheelers” are being taught pre-hospital care to prevent […]
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 […]
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 […]
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 […]