Category: Industry
Inside Sri Lanka M&”’ factory
May 18, 2008 (LBO) – Built on the naturally sloping ground inside the 180-acre Thulhiriya Fabric Park, north of the Sri Lankan capital Colombo, surrounded by patches of greenery and pools of water stands a building. At first glance, the MAS group’s new lingerie factory that manufactures exclusively for Marks and Spencer looks like any […]
Tree Walkers
WASHINGTON, 2008 (AFP) – Scientists have long thought that walking is easier than climbing for primates — explaining why we humans ended up on our feet all the time.But researchers at two US universities have found that, at least for smaller primates like squirrel monkeys and lemurs, climbing is no more difficult and energy-consuming than […]
Takeover Watch
May 17, 2008 (LBO) – Fitch Sri Lanka has placed the ‘A-(lka)’ rated Commercial Leasing Company on credit watch after Lanka Orix Leasing Company (LOLC) gained 67 percent control of the firm. CLC was started in 1988 by Commercial Bank of Ceylon PLC, Chemanex Limited, and Singer (Sri Lanka) Limited (‘A+(lka)’/Negative). It has a network […]
Mortgage Strength
May 16, 2008 (LBO) – A mortgage backed security issued by Sri Lanka’s HDFC Bank retained its enhanced credit, three notches higher than the issuer, as Fitch Ratings Lanka confirmed an ‘AA-(lka)’ rating on the securities. However, loans overdue for 6-months increased marginally to 2.4 percent from 2.0 percent and defaulted loans over 12 months […]
Sri Lanka Allianz unit offers directors and officers liability insurance
May 15, 2008 (LBO) – Allianz Insurance Lanka has launched a business unit to provide directors and officers (D&O) liability insurance to Sri Lanka’s private and public corporates. The insured are indemnified for defense costs and any legal claims, according to a statement by the company, a fully owned subsidiary of Munich headquartered conglomerate Allianz. […]
LBR-LBO CEO Forum
May 15, 2008 (LBO) – Strategy in business continuously changes and businesses must plan and adopt strategies by studying key market components for better results, a top Sri Lanka business executive said. When executing strategy, companies must understand their consumer, competitors, the role of the economy, the supply side and distribution lines in relation to […]
Merchant Rating
May 15, 2008 (LBO) – RAM Ratings has confirmed Merchant Bank of Sri Lanka’s (MBSL) long-term local rating of AA- with a stable outlook, saying the rating is supported by state-run Bank of Ceylon, its parent. RAM also confirmed MBSL’s short term rating of P1 and the AA rating assigned to unlisted debentures of 300 […]
Outstation Opportunity
May 15, 2008 (LBO) – Bartleet Finance, part of Sri Lanka’s Bartleet group, is considering setting up a branch in northern Jaffna and expanding in rural areas where officials say there is much potential. Managing director Susantha Fernando said the firm faced difficulties this year because of soaring interest rates but believes rates have now […]
Port Contract
May 15, 2008 (LBO) – Sri Lanka has approved the award of a 46 million euro contract for a Denmark based firm to build a port in the eastern coast of the island, a senior minister said. The cabinet of ministers had given the go ahead for MT Hojgaard to build a port in the […]
Wider Portfolio
May 14, 2008 (LBO) – The Sri Lanka unit of India’s Tata Communications is looking to expand in to new areas after getting 30 percent of the outgoing voice traffic of the country, officials said. . “We are looking for new licenses to expand into areas demanded by our customers,” Tata Communications group chief N […]
Software Piracy
SINGAPORE, May 14, 2008 (AFP) – Software piracy increased last year in the Asia-Pacific region, boosted by China’s growing use of personal computers, an industry group said on Wednesday.The Asia-Pacific’s average PC software piracy rate in 2007 increased to 59 percent of the software in use in the region from 55 percent the previous year, […]
Margin Play
May 14, 2008 (LBO) – Sri Lanka’s state-run Bank of Ceylon has seen margins squeezed in 2007 amidst directed lending and rising funding costs, but has pushed up fee income and cut bad loans in the period. In 2007 group revenue rose 40 percent to 52.3 billion rupees while interest income rose 56 percent to […]