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Sri Lanka and India ink deal for 500MW coal plant
Oct 08, 2013 (LBO) – Sri Lanka and India has inked a deal to build a 500MegaWatt joint venture coal power plant, in the island’s North Eastern coast which is expected to come on stream by 2018.Sri Lanka’s power ministry secretary MMC Ferdinando, chairman of state-run Ceylon Electricity Board WB Ganegala and NTPC chairman Arup […]
Canada threatens to pull Commonwealth funding
NUSA DUA, October 8, 2013 (AFP) – Canada’s Prime Minister Stephen Harper has threatened to withdraw funding for the Commonwealth in an escalating row over rights abuses by Sri Lanka ahead of a summit next month.Harper confirmed late Monday that he was boycotting the November 15-17 summit in Colombo, citing “the absence of accountability for […]
Sri Lanka stock close 0.5-pct higher, rupee steady
Oct 07, 2013 (LBO) – Sri Lanka stocks closed 0.50 percent higher on continued investor interest in tobacco and diversified stocks, and the rupee was steady against the dollar, brokers and dealers said. Currency dealers said volumes were thin in the foreign exchange market with demand for US dollars matching supply. The rupee traded at […]
Steady State
Oct 07, 2013 (LBO) – Fitch Ratings said it had confirmed an ‘AA-(lka)’ rating of Sri Lanka’s Sampath Bank (SB) with a stable outlook.“Fitch believes that SB’s asset quality may weaken in 2013, in line with its expectation for the sector, but would continue to compare well against most ‘AA(lka)’ category-rated private bank peers,” the […]
Marketing Award
Oct 07, 2013 (LBO) – Indunil Liyanage, chief marketing officer of state-run Bank of Ceylon has been named among the ’50 most talented CMOs’ at Golden Globe Tiger Awards 2013 in Malaysia.The awards were held at the World Marketing Summit in Kuala Lumpur on September 30, an event associated with Philip Kotler, distinguished Professor of […]
Babel
Oct 07, 2013 (LBO) – Sri Lanka’s Sinhala speakers would soon be able to use Google translate, a tool that allows readers to translation languages into one another, an official said.“The development is being done as we speak,” Rohan Jayaweera, country consultant for US-based Google Inc told an LBR-LBO Summit forum. “I am sitting in […]
Television channel set on fire amid Maldives crisis
COLOMBO, October 7, 2013 (AFP) – Unidentified attackers set fire to the main pro-opposition television network in the Maldives on Monday ahead of a crucial court ruling on whether suspended presidential elections should go ahead, officials said.At least six men stormed the offices of the Raajje television network in a pre-dawn attack and set fire […]
Sri Lankan Airlines leases three A350-900s
Oct 09, 2013 (LBO) – State-run SriLankan Airlines said it had leased three Airbus A350-900 aircraft from US-based International Lease Finance Corporation (ILFC), as part of a re-fleeting program where another four will be bought directly from the manufacturer. “…[W]e believe that this new generation, fuel-efficient aircraft will play a leading role in the airline’s […]
‘s new PM to head to Commonwealth despite boycott call
NUSA DUA, October 7, 2013 (AFP) – Australia’s new prime minister said Monday he would attend a Commonwealth summit next month despite calls for a boycott over the human rights record of host Sri Lanka.The Gambian government announced last week that the former British colony was pulling out of the Commonwealth with immediate effect, saying […]
Rating Report
Oct 05, 2013 (LBO) – Fitch Ratings has confirmed an ‘A-(lka)’ rating by Seylan Bank Plc, with a ‘stable’ outlook.An upgrade of Seylan’s rating would be contingent upon its standalone rating moving above the support-driven rating, by way of significant and sustained improvement in asset quality and provisioning while maintaining other credit metrics in line […]
Sri Lanka close up 0.4-pct, rupee extends gains
Oct 04, 2013 (LBO) – Sri Lanka stocks closed 0.40 percent higher on speculative trades and the rupee strengthened against the US dollar, brokers and dealers said. The benchmark Colombo All Share Price Index closed 23.15 points higher at 5,837.95, up 0.40 percent after reaching an intraday high on 5,849.76 in late trading, provisional data […]
Sri Lanka firms have to change, connect with the world to face the future
Oct 04, 2013 (LBO) – Sri Lankan firms will have to face changes sweeping across the world and by becoming more connected firms can be successful in the future, participants of the business forum in Colombo said. But the current trend was a mixture of modern and traditional values.But ‘Modtradi’ trend will also change. “We […]