Category: Industry
Banking Revolution
August 25, 2007 (LBO) – Bangladesh’s Grameen Bank has reached out to 124 million poorest families globally during its 31 years of existence, its founder, Nobel laureate Muhammad Yunus says. The Grameen Bank reaches into ‘risky market segments that formal banking sectors in poor countries dare not reach, touching the lives of millions of people. […]
Finance Rating
August 23, 2007 (LBO) – Lanka Ratings Agency (LRA) has confirmed an A2 long-term institutional rating of Mercantile Investments with a stable outlook. LRA is a 100 percent-owned subsidiary of RAM Holdings Berhad of Malaysia. RAM is also an affiliate of Standard & Poor’s, the world’s largest rating agency. Corrected Mercantile Investment is the third […]
Good Intentions
August 24, 2007 (LBO) – Sanasa Development Bank (SDB), a Sri Lankan bank that promotes micro finance hopes to expand its network to northern and eastern province an official said. The micro finance institution has increased its branches up to 30 throughout the island during the firm’s first catering to an increasing number of account […]
Good Cover
August 23, 2007 (LBO) – Allianz Lanka Insurance Company, a unit of German insurance giant Allianz SE said premium income grew 34 percent to 246 million rupees in the six months to June. Its pre-tax profits for the period shot up 275 percent to 17.4 million rupees from 4.6 million in 2006, the firm said […]
Green Path
August 23, 2007 (LBO) – The spot dollar peaked at 112.35 against the Sri Lanka rupee Thursday as the local currency sought the next resistant level, dealers said. In the cash markets interbank rates remained around 20 percent with more access to the central bank’s discount window. The market closed at 112.30/40 rupees against the […]
Black Line
August 23, 2007 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation, has returned to profitability in the June quarter, posting 490 million rupees in profits, interim results filed with the Colombo Stock Exchange showed. . The firm reversed a loss of 584 million in the same quarter last year. Part of the […]
Sub Prime
August 23, 2007 (LBO) – Fitch Ratings Lanka has downgraded the rating outlook on Commercial Leasing Company (CLC) to ‘negative’ from ‘stable’ but said it was confirming the firm’s A- lka investment grade rating due to implied support from key shareholders. CLC’s major shareholders are Commercial Bank of Ceylon rated ‘AA+ (lka)’ and Singer (Sri […]
Double Talk
August 22, 2007 (LBO) – Hutchison Telecom’s Sri Lanka celco has doubled operating profits in the first half of 2007 and doubled subscribers in the past year, the global telecom giant said. Hutchison Telecom Lanka, the Sri Lankan mobile operations unit of Hutchison Telecom, has saw operating profits double to 31 million Hong Kong dollars […]
Undersea Link
August 21, 2007 (LBO) – Indian telecom operator Bharat Sanchar Nigam Ltd (BSNL) is to increase charges on a submarine cable link with Sri Lanka Telecom that carries voice and data traffic between the two countries. It has also demanded the Indian government withdraw the new service tax and educational tax at 12.5 per cent […]
Guiding Hand
August 21, 2007 Sri Lanka should guide youth to build skills and be more responsive by better awareness of demand conditions, organizers of a national exhibition aimed at matching skills with market needs have said.“We have to create a climate of lifelong learning and provide credible guidance.” “There is a greater responsibility cast on all […]
Insurance Profit
Aug 20, 2007 (LBO) – Sri Lanka’s Asian Alliance Insurance has reported a turnaround with a small net profit of 1.5 million rupees being made in the first half ended June, 2007. This compares with a loss of 8.3 million rupees in the same half last year. In accounts posted for the first six month, […]
Market Surgery
August 20, 2007 (LBO) – Sri Lanka’s Asiri Surgical Hospital Monday confirmed it was in talks to buy a big stake in Asha Central Hospital, another hospital firm listed on the Colombo Stock Exchange (CSE). The Sunday Times newspaper quoted Fernando as saying the transaction will be concluded by the end of the month. Updated […]