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Sri Lanka Aviva returns to profit in June
Aug 09, 2011 (LBO) – Sri Lanka’s Aviva NDB Insurance earned profits of 34 million rupees in the June 2011 quarter returning from a loss of 46 million rupees a year earlier, with revenues growing from unit linked products, interim accounts show. The profits came despite lower investment income. Gross written premium from life and […]
Oil Status
VIENNA, August 9, 2011 (AFP) – The OPEC group of petroleum exporting countries slightly lowered its forecast Tuesday for 2011 and 2012 crude oil demand, citing concerns for the economic health of developed countries. “Should the situation see further deterioration in the US, then aggregate oil demand will see a further decline this year,” said […]
Asian stocks slump further on economic fears
HONG KONG , August 9, 2011 (AFP) – Asian stock markets plunged further Tuesday, deepening sharp losses brought on by the historic credit downgrade of the United States and the debt crisis in Europe. As gold soared to record levels and crude oil prices fell, Asian stocks tumbled despite G7 and G20 pledges to bolster […]
Sri Lanka state revenues up 19.7 to May
Aug 09, 2011 (LBO) – Sri Lanka’s state revenues rose 19. 7 percent to 358.3 billion rupees in the five months to May 2011 in line with an annual targeted rate of 17. 8 percent and expenses rose 5.4 percent to 417.1 billion rupees, official data showed. But there was still a gap between current […]
Sri Lanka bonds weaker; S & P says Asians Sovereigns safe
Aug 08, 2011 (LBO) – A 10-year Sri Lanka sovereign bond was quoted weaker Monday following a downgrade of US debt by Standard and Poor’s, though the rating agency said Asian sovereigns were safe in the short term. “However, the U.S. rating change, together with the weakening sovereign creditworthiness in Europe, does point to an […]
Sri Lanka stocks close up on credit easing hopes
Aug 08, 2011 (LBO) – Sri Lankan stocks closed up 0.8 percent, Monday after losing ground in early trade, after the securities watchdog said broker credit rules may be relaxed, brokers said. The benchmark All Share Price Index ended up 0.82 percent or 55.68 points at 6,806.97, while the Milanka Index of more liquid stocks […]
Credit Trend
Aug 08, 2011 (LBO) – Sri Lanka’s credit to business from commercial banks rose 34. 4 percent to 1,793.4 billion rupees in June with banks disbursing 39 billion rupees of loans during the month, while credit to the state also spiked sharply. Banks have given 33.1 billion rupees of loans denominated in rupees and 6.0 […]
” of rival Malaysia Airlines
KUALA LUMPUR, August 8, 2011 (AFP) – Fast-growing budget airline AirAsia is pushing for management control of loss-making rival Malaysia Airlines under a reported share swap, a source with knowledge of the deal told AFP Monday. Trading in the shares of national flag carrier Malaysia Airlines and Malaysia-based AirAsia was suspended on Monday following press […]
” rating confirmed: RAM
Aug 08, 2011 (LBO) – Sri Lanka Insurance Corporation’s AAA claims paying rating has been confirmed by RAM Ratings with a stable outlook, based on its competitive position, state ownership and capitalization. RAM said SLIC accounted for 22.3 percent of industry premium by December 2010 and 40 percent of assets. It had system importance as […]
Sri Lanka commissions 500kW solar plant
Aug 08, 2011 (LBO) – Sri Lanka has commissioned a 500 kiloWatt solar power plant in Hambantota in the south of the island built with Korean help, the island’s power and energy ministry said. The solar plant in Hambantota in the South of the island built with 412 million rupees of Korean financing has been […]