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Credit Movement
July 14, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed Sanasa Development Bank’s (SDB) national long-term rating at ‘BB(lka)’ with a stable outlook.“SDB’s rating reflects its historically high levels of profitability and moderate asset quality,” the rating agency said in a statement. “The rating is constrained by the riskier nature of its client […]
State Rating
July 14, 2009 (LBO) – Fitch Sri Lanka has confirmed the ‘AA(lka)’ rating of state-run Bank of Ceylon (BOC) with a ‘stable’ outlook but noted rising bad loans and higher exposure to the state sector.The agency has also confirmed the ‘AA-(lka)’ rating of the bank’s subordinated debentures, individual rating at ‘D/E’ and support rating at […]
Forex Loss
July 14, 2009 (LBO) – Sri Lanka’s Nations Trust Bank, a unit of John Keells Holdings has lost 800 million rupees on a forex bet, but the bank had ended the June 2009 quarter with a 150 million rupees in the black with bond trading profits, its interim results showed.In the June quarter the bank […]
Sri Lanka hotel earnings growth seen subdued
July 14, 2009 (LBO) – Sri Lanka expects more tourists this winter season with heightened interest in the destination after the war ended but hotel earnings are not likely to improve immediately, officials and analysts said.“We can’t definitely see a concrete increase in numbers right now but certainly there’s improved sentiment,” Tourist Hotels Association of […]
Sri Lankan women farmers get US support
July 14, 2009 (LBO) – A US-funded loan scheme has helped Sri Lankan women farmers overcome capital shortages, droughts, and other calamities that threatened their financial security and survival of farms, a US embassy statement said. “These modernizations increase the availability of micro credit loans, allowing the Women™s Co-op to expand its membership and benefit […]
Sri Lanka cinnamon trade says malpractices giving bad name
July 14, 2009 (LBO) – Sri Lankan cinnamon prices are on the rebound after last year’s crash, but exporters are calling for curbs on malpractices which they say could give the spice a bad name among buyers.Among the problems are cinnamon of inferior colour, inferior infilling in quills, and high moisture content. Trade experts said […]
Cyber War
July 14, 2009 (AFP) – A media rights organisation on Tuesday accused Sri Lankan authorities of blocking access to websites critical of the government and stifling dissent.The Paris-based Reporters without Borders, RSF, said Sri Lanka most recently blocked a site for reporting alleged incidents inside a camp for civilians displaced by the war with Tamil […]
Sri Lankan Airlines in new freight handling and tracking system
July 14, 2009 (LBO) – Sri Lankan Airlines has upgraded to SkyChain, cargo handling and tracking system from Dubai-based Mercator, the airline said.“SkyChain is a web-based system that allows our customers the facility to monitor the progress of their consignments around the world from wherever there is internet accessibility,” Sri Lanka’s head of worldwide sales […]
Sri Lankan businesses warned of growing trade fraud
July 14, 2009 (LBO) – An international expert has warned Sri Lanka businesses to be more careful of their overseas partners and do background checks as trade fraud and risks grow in the wake of the global financial crisis. Companies engaged in international trade should not rely solely on banks to check the authenticity of […]
Sri Lanka win Test series after Pakistan cave in
July 14, 2009 (AFP) – Sri Lanka clinched their first home series against Pakistan after the temperamental tourists suffered a spectacular collapse in the second Test here on Tuesday.Pakistan, sitting pretty at 285-1 just before lunch on the third day, crashed to 320 all out after the break to leave Sri Lanka a victory target […]