Author: LBO
Sri Lanka’s electronic bonds off to a flying start
June 8, 2006 (LBO) – Sri Lanka’s new electronic platform which trades government bonds has generated 7.1 billion rupees worth of trades since its soft launch on May 24, officials said Thursday.Bloomberg, a financial market specialist who developed the software says, the trading system ensures transparency and brings in price discovery when government securities are […]
Sri Lanka asking Pakistan for swift military assistance: Jane’s
LONDON, June 8, 2006 (AFP) – Sri Lanka is looking to Pakistan for help to bolster its military capabilities as the ceasefire between the government and rebels appears increasingly fragile, specialist publication Jane’s Defence Weekly said Thursday. Sri Lanka has asked Pakistan to facilitate the purchase of military equipment worth around 60 million dollars (47 […]
Sri Lanka’s tea crop dips 5% in April
June 7, 2006 (LBO) – Sri Lanka’s tea crop for the four-months to April grew to an all time high of 2.9 percent or 108.52 million kilos, helped on by good rainfall, a commodity brokering house said Wednesday. Black tea production for April however, slipped 5-percent to 30.59 million kilos, Asia Siyaka Commodity brokers said. […]
Missing fingers, toes highlight Asia’s human trafficking woes
WASHINGTON, June 6, 2006 (AFP) – The shattered dream of an Indonesian domestic maid, who lost her fingers and toes, following torture by her employer in the Middle East is being used by the US State Department to illustrate the seriousness of the human trafficking problem. Nour Miyatis dream was simple: To provide a brighter […]
Fitch rates Ceylease ‘BBB-(lka)’; asks to beef up capital
June 6, 2006 (LBO) – Sri Lanka’s Ceylease Financial Services – a unit of Bank of Ceylon – needs to pump up its capital to support their low income base and future provisional charges, Fitch Ratings Lanka warned Tuesday. Fitch, which assigned a ‘BBB-(lka)’ rating to Ceylease, says the credit rating reflects the firm’s parental […]
Tsunami puts Sri Lanka’s cinnamon industry on a different plane
A budding cinnamon plant that’s growing after the tsunami. PERALIYA, June 3, 2006 (LBO) — Wearing a red crash helmet to beat the sun, Punya Sena crouches on the ground, planting young cinnamon saplings to replace thousands that were destroyed by the tsunami that hit Sri Lanka’s coastal belt in December 2004. . Wimalawathi Mendis, […]
Sri Lanka’s money markets tighten, pressure mounts on the exchange rate
June 1, 2006 (LBO) – After almost two years of excess liquidity, Sri Lanka’s inter-bank money markets are tightening up, as reserve money growth is arrested. This usually happens when net foreign assets fall due to an outflow of foreign exchange reserves, though a fall in domestic assets could also drive down reserve money. But […]
Fitch upgrades Hatton National Bank’s credit outlook
May 31, 2006 (LBO) – Hatton National Bank Ltd, the island’s fourth largest lender in terms of assets, got its credit profile upgraded to ‘A+(lka)’ by Fitch Ratings Lanka. With a positive outlook, the upgrade also elevates HNBs subordinated debt to ‘A (lka)’ from ‘A-(lka)’, the rating agency said Wednesday. Fitch gave HNB good marks […]
Sri Lanka’s inflation rate climbs to 13.2% in May
May 31, 2006 (LBO) – Sri Lanka’s inflation rate for May rose as short supplies of consumer eatables like cream cracker biscuits, rice, bread, red onions, milk tea, fresh milk and dried chillies pushed prices up, the Census & Statistics Dept. said Wednesday. On a point-to-point basis inflation for May rose 13.2 percent over 9.2 […]
EU puts Sri Lanka’s Tamil rebels on terror list
BRUSSELS, May 30, 2006 (AFP) – The European Union put Sri Lanka’s Tamil Tigers on its list of terrorist groups on Monday, despite a warning from the rebels that the move could force them back to war.The EU ban, agreed in principle on May 18, was made official at a meeting of ministers from the […]
Sri Lanka’s Lanka Orix Leasing gets A (lka) rating
May 29, 2006 (LBO) – Sri Lanka’s pioneering leasing firm Lanka Orix Leasing Company has secured an ‘A (lka)’ credit rating from Fitch Ratings Lanka. Part Japanese owned, LOLCs credit outlook is stable, the rating agency said Monday. “The rating takes into account the less diversified funding sources available to specialised leasing companies such as […]
Norway peace envoy says ‘major crisis’ looming in Sri Lanka
NEW DELHI, May 27, 2006 (AFP) – Norway’s top peace envoy to Sri Lanka, Eric Solheim, said Saturday a major crisis was brewing in the tropical island and that it could be headed back to full-scale civil war. Norway was committed to its role as facilitator despite the problems in the situation, he said. “We […]