Category: Industry
Sea Bandits
HONG KONG, November 20, 2008 (AFP) – A Hong Kong-flagged ship captained by a Sri Lankan that was hijacked two months ago off the coast of Somalia is returning home after its owner paid a ransom to a group of pirates, AFP was told Thursday. A spokeswoman for Sinotrans Shipping said its vessel Great Creation […]
Global news agencies boycott Australian cricket
SYDNEY, November 20, 2008 (AFP) – Global news agencies have boycotted coverage of the first cricket Test between Australia and New Zealand starting Thursday because of conditions imposed by organisers.The agencies — Agence France-Presse, Associated Press, Reuters and Getty Images — have also suspended coverage of all Australian cricket news until further notice over demands […]
Financial Turmoil
Nov 20, 2008 (LBO) – A senior Sri Lankan central banker says the collapse of the global financial sector has underlined the value of real output and resources but that it could dampen consumption. Central Bank Deputy Governor W A Wijewardena said that the entire financial market is now going through turmoil. He was speaking […]
Sri Lankan Airlines aims for hub position
Nov 19, 2008 (LBO) – Sri Lankan Airlines plans to renew its fleet and expand its passenger and cargo network to position itself as a hub and gateway to the huge market on the Indian sub-continent, its chief executive says.Starting next month, the airline plans to begin replacing its aging A320 Airbus aircraft that operate […]
Lease Rating
Nov 17, 2008 (LBO) – Fitch Ratings Lanka has confirmed People’s Leasing Company (PLC) national long-term rating at ‘A-(lka)’ with a stable outlook, but warned its aggressive loan growth was a concern. It also confirmed the ‘BBB+’ rating on PLC’s proposed unsecured subordinated debenture issue of up to a billion rupees, and the ‘F1’ short-term […]
Bank Trends
Nov 17, 2008 (LBO) – Sri Lanka Commercial Bank group net profit for the September quarter rose 6.81 percent to 937.5 million rupees from a year ago although loan growth was slowing, interest margins were eroding and bad loans increasing. Total group income for the quarter rose almost 19 percent to 11.2 billion rupees, according […]
Slim Gains
Nov 17, 2008 (LBO) – Sri Lanka’s Pan Asia Bank Corporation said net profit for the September quarter grew 14 percent to 46 million rupees, with tax costs shooting up and foreign exchange gains falling. Revenues for the September quarter had increased by 32 percent or 200 million to 816 million rupees. Interest expenses for […]
Sri Lanka draws dragonfly watchers
Nov 16, 2008 (LBO) – At the site on an ancient monastery in Sri Lanka, a group of British visitors are peering into ponds, looking closely at stone walls and adjusting their cameras and binoculars to get a better angle.Other visitors to the ruins in Arankelle in north central Sri Lanka are looking at the […]
Corn Probe
Nov 16, 2008 (LBO) – Sri Lankan customs authorities are holding a ship that carried 72,000 tonnes of wheat to a mill owned by Prima of Singapore in the eastern port of Trincomalee, a media report said. The report said Prima Ceylon Ltd general manager Jay Ong had declined to comment. The Sunday Times newspaper […]
Sri Lanka Allianz unit expands into life
Nov 14, 2008 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, is expanding into life after making inroads in the corporate insurance market since it started three years ago, officials said.“We have achieved 257 percent growth in 2007 in general insurance business so now we want enter the life insurance market […]
Finance Rating
Nov 15, 2008 (LBO) – Fitch Ratings Sri Lanka has confirmed a BB+(lka) long term rating of Trade Finance and Investment Ltd (TFI) with a stable outlook. “TFI’s rating factors its high capitalisation in terms of its size of operations and good profitability,” Fitch Ratings said. “The rating is constrained by TFI’s small asset base, […]
Merchant Rating
Nov 14, 2008 (LBO) – Fitch Ratings Sri Lanka has confirmed Seylan Merchant Leasing PLC’s (SML) ‘BB+ (lka)’ long term rating with a ‘stable’ outlook. “SML’s rating reflects its modest financial profile, short operating history and small asset base,” Fitch said. “The rating also factors in the implied support assumed to be available from its […]