Fitch Sri Lanka has confirmed the AAA(lka)
national rating of Dialog Telekom with a stable outlook, but said
the telco’s credit metrics are likely to weaken due to higher debt,
competition and economic pressures.
National Business Excellence Awards fetes financial performance
The fifth National Business Excellence Awards (NBEA)
2008 was launched yesterday. This year’s NBEA will focus more on
business and financial performance of companies.
Share price of Ceylon Hotels Corporation
increased from Rs 23 to 28 following the announcement on the
amalgamation of three companies. CHC, Lihiniya Surf Hotel and
Perigrime have concluded the amalgamation, which will be posed as
the Ceylon Hotel Corporation Plc, a company sources said.
HONOUR: Chairman of
Aspic Corporation, Deepthi Perera, was awarded the
Achiever of the Year 2008, in the field of
Entrepreneurship and Business Management by the Lions
Club District 301A1 at the Lions Convention held at
BMICH last Saturday. Perera is an entrepreneur,
innovator and investor with 15 years of experience
holding senior roles in the UK, USA, Australia and
Thailand, building businesses, management teams and
private equity firms. He was also the founder and
investor of many ventures including Aspic Corporation
Australia, Thailand and UK. A Aspic Corporation has
grown into a Rs.3 billion company within a short period
of time while capitalising on remarkable business
opportunities available in the Sri Lankan market. The
Aspic Group has created over 2000 employment
opportunities and invested nearly Rs. 2 Billion in real
estate in 2007. World’s President Lions International
and Chairman Commercial Bank, Mahendra Amarasuriya
presenting the award to Perera at the BMICH.
Despite the tight
demand management policies of the Central Bank,
inflation exceeded the original expectation for the year
due to several factors. The tight monetary policy
measures of the Central Bank helped to reduce inflation
gradually during the first half of 2007. However, the
substantial increase in international market prices of
oil, the complete removal of fuel subsidies since July
2007 and sharp rises in several other commodity prices
in international markets led to an upward adjustment in
domestic prices of several goods and services,
particularly during the second half of the year. The
pass through of international price increases, though it
led to a one-off increase in prices, will have a
favourable impact on containing future inflation by
eliminating the need for subsidising the same through
the expansionary borrowings of the Government. Central
Bank Annual Report 2008
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