All Blogs
New Lease
Mar 06, 2009 (LBO) – A Sri Lankan motor company is offering a ‘buy now, pay later’ auto leasing scheme, which it hopes will boost sales that have plunged with the economic slowdown. The new leasing facility introduced by Associated Motorways (AMW) allows potential customers to purchase a Suzuki M800 car today and commence lease […]
Flat Rate
Mar 06, 2009 (LBO) – Commercial Bank of Ceylon group has reported profits of 4,118.9 million rupees for the year ended December 2008, lower by 0.7 percent, with revenues growing 24.8 percent to 43.9 billion rupees. Group interest income grew 21.9 percent to 37.2 billion rupees, interest expense grew 28.44 percent to 24.3 billion and […]
Management Chat
Mar 06, 2009 (LBO) – Merchant Bank of Sri Lanka, (MBSL) a unit of state-run Bank of Ceylon, said it was in talks with the regulator to manage and rehabilitate Ceylinco Savings Bank, a member of the island’s troubled Ceylinco group. In another development Seylan Merchant Bank said it was in talks with People’s Leasing […]
Leasing Sale
March 06, 2009 (LBO) – Sri Lanka’s largest leasing company is in talks to buy a leasing company in the island’s Ceylinco group, a listed investment bank in the group said in a stock exchange filing.Seylan Merchant Bank is in talks with People’s Leasing Company, a unit of state-run People’s Bank, to sell a controlling […]
Intervention
Mar 06, 2009 (LBO) – Sri Lanka’s central bank said it is looking for managing agents for two registered finance companies in the troubled Ceylinco group and a management shake-up is on the cards for another. Managing agents were being sought for Asian Finance and Ceylinco Investment and Realty under central bank monitoring while the […]
Pakistan IDs cricket attackers, security concerns mount
LAHORE, March 6, 2009 (AFP) – Authorities in Pakistan said they had identified the gunmen who attacked the Sri Lankan cricket team, as international concern mounted Friday over how the security plans failed. Prime Minister Kevin Rudd of Australia, home to two officials caught up in Tuesday’s deadly attack in the city of Lahore, demanded […]
” govts: Canada
OTTAWA, March 5, 2009 (AFP) – The 37-year conflict raging in Sri Lanka was borne out of “repressive” governments in Colombo, Canadian Minister of State for Foreign Affairs said Thursday.“I am sure all Canadians share the government’s revulsion at the continuing humanitarian catastrophe in Sri Lanka, a civil conflict born of a succession of repressive […]
Sri Lanka rupee unchanged after IMF bailout announcement
Mar 06, 2009 (LBO) – The Sri Lanka rupee traded at 114.20/25 against the US dollar in the spot market after the central bank said it had gone for an International Monetary Fund bailout. Dealers say exporters are hoping for a devaluation of about 5 percent at least, though it is uncertain whether the currency […]
Sri Lanka Overseas Realty apartment sales slow
March 05, 2009 (LBO) – Overseas Realty (Ceylon) Ltd. (ORCL) said it is finding it difficult to sell apartments in a new high-rise condominium complex being built in the Sri Lankan capital Colombo due to the economic crisis. But ORCL chairman S P Tao, head of Singapore’s Shing Kwan group, said he is confident of […]
Sri Lanka to give one month money to banking system
Mar 05, 2009 (LBO) – Sri Lanka’s central bank said it will extend the term of its liquidity facilities, which are now limited to only overnight money, to one month for commercial banks and primary dealers who have persistent liquidity shortfalls. In the United States Federal Reserves system, excess reserves, which were around 2.0 billion […]