Category: Industry
Durable Finance
Feb 01, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BBB (lka)’ national long-term rating of Singer Finance (Lanka) Limited (SF) with a ‘stable’ outlook. SF was established as a RFC in April 2004, and currently operates through five branches. “The principal factor taken into consideration in SF’s rating is the implied support assumed […]
Paper Issue
Feb 01, 2008 (LBO) – Lanka Orix Leasing Company (LOLC) is planning to raise 500 million rupees from a rated commercial paper, Fitch Sri Lanka said, assigning the issue a short term rating of ‘F1 (lka)’. . “The assigned rating reflects the absence of an adverse shift in the maturities of the company’s interest bearing […]
Lost Packets
Jan 31, 2008 (LBO) – Internet users in Sri Lanka and other South Asian countries may see their internet connections slowing, as a submarine cable in the Mediterranean sea has been damaged, a report said. “It is a problem off the coast of Alexandria in Egypt. For some reason ships were asked to anchor in […]
Small Industry
Jan 31, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BB+(lka)’ rating of Trade Finance and Investments, a company that has a strong focus on three wheeler vehicle finance, with a stable outlook. “TFI’s rating takes into consideration its high capitalisation and good profitability. However, the rating is constrained by TFI’s small asset base, […]
Oil Search
Jan 31, 2008 (LBO) – Sri Lanka is evaluating bids for offshore oil exploration in the island’s north-east from firms in Cyprus and India, petroleum minister A H M Fowzie said. The island has put three exploration bids on offer in the Mannar basin area. The bids closed today. ONGC Videsh and Cairn India from […]
Sri Lanka activists demand energy equity
Jan 31, 2008 (LBO) – Sri Lankan villagers are paying a high price for off-grid power while city folk are getting billions in power subsidies from a state power utility, an activist has charged. The activist also criticized a World Bank loan project the only significant fund that has come forward to fund such rural […]
Sri Lanka Ceylinco to create insurance awareness
Jan 31, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says it is launching a life insurance week in February to increase awareness of life products and expand the life insurance market in the country. Ceylinco says market penetration for life insurance is 8.7 percent in Sri Lanka despite marketing initiatives by a competitive industry. “We […]
‘s cricket XI
CANBERRA, Jan 30, 2008 (AFP) – Sri Lanka kicked off their limited overs tour of Australia in good style, beating the Prime Minister’s XI by four wickets here Wednesday. Some quality fast bowling by the tourists helped them dismiss the PM’s XI, which featured some of Australia’s best young players, for just 152 after they […]
High Rises
Jan 30, 2008 (LBO) – Sri Lanka™s condominium regulator has issued over 200 certificates for high rises that are coming up in and around the capital, a top official said. “We have issued 183 full and complete certificates, and several semi-condominium certificates, Condominium Management Authority chief Abul Kalam said A semi-condominium certificate is issued to […]
Growth Numbers
Jan 30, 2008 (LBO) — Sri Lanka’s Nations Trust Bank profits surged 56 percent to 504 million in 2007 as revenues grew 54 percent to 9.1 billion rupees, the company said.In the December quarter its profits grew 64 percent to 151 million rupees as revenues grew 109 percent to 2.7 billion rupees. “Despite loans and […]
Asset Backed
Jan 30, 2008 (LBO) – Fitch Sri Lanka has confirmed an ‘A-(lka)’ rating on lease backed trust certificates (LBTCs) issued by Peoples’ Leasing Company, the rating agency said, as it kept close watch to ensure that delinquent and prepaying loans were replaced. Peoples’ Leasing Company (PLC) is also rated ‘A-(lka)’ with a ‘stable’ outlook. The […]
Airport Link
Jan 29, 2008 (LBO) – India’s Cochin International Airport Limited (CIAL) says it is interested in building an airport in southern Sri Lanka and a delegation is visiting the island this week for talks. Sri Lanka has proposed a second international airport in the southern town of Weerawila in the Hambantota district. CIAL said its […]