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Sri Lanka 3-month treasury yields up sharply amidst cash crunch
Dec 18, 2007 (LBO) – Sri Lanka’s 3-month Treasury bill yields soared by 115 basis points to 20.14 percent in one of the biggest one day gains ever, at Wednesday’s auction, though 6 and 12 month yields were steady, dealers said. The six month average yield was 19.99 percent and the 12-month yield was 19.96 […]
Better Outlook
Dec 18, 2007 (LBO) – Fitch Sri Lanka has lifted the outlook on Edirisinghe Trust Investment’s ‘B+(lka)’ rating to ‘positive’ from stable citing substantial improvements in the in the firm’s operational risk management. . “The company concluded the automation of its systems across all business lines in the six month period ending September 2007,” Fitch […]
Consumer Slowdown
Dec 18, 2007 (LBO) – Fitch Ratings Lanka has lowered the outlook on the ‘A+(lka)’ long-term ratings on Singer Sri Lanka’s senior unsecured notes to negative, the rating agency said Tuesday. Singer is the Sri Lanka’s largest retailer of consumer electronics and household appliances, in terms of revenue and points of presence. It is 84 […]
Crisp Tender
Dec 18, 2007 (LBO) – Sri Lanka is issuing its first currency note under the signature of Governor Nivard Cabraal with added security features to battle a rising threat of counterfeiting, the Central Bank said. The note is dated 2006.07.03. The one thousand rupee note will have upgraded security features to battle an “increasing threat” […]
No Conflict
Dec 18, 2007 (LBO) – Sri Lanka’s capital markets watchdog should be made more transparent and its officials more independent, the International Monetary Fund (IMF) has said. The island’s Securities and Exchange Commission (SEC) is “well-resourced”, but its capacity needs to be further strengthened, the IMF said in a comprehensive financial sector assessment report on […]
Independent Management
Dec 18, 2007 (LBO) – The International Monetary Fund has called for an independent governance structure for Sri Lanka’s Employees Provident Fund (EPF) amidst growing concern about real losses to the fund and its management at the hands of the Central Bank. In a Financial Sector Stability Assessment the IMF said a “sound, robust, and […]
Fitch Sri Lanka gives HNB Assurance A(lka) insurance rating
Dec 18, 2007 (LBO) – Fitch Ratings Sri Lanka has given HNB Assurance a national insurer financial strength rating of ‘A(lka)’ and a national long-term rating of ‘A-(lka)’ with stable outlooks. HNB Assurance is 60 percent-owned by Hatton National Bank Ltd (HNB), the second-largest private bank in Sri Lanka, rated ‘AA-‘. Fitch says HNB Assurance’s […]
Sri Lanka Insurance rating outlook lifted by Fitch
Dec 18, 2007 (LBO) – Fitch Ratings has lifted the outlooks on the AA-(lka) national insurer financial strength rating and A+(lka) credit rating of Sri Lanka Insurance Corporation (SLIC) to positive from stable. “The Positive Outlooks reflect SLIC’s progress in reforming the company since privatisation in 2003,” the rating agency said. “Fitch believes that the […]
‘s ability to print its way out of trouble
NEW YORK, Dec 17, 2007 (AFP) – World stock markets were roiled Monday by worries that resurgent US inflation would reduce the chances for another Federal Reserve interest rate cut to shield the economy from a credit crunch. Wall Street shares fell sharply in the wake of a sea of red on European and Asian […]
England opt to field in final Sri Lanka Test
GALLE, Sri Lanka, Dec 18, 2007 (AFP) – England captain Michael Vaughan won the toss and sent Sri Lanka in to bat in the third and final cricket Test at the Galle International Stadium here on Tuesday. The tourists, trailing 1-0 in the series, left out off-spinner Graeme Swann from the 12 announced on Monday […]