Author: LBO
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 […]
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 […]
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 […]
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 […]
EU likely to put Sri Lanka’s Tamil Tigers on its terror list Monday
VIENNA, May 27, 2006 (AFP) – The European Union is expected to put Sri Lanka’s Tamil Tigers on its list of terrorist groups next week, a spokesman for the EU’s Austrian presidency said Saturday. The Palestinian group Hamas, the Kurdistan Workers’ Party (PKK) and the armed Basque separatist group ETA are on it.The EU move, […]
Behave or you’re history, Nepal’s finance minister warns king
KATHMANDU, May 26, 2006 (AFP) – Humbled King Gyanendra must “behave” or he has no future even as a ceremonial monarch, Finance Minister Dr Ram Sharan Mahat told AFP, revealing a royal spending spree before absolute rule was brought to an end.Gyanendra’s conduct had been “very good” in the month since he relinquished his 14-month […]
Singapore’s Banyan Tree launches IPO
SINGAPORE, May 26, 2006 (AFP) – Singapore-based luxury resort and spa chain the Banyan Tree on Friday launched an initial public offering (IPO) worth up to 407 million Singapore dollars (259 million US). The resort and spa chain is issuing some 380 million shares at a maximum price of 1.07 dollars each and will make […]
Sri Lanka’s World Trade Centre bans cars on bomb fears
May 25, 2006 (AFP) – Sri Lanka’s twin-tower World Trade Centre banned vehicles Thursday fearing a car bomb attack by Tamil separatist rebels, police and tenants of the complex said.As part of stepped-up security measures, the 39-storey office complex in the heart of Colombo blocked all vehicles from entering, Colombo’s police chief Pujith Jayasundara said. […]
Malaysia’s Proton in talks with China’s Chery
KUALA LUMPUR, May 24, 2006 (AFP) – Malaysian carmaker Proton said Wednesday it is in talks with Chinese manufacturer Chery on a deal to assemble and distribute Proton and Chery models in China, Malaysia and elsewhere in Southeast Asia.Proton said in a statement that the two firms would work on a feasibility study over the […]