Category:
Fibre Backbone
Aug 15, 2009 (LBO) – Sri Lanka telecom regulator is evaluating expression of interest from seven investors who responded to a call to build a fibre optic backbone for Sri Lanka in partnership with state rail and power utilities, a top official said. Pre-qualified parties would be expected to submit applications by the end of […]
Pakistan moves to bring tribal belt into mainstream
ISLAMABAD, August 14, 2009 (AFP) – Pakistani President Asif Ali Zardari unveiled political reforms in the country’s tribal belt Friday in a bid to extricate the lawless region from the grip of Taliban and Al-Qaeda militants.Pakistan’s seven federally administered tribal areas (FATA) have become a stronghold for hundreds of extremists who fled after the US-led […]
Sri Lanka Insurance Corp upgraded by Fitch on taxpayer support
Aug 15, 2009 (LBO) – Fitch Ratings said it has upgraded the rating of Sri Lanka’s largest insurer following its nationalisation on a court order, saying it implied state support if required. Fitch said in a statement that Sri Lanka Insurance Corp’s (SLIC) National Long-term Issuer Default Rating (IDR) has been upgraded to ‘AA-(lka)’ from […]
Sri Lankan shares down 1.12-pct during week
Aug 14, 2009 (LBO) – Sri Lanka stocks closed weaker Friday, as a record loss by index heavy Dialog Telekom pulled the market down, while the rupee spiked in late trading, brokers and dealers said.The benchmark Colombo All Share Price Index (ASPI) closed down 0.38 percent to end at 2,501.19 (9.62 points), while the Milanka […]
Shipping Talks
Aug 14, 2009 (LBO) – Sri Lankan shippers said they hope a meeting of Asian shippers in Colombo would strengthen efforts to combat anti-competitive practices of shipping lines and called for government reforms to prevent unfair trade.Randolph Perera, chairman of the Sri Lanka Shippers’ Council (SLSC), said the Asian Shippers’ Council will campaign for eliminating […]
Strong Showing
Aug 14, 2009 (LBO) – Sri Lanka’s NDB Bank group profits grew 45.7 percent to 529.7 million rupees in the June 2009 quarter from a year earlier, on revenues that grew 22.5 percent to 3.79 billion rupees, the company said.Deposits grew 24 percent to 38.5 billion rupees from 31.0 billion in December. NDB group gross […]
Sri Lanka July tourism arrivals up 28-pct
Aug 14, 2009 (LBO) – Foreign visitors to Sri Lanka increased 28 percent in July from a year earlier, with Western Europe and South Asia generating markets showing steep increases, the island’s tourism promotion office said. A 30-year internal conflict ended in May with the leadership of Tamil Tiger separatists being wiped out by the […]
Sri Lanka Allianz unit June net up 219-pct
Aug 14, 2009 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, said net profit for the June 2009 quarter shot up 218.6 percent to 58.6 million rupees from a year ago. Allianz has expanded its branch network to the provinces and now has a presence in Kurunegala, Galle and Negombo. The […]
Fuel Loss
Aug 14, 2009 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, said it lost 856.7 million rupees in the June 2009 quarter, down from a profit of 1.0 billion rupees a year earlier, as it was squeezed between high taxes and government mandated prices.The import price of diesel and also kerosene is higher […]
Sri Lanka Mercantile Investments rating confirmed by RAM
Aug 14, 2009 (LBO) – RAM Ratings Lanka has confirmed the ‘A’ rating of Mercantile Investments Limited (MIL), a registered finance company in Sri Lanka. with a ‘negative’ outlook. “The negative outlook is premised on the Company’s rising delinquencies, which have been impinging on its financial performance,” RAM ratings said in a statement. “Nonetheless, the […]
US promotes Sri Lanka investment
Aug 14, 2009 (LBO) – The United States is holding a conference in Colombo in October, with participation of Sri Lankan officials for US firms to explore investment opportunities following the end of a 30-year war in the country. “This private-public conference will provide U.S. firms a unique opportunity to be among the first investors […]
Sri Lanka to issue US$500mn sovereign bond in Sept-Oct: report
Aug 13, 2009 (LBO) – Sri Lanka will issue a 500 million US dollar 5-year sovereign bond in late September or early October to international investors, a media report said.“Minimum benchmark size in the international capital market is $500 million,” Reuters news agency quoted C.J.P. Siriwardena, head of Sri Lanka’s government debt office as saying. […]