Category:
Withdrawn
Apr 04, 2013 (LBO) – Fitch Ratings has confirmed and withdrawn a ‘BB-(lka)’ rating of Sri Lanka’s Vallibel Finance Plc.Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for VFL.The rating has a negative outlook.Fitch said it had withdrawn the rating as […]
Tele Credit
Apr 04, 2013 (LBO) – HSBC said it had arranged a 100 million US dollar export credit from Belgium for Etisalat Sri Lanka to expand its network with equipment made by Alcatel-Lucent. “The strong partnership with HSBC, ONDD and Alcatel-Lucent will now enable us to offer the best in technology and services to our customers.” […]
Fashion Tech
Apr 04, 2013 (LBO) – Sri Lanka’s MAS Holdings is investing 20 million US dollars in attune Consulting, an information technology firm that caters to the apparel and fashion industry, said. Attune said it was looking to aggressively expand its technology offering to fashion and lifestyle value chain, up to the retail. “Our exclusive focus […]
‘s Insurance Sri Lanka says profits surge
Apr 04, 2013 (LBO) – People’s Insurance Limited, a unit of People’s Leasing and Finance, Sri Lanka’s largest non-bank lender said profits rose 226 percent to 235 million rupees, helped by underwriting profits and investment income. “The insurance market has not completely penetrated; therefore we don’t need to eat in to other company’s markets,” he […]
‘s CEB should not subsidize places of worship: power users
Apr 04, 2013 (LBO) – Sri Lanka’s power utility should stop subsidizing places of religious worship which had their own methods of deriving income and some were operating commercial businesses, respondents at a hearing on a tariff hike said. “Places of worship are given power at very low rates and I do not think it […]
Sri Lanka should push harder to cut peak power demand: think tank
Apr 04, 2013 (LBO) – Sri Lanka should push harder on cutting peak power demand as ‘average’ costs are meaningless and trimming the most expensive 5.0 percent of energy has the potential to eliminate losses at Ceylon Electricity Board, a think tank has said.About 17 percent of the generation costs of state-run Ceylon Electricity Board […]
‘s murky power utility costs under fire
Apr 04, 2013 (LBO) – Costs claimed by Sri Lanka’s power monopoly Ceylon Electricity Board are murky, the efficiency of expensive plants and other costs are not independently audited, respondents at a public hearing on a proposed tariff hike said. Disallowing around 30 billion rupees from the tariff filing also raised more questions about cost […]
Sri Lanka foreign reserves at US$6.8bn in January 2013
Apr 03, 2013 (LBO) – Sri Lanka’s foreign reserves had edged marginally lower by 22 million US dollar in January 2013 to 6,855 million US dollars from a month earlier, official data showed.The Central Bank said reserves were equal to 4.4 months of imports. Sri Lanka’s imports fell 21.3 percent in January 2013 from a […]
Sri Lanka Treasury bill yields frozen, bids rejected
Apr 03, 2013 (LBO) – Sri Lanka’s three and six months Treasury bill yields were frozen Wednesday with market bids rejected, data from the state debt office showed.The 3-month yield was kept at 9.26 percent, 6-month bids rejected and the 12-month yield was also flat at 11.35 percent. The debt office which is a unit […]
Sri Lanka stocks close up 0.4-pct
Apr 03, 2013 (LBO) – Sri Lanka’s stock closed up 0.4 percent Wednesday helped by investor interest in banks brokers said. Aitken Spence Hotel Holdings PLC gained 3.60 rupees to close at 76.60 rupees. The benchmark Colombo All Share Index closed up 23.85 points at 5,728.47 up 0.42 percent and the S & P SL […]
Changeover
Apr 03, 2013 (LBO) – Rajendra Theagarajah, managing director and chief executive officer of Hatton National Bank will retire from June 20, to be replaced by deputy chief executive Jonathan Alles.HNB said in stock exchange filing that he will also resign from the board of director of the bank. Subject to central bank approval, Alles […]
Paradise Isle
Apr 03, 2013 (LBO) – The Muslim-owners of Fashion Bug who compounded a case may have taught mob monks a lesson in Buddhism that hatred cannot be overcome by hatred.However, a sports sponsorship may have been more appropriate to prevent a recurrence. A Buddhist monk who took part in the March 28 night time attack […]