Category: Industry
More Funds
Oct 10, 2008 (LBO) – Hong Kong Shanghai Banking Corporation (HSBC) said it has strengthened the capital base of its UK subsidiary, HSBC Bank, through an equity injection of 750million pounds. The bank said in a statement the capital injection, representing one per cent of the total shareholders’ equity of the HSBC Group as at […]
Shipping Trends
Oct 10, 2008 (LBO) – Sri Lanka’s Colombo port needs to move fast to build new deep-water terminals if it is to remain competitive, a senior official of the local office of Maersk, the world’s biggest shipping line, has said.While the state-owned Jaya Container Terminal (JCT) can be developed it needs to increase efficiency. “Additional […]
Bank Rating
Oct 09, 2008 (LBO) – Fitch Ratings Lanka has affirmed the National Long-term rating of DFCC Bank (DFCC) at ‘AA(lka)’ with a stable outlook.The rating agency has also affirmed DFCC’s senior debentures at ‘AA(lka)’ and subordinated debentures at ‘AA-(lka)’ (AA minus (lka)). Fitch said the ratings reflect DFCC’s strong capital base and sustained high profitability. […]
Postal Banking
Oct 09, 2008 (LBO) – Sri Lanka’s DFCC Vardhana Bank has struck a deal with Sri Lanka Post to use its post offices to reach more banking customers which also helps the government postal agency to cut huge losses. DFCC Vardhana Bank opened five new banking units in Sri Lanka Post offices branches in the […]
IBM Push
Oct 08, 2008 (LBO) – Midware Technologies, a Sri Lanka IT firm has been appointed a distributor of IBM Software group to drum up business in Sri Lanka and the Maldives, the company said. Midware Technologies will distribute Lotus, Tivoli, Information Management, Rational and WebSphere, brands from IBM. “The company will actively engage in brand […]
Sri Lanka to code share with Etihad to Europe and Jordan
Oct 07, 2008 (LBO) – Sri Lankan Airlines will code share with Abu Dhabi based Etihad to Geneva, Dublin, Munich, Brussels and Manchester, while Eithad will use Sri Lankan to enter Maldives, the airline said. The new code-shares had started on October 01. “SriLankan Airlines looks forward to a fruitful long-term relationship with Etihad,”Sri Lankan […]
Winding Up
Oct 07, 2008 (LBO) – Sri Lanka’s troubled merchant bank Vanik Incorporation said it had been ordered to wind up by the district court of Colombo in a case filed by a foreign and a local bank. The case will be called on November 21, 2008 for further steps, Vanik said in a stock exchange […]
Reaching Out
Oct 07, 2008 (LBO) – The World Bank is increasing support for Sri Lankan small businesses, through its private sector funding arm, International Finance Corporation (IFC) which is considering giving rupee loans.“Such financing would allow IFC to reach out to companies and sectors which generate local currency revenues (such as the infrastructure sector and second-tier […]
Dollar Loan
Oct 07, 2008 (LBO) – Sri Lanka has called proposals for a 300 million US dollar syndicated loan, with another 150 million US dollars now being negotiated, the government’s debt office said. The proposed syndicated loan would be about 32 billion Sri Lankan rupees. “As envisaged in the Budget and approved by Parliament, the funds […]
Port Moves
Oct 06, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) intends to build and operate a container terminal in the planned new deep-draft port being built next to Colombo’s existing harbour, its acting chairman Priyath Bandu Wickrema said. The project team and cabinet-appointed negotiating committee had finalised the fresh bid document for the new […]
State Support
Oct 06, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sri Lanka’s People’s Bank (PB) national long-term ‘A-(lka)’ rating with a ‘positive’ outlook and the bank’s other ratings at Support ‘4’ and Individual ‘E’. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Long-term and Support ratings […]
Global Jitters
LONDON, October 6, 2008 (AFP) – World markets suffered massive losses Monday, striking four-year lows, as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis. London, Frankfurt and Paris all tumbled more than six percent approaching the half-way mark while a 15-percent dive in Moscow forced a halt to […]