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Trincomalee port records Rs9mn increased income: Ports Ministry
The Port of Trincomalee has recoded Rs. 9 million of increased income during the last two months by re-establishing the weigh bridge system at port. The total income received by the port was reported as at Rs.71 million for the said period. The port introduced Weigh Bridge system first, in the year of 2006 but […]
Singer Sri Lanka to raise Rs2bn in listed debt
Mar 02, 2016 (LBO) – Singer Sri Lanka said it is planning to raise as much as 2 billion rupees from a sale of debentures which will be quoted on the Colombo Stock Exchange. The bank said in a stock exchange filing that it wanted to sell 10 million debentures of 100 rupees each. But […]
Fitch downgrades ratings of state banks, finance and insurance companies
Mar 02, 2016 (LBO) – Fitch Ratings has downgraded the Issuer Default Ratings of two state banks and one finance company, a statement said. Accordingly, Bank of Ceylon and National Savings Bank has been downgraded to ‘B+’ from ‘BB-‘ and People’s Leasing & Finance to ‘B’ from ‘B+’. The ratings of DFCC Bank were affirmed […]
Fitch downgrades Sri Lanka Telecom to B+
Fitch Ratings has downgraded Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B+ from ‘BB-‘. The Outlook on the IDRs is Negative. The agency has affirmed SLT’s National Long-Term Rating at ‘AAA(lka)’ with a Stable Outlook. The rating action follows Fitch’s downgrade of Sri Lanka’s Long-Term Foreign- and Local-Currency […]
Holcim Lanka and Maga initiates sustainable green building practices
Holcim (Lanka) Ltd, a member of the LafargeHolcim Group and a leading company in building materials, together with Maga Engineering (Pvt) Ltd, Sri Lanka’s leading construction & engineering company, officially signed a memorandum of understanding (MoU) on 1 March 2016, on working towards a path of sustainability for the Sri Lankan construction industry. The MoU […]
Interview: Sri Lanka’s national carrier eyes turnaround
Mar 02, 2016 (LBO) – SriLankan Airlines is poised for a shift in strategy, ranging from privatisation to network restructuring, in a bid to achieve sustained profitability, Ajith Dias, chairman of SriLankan Airlines told the Oxford Business Group. SriLankan Airlines has been faced with an increasingly difficult operating environment as rising competition, tighter margins and […]
Fitch downgrades SriLankan Airlines government guaranteed bonds to B+
Fitch Ratings has downgraded the rating on SriLankan Airlines Limited’s (SLA) US dollar-denominated government-guaranteed bonds to ‘B+’ from ‘BB-‘. This follows the downgrade of Sri Lanka’s Long-Term Foreign and Local-Currency Issuer Default Ratings to ‘B+’ with a Negative Outlook (see ‘Fitch Downgrades Sri-Lanka to ‘B+’; Outlook Negative’, dated 29 February 2016). The national carrier’s bonds […]
PTL Watch: Bond yields tick higher on thin volumes
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China positive on trade, investment says Malik after visit
Mar 02, 2016 (LBO) – China is positive about Sri Lanka’s prospects as a strategically located platform for trade, investment and tourism, a statement issued following Minister Malik Samarawickrama’s recent visit to China said. “They saw opportunities for strengthening bilateral cooperation and looked forward to Prime Minister Ranil Wickramasinghe’s visit to China in April to […]
‘s changes outlook on China credit rating to negative
Mar 02, 2016 (LBO) – Moody’s Investors Service has today changed the outlook to negative from stable on China’s government credit ratings, while affirming the Aa3 long-term senior unsecured debt, issuer ratings, and (P)Aa3 senior unsecured shelf rating. The key drivers of the outlook revision are: 1. The ongoing and prospective weakening of fiscal metrics, […]
Oil hits near two-month high on supply slowdown
Mar 02, 2016 (LBO) – Oil hit a near two-month high on Wednesday on the possibility that a global oversupply of crude oil has begun to shrink. Brent crude was trading at 36.65 dollars per barrel, down 0.43 percent, on Wednesday, a level last seen in early January. The global crude glut shrank by 12 […]
ETCA panic unfounded: Sujeewa Senasinghe
The proposed Economic & Technical Agreement (ETCA) with India needs to be viewed beyond the vilifying exaggerations made against it for quick political mileage-and contrary to the general perception, ETCA is not the umbrella agreement that decimates almost all services and professions in Sri Lanka, said State Minister of International Trade Sujeewa Senasinghe on 29 […]