Category: Industry
Bank Rating
July 4, 2008 (LBO) – Fitch Sri Lanka has today confirmed the BB+(lka) rating of Union Bank of Colombo (UB) saying its asset quality has improved, but more capital was needed to meet minimum requirements. UB’s existing loan book has concentrations to the export-import and wholesale trader segments through overdraft facilities which were 39 percent […]
Bank Rating
July 3, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sampath Bank’s local long-term rating of ‘AA-(lka)’ with a stable outlook. It also confirmed the ratings on the bank’s outstanding unsecured debentures of 3.3 billion rupees at ‘A+(lka)’, and the bank’s Individual and Support ratings at ‘D/E’ and ‘5’. “The ratings reflect Sampath Bank’s strong […]
Bond Deal
July 3, 2008 (LBO) – Sri Lanka’s Peoples’ Leasing Company (PLC) is selling a billion rupee 5-year bond to extend the maturity of its short term borrowings, Fitch Ratings which gave the security a ‘BBB+(lka)’ rating said. The leasing company, which is rated ‘A-(lka)’ with a ‘stable’ outlook, is planning to list the subordinated, unsecured […]
Dubai starts budget airline
July 2, 2008 (LBO) – The United Arab Emirates has started a new budget airline branded ‘FlyDubai’, but the carrier would be run separately from the full-service, Emirates, the company said in a statement. “FlyDubai is a simple, yet powerful call to action,” Sheikh Ahmed Saeed Al-Maktoum who also owns Emirates Airlines, said in a […]
Banking Code
July 02, 2008 (LBO) – Ceylinco group chairman Lalith Kotelawala has demanded the Sri Lankan Central Bank adopt its own code of corporate governance.He said in a letter to Central Bank governor Nivard Cabraal that was released to the media that he will initiate legal action if the Central Bank fails to adopt such a […]
Free Flow
July 02, 2008 (LBO) – Sri Lanka’s Central Bank has relaxed exchange controls for emigrants in a move it said aimed at further promoting stable capital mobility and improving investor confidence in the country. The new rules allow previous emigrants to take out without any restriction balances in blocked accounts where their wealth had been […]
Transport Trends
July 01, 2008 (LBO) – Sri Lankan freight forwarders should use their expertise in international trade to modernise the island’s archaic, inefficient domestic trade, a transport expert said. Amal Kumarage, chairman of the National Transport Commission, said inefficiencies in internal trade were a huge cost to the economy as well as individuals and a drag […]
Sri Lanka reach Asia Cup final after crushing win
KARACHI, June 30, 2008 (AFP) – Sparkling centuries from Sanath Jayasuriya and Kumar Sangakkara powered defending champions Sri Lanka to a crushing 158-run win over Bangladesh Monday to reach the final of the Asia Cup.Jayasuriya celebrated his 39th birthday with an 88-ball 130 while Sangakkara scored 121 to help Sri Lanka pile up a mammoth […]
Sri Lanka win against Pakistan
KARACHI, June 29, 2008 (AFP) – Kumar Sangakkara hit a fighting hundred and spinner Ajanta Mendis took four wickets to power Sri Lanka to a 64-run win over Pakistan in their Asia Cup Super League clash here on Sunday.The left-hander scored 112 to lift Sri Lanka to 302-7 after Pakistani paceman Sohail Tanveer notched up […]
Sri Lanka Aitken Spence Maldivian water villas named the best
June 30, 2008 (LBO) – Sri Lanka’s Aitken Spence conglomerate has won an award for the best water villas in the Maldivian atolls, the company said. Aitken Spence’s Adaaran ˜Prestige’ Water Villas in the Maldives won the ˜Maldives Leading Water Villas’ award at the World Travel Awards Asia and Indian Ocean Ceremony held in Shanghai. […]
Sri Lanka tourism gets World Bank support
June 30, 2008 (LBO) – The World Bank has agreed to provide funds to the Sri Lankan government for a tourism initiative among small entrepreneurs and rural communities, the Ministry of Tourism said in a statement. The assurance of support came after talks by Tourism Minister Milinda Moragoda with Wold Bank officials in Washington DC, […]
Shipping Risk
June 30, 2008 (LBO) – The Sri Lankan government is considering establishing a fund based on a levy charged from merchant vessels to handle emergencies caused by oil spills, a senior official said. Marine Pollution Prevention Authority (MPPA) chairman Ranjit Kularatne said the potential for oil spills caused by ship accidents is very high given […]