All Blogs
Sri Lanka faces trade deal suspension: EU
Dec 17, 2009 (LBO) – The European Union will recommend suspending a trade deal giving duty free access to Sri Lankan exports but hopes to reverse the decision following talks with the island’s government, its envoy said. European Union ambassador Bernard Savage said the European Council, its decision-making body, will “logically have to recommend suspension” […]
ICC chief wants day/nighters put to the test
LONDON, December 17, 2009 (AFP) – International Cricket Council (ICC) president David Morgan expects day/night Test cricket to become a reality within the next two years as a way of countering declining attendances for the five-day game.Trials with a pink ball for use under floodlights are underway with officials determined to boost global interest levels […]
Sri Lanka subsidy ideology is a myth: business leader
Dec 17, 2009 (LBO) – Sri Lankan people are being fooled by state subsidies when high inflation triggered by big budget deficits erodes their income, the head of Sri Lanka’s top business chamber said. “The idea of subsidies is an absolute myth,” said Anura Ekanayake, chairman, Ceylon Chamber of Commerce. Most people were not aware […]
Sri Lankan bill yields move up
Dec 16, 2009 (LBO) – Sri Lankan Treasury bill yields edged up across maturities, at Wednesday’s auction, the government’s debt office said, despite only a part of the bids being accepted. The 3-month yield rose 09 basis points to 7.60 percent, the 6-month yield rose 09 basis points to 8.59 percent and the 12-month yield […]
Sri Lankan shares close up 0.41–pct on large JKH deal
Dec 16, 2009 (LBO) – Sri Lankan shares closed up Wednesday, propelled by a foreign of-the-floor deal on John Keells Holdings (JKH) and banking counters headed by a large deal on blue chip Commercial Bank, brokers said. The All Share Price Index closed at 3,089.45 up 0.41 percent (12.49 points) while the Milanka Price Index […]
Liquidity Support
Dec 16, 2009 (LBO) – Sri Lanka’s central bank said it will guarantee loans given by banks to registered leasing and finance companies in liquidity trouble, though the assistance would be conditional. The Central Bank quickly moved to act on the finance companies and also took action against directors of the Ceylinco firm. In providing […]
Managed Finance
Dec 16, 2009 (LBO) – Sri Lanka’s Central Bank said it has appointed People’s Leasing Company as managing agent of Industrial Finance Limited, a company facing liquidity shortages, with immediate effect. The Central Bank said in a statement all directors of Industrial Finance, which is currently under its supervision, will continue to serve as members […]
Lower Step
Dec 16, 2009 (LBO) – RAM Ratings Lanka said it has downgraded the long-term rating of Central Investments and Finance Limited (CIFL) from B+ to C-, reflecting its poor financial performance and liquidity pressures. It also reflects the acute deterioration in the company’s asset quality, the rating agency said in a statement. “The outlook on […]
Sri Lanka tea factories cut energy costs
Dec 16, 2009 (LBO) – Sri Lankan tea factories are cutting energy costs under an initiative to make them more competitive in overseas markets given the island’s high cost of electricity, industry officials said.Furthermore, a lot of the machinery in tea factories is old and not energy efficient, officials said.Tea was the first sector selected […]
Debt Refinance
Dec 16, 2009 (LBO) – Fitch Ratings Lanka said it has assigned an ‘A-(lka)’ National Long-term rating to the Sri Lanka unit of Singer’s proposed 600 million rupees senior unsecured debenture issue. At the same time, the rating agency has confirmed the ratings on Singer’s outstanding senior unsecured notes at ‘A-(lka)’ with a stable outlook. […]