Tag: lbo
Offshore Support
July 18, 2011 (LBO) – Sri Lanka’s Hayleys conglomerate has strengthened its bid to provide support for offshore oil exploration work to begin in August by getting required international accreditation on safety and environmental management. Hayleys Energy Services, a logistics provider for the oil and gas industry, said it has got certifications covering quality and […]
‘s
July 18, 2011 (LBO) – Moody’s Investors Service, a rating agency has lifted the outlook on Sri Lanka’s below-investment-grade ‘B1’ credit, to ‘positive’ ahead of a billion dollars sovereign bond sale. Road shows for the bond have already started. The rating agency said the end of a long drawn out war which reduced political risk, […]
”: Fitch
July 18, 2011 (LBO) – Fitch Ratings has upgraded Sri Lanka’s long-term foreign and local sovereign ratings to ‘BB-‘ from ‘B+’ with stable outlooks for both. “In contrast, continued double-digit inflation or deterioration in political stability would put downward pressure on Sri Lanka’s ratings.” Fitch said Sri Lanka has also made some “important headway” in […]
Sri Lanka urged by India to probe war crimes claims
NEW DELHI, July 15, 2011 (AFP) – India on Friday urged Sri Lanka to examine claims made in a British documentary that said it targeted civilians while crushing Tamil Tiger rebels two years ago. The Channel 4 documentary, “Sri Lanka’s Killing Fields” aired last month on British television contained footage of what it said were […]
Sri Lanka to revive export show after end of war
July 13, 2011 (LBO) – Sri Lanka is to revive an international export exhibition after 15 years to promote the island’s exports and attract foreign investments after the end of its 30-year ethnic war. The event is being organised by the Export Development Board responsible for promoting exports during March 28 – 30, 2012 at […]
Oil Case
July 12, 2011 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has been asked to pay 162 million dollars to Standard Chartered Bank over oil derivatives it stopped payment on in 2008, according to a judgment by a London court. Extracts from the judgment: SCB Case ¢ SCB’s case is straightforward: it is entitled to […]
Oil Transfer
LONDON, July 12, 2011 (AFP) – British oil explorer Cairn Energy on Tuesday announced that it had sold 10 percent of its Indian unit to Vedanta Resources for a net cash sum of . 362 billion (978 million euros). India had last month given conditional clearance to the sale of Cairn Energy’s Indian oilfields to […]
Sri Lanka war-torn north shows highest economic growth: CB
July 12, 2011 (LBO) – Sri Lanka’s northern province, which had been badly hit by war, had the highest rate of economic growth in 2010 as a post-war rebound continued, the central said. The north’s gross domestic product grew 22.0 percent last year, the bank said in an analysis of provincial GDP. The eastern province, […]
Support Service
July 11, 2011 (LBO) – Cairn India which is exploring for petroleum resources off Sri Lanka has called for proposals for oil spill response equipment and services as it prepares to drill its first well in August this year. The company announcement said delivery of equipment could be either at Colombo or Chennai in south […]
Sri Lanka exports up 37-pct in April
July 11, 2011 (LBO) – Sri Lanka’s exports rose 37 percent in April 2011 to 745. 7 million US dollars driven by a 41 percent gain in industrial exports to 574 million US dollars, while imports also rose 53 percent to 1.5 billion US dollars, the Central Bank said. Intermediate goods rose 34 percent to […]
Sri Lanka workforce dying early: report
July 10, 2011 (LBO) – Sedentary lifestyles and absence of regular health checks are making Sri Lanka’s workforce unhealthy with an alarming increase in early deaths that could have implications for economic growth, a media report said. “The war is over but Sri Lanka’s workforce is sitting on a fast-ticking time bomb,” the Sunday Times […]
Sri Lanka policy rates unchanged; credit growth to slow: CB
July 08, 2011 (LBO) – Sri Lanka’s central bank held its policy rate at which excess money is withdrawn from the market at 7.0 percent in July saying credit growth was slowing and inflation would ease further. In June 12-month inflation fell to 7.1 percent from 8.1 percent in May, measured by the widely watched […]