Category:
”’ rating by Fitch
Aug 23, 2013 (LBO) – Sri Lanka’s Asian Alliance Insurance has been given a ‘B’ insurer financial strength rating with a stable outlook by Fitch. Fitch also gave in a national insurance financial strength and long term credit rating of ‘BBB+(lka)’ with a stable outlook. Fitch expected operational assistance and synergies with its parent Softlogic […]
Sri Lanka finds latest New Zealand milk imports free of DCD
Aug 23, 2013 (LBO) – Sri Lanka’s Industrial Technology Institute said stocks of New Zealand milk held at port are free of a chemical contamination according to its tests, and will continue to test other batches of imports.. ITI chief Sirimal Premakumara said dicyandiamide (DCD) contamination was found in two stocks of Anchor branded and […]
Sri Lanka bond yields up
Aug 22, 2013 (LBO) – Sri Lanka’s bond yields spiked Thursday with a 5-year bond popular among foreign investors quoted as high as 11.70/75 percent, dealers said. Sri Lanka has also lost forex reserves amid looser monetary policy and some capital repayments but credit growth is weaker at the moment. The 5-year bond maturing on […]
S&’s RAM Ratings
Aug 22, 2013 (LBO) – US-based Standard and Poor’s Rating Services said it had increased a stake in RAM Holdings Berhad of Malaysia, the parent of RAM Ratings. S&P has raised its stake to 1.2 percent to 6.1 percent. S&P had first bought into RAM in 2011 with a 4.9 percent stake. .
‘s Softlogic to sell a billion rupees in debt
Aug 22, 2013 (LBO) – Sri Lanka’s Softlogic Holdings will sell up to a billion rupees in listed debt, the Colombo Stock Exchange said. The company will offer 5 million rupees of rated debt at 100 rupees each, with a option to issue another 5 million if the first tranche is oversubscribed. Subscriptions will open […]
‘s LOLC in talks with international resort chains
Aug 22, 2013 (LBO) – Sri Lanka’s LOLC Leisure, owners of Palm Garden Hotels is in talks with international hotel chains to manage their proposed 475 room hotel, which the firm says will be the largest resort in the country. Jayewardene said the old hotels were removed to make maximize land use and to “develop […]
Puzzle over African coins reveals Aboriginal rock art
SYDNEY, August 22, 2013 (AFP) – Solving the mystery of how 900-year-old African coins ended up in remote Australia could not only recast the history of foreign contact Down Under, but shed light on Aboriginal rock art.What the researchers did uncover was the Aboriginal rock art and some potential evidence of shipwrecks — a not […]
” after injecting billions of rupee reserves to banks
NEW DELHI, August 22, 2013 (AFP) – India’s finance minister said Thursday that intense selling pressure on the rupee was exaggerated and that the currency market “panic” was unnecessary.The rupee, which has hit record lows for five straight trading days, slumped to 65.56 to the dollar on Thursday as uncertainty about the future of the […]
‘s Tata rebrands “‘s cheapest car” to boost sales
MUMBAI, Aug 22, 2013 (AFP) – India’s top vehicle maker Tata Motors says it plans to reposition the Nano as a “smart city car” after its marketing pitch as the world’s cheapest auto resulted in disappointing sales.The Nano was launched in 2009 as a budget solution for millions of aspirational lower-middle class Indian families wanting […]
Maldives court quashes flogging of rape victim
MALÉ, August 22, 2013 (AFP) – The Maldivian High Court has overturned a public flogging sentence for a 15-year-old rape victim whose conviction sparked outrage among rights groups and focused attention on the island nation’s treatment of women.The High Court issued a statement on Wednesday saying that the girl, whose step-father is on trial for […]
Sri Lanka textile mill ups export to Bangladesh, but losses mount
Aug 22, 2013 (LBO) – Kuruwita Textile Mills Plc, a unit of Sri Lanka’s Brandix Apparel group said exports to Bangladesh rose in the June 2013 quarter but losses increased amid cost increases. The firm lost 211 million rupees in the quarter up 355 percent from a year earlier. It reported losses of 8.46 rupees […]
Sri Lanka external trade expands in June
Aug 22, 2013 (LBO) – Sri Lanka’s exports rose 6.8 percent to 807.4 million US dollars in June 2013 from a year earlier with apparel exports up 14.9 percent to 356.8 million US dollars, official data showed.In the six months to June exports dropped 4.5 percent to 4.66 billion US dollars, imports dropped 5.8 percent […]