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Credit Enhancement
NEW YORK, June 3, 2010 (AFP) – Credit rating agencies came under fire for their role in the global financial crisis Wednesday, as US investigators grilled senior industry figures, including mega-investor Warren Buffett. Answering allegations that rating firms helped propel the sale of risky investments that poisoned the global financial system, senior officials from Moody’s […]
Film Awards
June 3, 2010 (AFP) – Sri Lanka’s cricket captain Thursday applauded the “courage” of stars attending the annual Bollywood film awards being held this year in Sri Lanka despite a boycott call by the Tamil cinema industry. Kumar Sangakkara said the Bollywood celebrities who have already arrived in Colombo for Saturday’s glitzy Indian International Film […]
Sri Lanka Kuruwita Textiles back in profit
June 03, 2010 (LBO) – Sri Lanka’s Kuruwita Textile Mills said it returned to profit in the 2010 financial year from losses the year before although a sharp increase in raw material prices caused a loss in the fourth quarter. The firm, which supplies treated fabric to garment manufacturers, made a net profit of 15.6 […]
Sri Lanka to light up remaining pockets: minister
June 03, 2010 (LBO) – Sri Lanka is to light up the entire island by expanding the national distribution network at a cost of 250 million US dollars over the next two years and providing off-grid solutions to the remotest areas, officials said. The CEB had lined up about 250 million US dollars in local […]
Sri Lanka T-bill yields steady
June 02, 2010 (LBO) – Sri Lanka’s Treasury bill yields were steady at this week’s auction with the 3-month yield edging 02 basis points lower to 8. 08 percent and the 12-month yield flat at 9. 26 percent, the government’s debt office said. The six month yield edged 01 basis point lower, to 8. 90 […]
Sri Lanka shares rise on interest in banks
June 02, 2010 (LBO) – Sri Lankan stocks closed higher Wednesday, with a big stake in Commercial Bank being sold to a foreign buyer and speculation high effective tax on banks could be cut following an import duty reduction, brokers said. Charith Kamaladasa of Lanka Securities said the foreign buying into Commercial Bank was “positive […]
Cash Flow
June 02, 2010 (LBO) – Sri Lanka’s The Finance Company (TFC) cash flows have turned positive after a run on deposits in early 2009 and its real estate business has returned to profitability on higher sales, a senior official “The company has returned to normal and has a positive cash flow now,” Kamal Yatawara, chief […]
Bank Sale
June 02, 2010 (LBO) – A 9.8 percent slice of Sri Lanka’s Commercial Bank of Ceylon was sold by 30 percent shareholder DFCC Bank to a foreign buyer for 5.8 billion rupees, brokers said. The 9.988 percent stake in Commercial Bank falls short of the 10 percent regulatory limit on bank shareholding set by the […]
Retail Focus
June 02, 2010 (LBO) – Sri Lanka’s Richard Pieris and Company said it plans to expand its network of ‘Arpico’ shopping malls in its retail business which is considered the group’s main engine of growth. Chairman and chief executive Sena Yaddehige said the retail sector has been one of the most “growth-oriented” arms of the […]
India, Indonesia worst for red tape in Asia: survey
SINGAPORE, June 2, 2010 (AFP) – India, Indonesia and the Philippines have Asia’s most inefficient bureaucracies, with red tape a constant blight to citizens and deterrent to foreign investment, a survey said Wednesday. Regional financial centres Singapore and Hong Kong have the most efficient bureaucracies, according to the survey of expatriate business executives by the […]