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Sri Lanka’s battered currency might see some respite: report
June 22, 2012 (LBO) – Sri Lanka’s currency is expected to firm up later this year, while treasury yields could creep up on fiscal slippages, a report said, as the central bank looks for ways to tighten monetary policy. The Sri Lankan rupee has fallen by some 17 percent against the US dollar since the […]
Sri Lankan stocks down 0.05 percent
June 22, 2012 (LBO) – Sri Lankan stocks dipped 0.05 percent on Friday, despite big ticket deals in John Keells Holdings, Commercial Bank, Seylan Bank and Central Finance, brokers said. Central Finance PLC, one of the country’s oldest finance companies, fell 80 cents to 135.00 rupees on trades of 592,959 shares. A large parcel of […]
Next Wave
June 22, 2012 (LBO) – Sri Lanka’s banks have to be ready to finance infrastructure when the state is expected to woo private capital into toll roads and ports in the next few years, an investment banker said. Several foreign firms have made proposals. The government is already tapping commercial banks for infrastructure finance through […]
No Sri Lankans among rescued from stricken refugee boat: foreign ministry
June 22, 2012 (LBO) – There were no Sri Lankans among more than 110 people rescued from a capsized refugee boat by Australian authorities, the foreign ministry said. Australian and Indonesian authorities are continuing to search for around 90 other still believed missing from the boat, the foreign ministry said. Sri Lanka’s foreign ministry said […]
Millions of Bangladeshi apparel workers need bank accounts: IFC
June 22, 2012 (LBO) – International Finance Corporation, a member World Bank arm has said 86 percent of three million apparel sector workers in Bangladesh did not have bank accounts, potentially opening up a large new market for banks. “This report shows that there is a considerable opportunity in offering a range of financial services […]
‘s NDB Bank undecided on Aviva unit: official
June 22, 2012(LBO) – Sri Lanka’s NDB Bank Plc, has not a made a decision to buyout their partner or exit a joint venture insurance unit with Britain’s Aviva, which reports said is on the block as part of a retreat from Asian markets. NDB Group’s Chief Executive, Russell de Mel said if Aviva’s stake […]
Sri Lanka Cricket seeks new clothing partner after Reebok deal falls through
June 22, 2012 (LBO) – Sri Lanka Cricket has sought a new clothing partner, after India’s Rebook failed to renew the contract when the tender was awarded this month, a statement said. The governing body this month announced multi-million rupee contracts for clothing, soft drinks, energy drinks and food to a number of Sri Lankan […]
Sri Lanka banking system well capitalized, solid: officials
June 22, 2012 (LBO) – Sri Lanka’s banking system is sound and well capitalized officials said, though bad loans have started to pick up slightly as a developing credit bubble was rudely jerked to a halt by the island’s dollar peg. Data published by the Central Bank show that bad loans which peaked at 8. […]
Sri Lanka selects Bank of America, Citi, HSBC, Barclays to sell sovereign bond
June 21, 2012 (LBO) – Sri Lanka has selected Bank of America, Citi, HSBC and Barclays Capital to sell sovereign bond of up to a billion US dollars this year, the Central Bank which raises debt for the Treasury said. In October, Sri Lanka’s maiden 500 million US dollar sovereign bond is maturing. State-run Peoples’ […]
Sri Lanka stocks close down 0.7-pct
June 21, 2012 (LBO) – Sri Lanka stocks fell 0. 7 percent Thursday ending losing some of the gains made earlier in the week, while the rupee was steady against the US dollar, brokers said. The main All Share Price Index fell 0. 71 percent (35.99) to 5,042.07, while the more liquid Milanka index closed […]