Category: Industry
Union Outlook
Dec 07, 2007 (LBO) – Fitch Ratings Sri Lanka has lifted Union Bank of Colombo’s outlook on its BB + (lka) rating to ‘positive’ from ‘stable’ citing an asset quality improvement. “The recent equity injections and the benefits expected, specifically to profitability and scalability of the bank’s business is reflected in the revision of the […]
Logistics Nightmare
Dec 07, 2007 (LBO) – Sri Lanka’s logistics industry is calling for action to get a paperless cargo clearing system on track, through a new operator or allowing competition, five years after a part state-owed firm was given the task. Logistics and shipping firms that wanted to cut cost and speed up cargo clearance are […]
Sri Lanka tableware exporter goes niche
Dec 07, 2007 (LBO) – Sri Lankan tableware exporters Dankotuwa Porcelain has said it is shifting strategy away from mass production to focus on specialty designs for niche markets. The move is in response to growing competition from cheaper manufacturers in other Asian origins, especially those with access to cheap energy. “It is impossible to […]
Sri Lanka power fails island wide
Dec 07, 2007 (LBO) – Sri Lanka’s national power system failed shortly before dawn Friday, plunging the island in darkness as a thermal generator tripped out of the grid, officials said. A combined cycle thermal power plant at Sri Lanka’s state-owned Ceylon Electricity Board’s (CEB) Kelanitissa thermal generation complex had tripped at 4.48 am local […]
Forewarned
Dec 07, 2007 (LBO) – Sri Lanka’s private sector credit is slowing but lenders should tighten standards and improve risk management as interest rates continue to rise, the Central Bank has warned. In a report on the island’s financial sector stability, the regulator said private sector credit has grown around 24-26 percent in the first […]
Money Trees
Dec 06, 2007 (LBO) – Sri Lanka’s financial and accounting regulators are developing more reliable ways of valuing trees in forestry firms, the Sri Lanka Accounting Auditing Standards Monitoring Board (SLAASMB) said. “When finalized, the guidelines will provide a reliable basis to value biological assets,” the SLAASMB said. “It will provide preparers, auditors and regulators […]
Railway Repair
Dec 06, 2007 (LBO) – Sri Lanka plans to rehabilitate a tsunami-hit coastal railway line at a cost of 167.4 million dollar using an Indian credit line, a minister said. The proposed project that extends the railway line beyond Matara, a town in the southern tip of the island, will be completed within three years, […]
‘s Murali magic downs valiant England
KANDY, Sri Lanka, Dec 5, 2007 (AFP) – Muttiah Muralitharan bowled two magical deliveries when it mattered most to hand Sri Lanka an 88-run win over a fighting England in the first Test here on Wednesday.The off-spinner, who became Test cricket’s most successful bowler in the first innings, got out Matt Prior and Ian Bell […]
‘s Murali put in the dock by Aussie media
Dec 05, 2007 (LBO) – Australia’s Herald Sun newspaper has launched a poll on whether Sri Lanka’s star bowler, Muttiah Muralitharan who this week became the world’s highest Test wicket taker, is a chucker or not. . Click here to go to Murali’s Poll. The paper has announced a poll asking ‘Is Murali’s action legal?’. […]
Mobile Expansion
Dec 05, 2007 (LBO) – Mobitel, a celco owned by fixed operator Sri Lanka Telecom launched its third generation network in the island, saying its existing service was growing so fast it was struggling to meet demand. Studies have shown that household internet penetration to be around one percent, and most connectivity is concentrated in […]
Regional Finance
Dec 05, 2007 (LBO) – Sri Lanka’s Sampath Bank is looking to lend more money in the Maldives with 45 million dollars raised through a syndicated loan arranged by HSBC Bank, officials said. . “We already have a portfolio of about two million dollars in the Maldives,” Samapath Bank chief Anil Amarasuriya said. The bank […]
Australian cricket chief hails Murali
SYDNEY, Dec 4, 2007 (AFP) – Australia’s cricket chief Tuesday brushed aside criticism of Sri Lanka’s record-breaking spinner Muttiah Muralitharan, saying he should be hailed for his “great feats”. Muralitharan, who broke Australian Shane Warne’s world record for most Test wickets by taking his 709th against England in Kandy on Monday, has faced criticism in […]