All Blogs
” to buy more tea
November 15, 2008 (AFP) – Sri Lanka, a key exporter of tea, has appealed to “friendly countries” to buy more of the brew to help the island weather the global financial crisis, officials said Saturday.The foreign ministry said ambassadors and envoys of Egypt, Iran, Russia, Saudi Arabia, Iraq, Kuwait and Qatar were briefed about Sri […]
Sri Lanka asks Tigers to surrender after taking key town
November 15, 2008 (AFP) – Sri Lanka’s president on Saturday asked Tamil Tigers to surrender after troops claimed re-taking a strategically-important town from the separatist guerrillas following months of heavy fighting.President Mahinda Rajapakse said in a televised address to the nation that security forces had wrested control of the town of Pooneryn and the main […]
Sri Lanka takes key town from Tigers after 15 years: military
November 15, 2008 (AFP) – Sri Lankan security forces on Saturday recaptured the strategically important northern town of Pooneryn from Tamil Tiger rebels after months of heavy fighting, the defence ministry said. Pooneryn had been a Tiger stronghold since 1993 when the rebels dislodged the main military base there. The rebels had used the coastal […]
Sri Lanka shares weaken, DFCC trade pumps up volume
Nov 14, 2008 (LBO) – Sri Lankan shares continued to slide Friday with trading volumes increased by a large transaction in DFCC and a net inflow of foreign funds, although brokers said they expect the market to remain bearish.Foreign buying was 372 million rupees and sales 108 million rupees with a net inflow of foreign […]
Merchant Rating
Nov 14, 2008 (LBO) – Fitch Ratings Sri Lanka has confirmed Seylan Merchant Leasing PLC’s (SML) ‘BB+ (lka)’ long term rating with a ‘stable’ outlook. “SML’s rating reflects its modest financial profile, short operating history and small asset base,” Fitch said. “The rating also factors in the implied support assumed to be available from its […]
Finance Rating
Nov 15, 2008 (LBO) – Fitch Ratings Sri Lanka has confirmed a BB+(lka) long term rating of Trade Finance and Investment Ltd (TFI) with a stable outlook. “TFI’s rating factors its high capitalisation in terms of its size of operations and good profitability,” Fitch Ratings said. “The rating is constrained by TFI’s small asset base, […]
Sri Lanka tea market recovers
Nov 14, 2008 (LBO) – Sri Lanka’s tea market is continuing its recovery with demand picking up at this week’s auction, brokers said. Prices of low grown teas, the hardest hit when demand and prices collapsed last month causing severe cash flow problems for the trade, improved at this week’s sale. “Demand for low grown […]
Freedom Battle
Nov 14, 2008 (LBO) – Sri Lanka’s Supreme Court has suspended new broadcasting regulations brought through a gazette notice, after TV stations and journalists sought relief, lawyers said. Supreme Court justice Shirani Tilakawardane had also suggested that state TV stations share its towers with private stations for a fee. Sri Lanka’s Free Media Movement, a […]
Sub-regional Asian summit calls for closer ties, free trade pact
NEW DELHI, November 13, 2008 (AFP) – A regional grouping of seven South and Southeast Asian countries on Thursday agreed to improve relations and called for the conclusion of negotiations on a free trade agreement.The group’s last summit was held in Thailand in 2004. The top leaders of the seven nations that form the Bay […]
Sri Lanka Allianz unit expands into life
Nov 14, 2008 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, is expanding into life after making inroads in the corporate insurance market since it started three years ago, officials said.“We have achieved 257 percent growth in 2007 in general insurance business so now we want enter the life insurance market […]