Author: lbostgadmin
Fashionista
June 28, 2013 (AFP) – Sri Lanka’s military has released a woman leader of the Tamil Tiger militant group from four years of detention after she completed training in “bridal dressing”, the president’s office said Friday.The Tigers were known for their spectacular suicide bomb attacks and controlled a third of Sri Lanka’s territory at the […]
Education Revamp
June 28, 2013 (LBO) – Sri Lanka will start a technology stream in its secondary school system and boost facilities and teachers to increase students studying science and commerce with a 200 million US dollar Asian Development Bank program. “The current system needs a major overhaul so that young people have the skills to enter […]
Steady Rating
June 28, 2013 (LBO) – Sri Lanka’s People’s Bank’s exposures to the state and state enterprises has gone up in 2012, and the lender plans to cut exposure to gold backed loans, Fitch Ratings said confirming its ‘AA+(lka)’ rating. The lender which accounts for 20 percent of banking assets, 23 percent of loans and 19 […]
Sri Lanka stocks close up 0.1-pct, trading hit by technical glitch
June 28, 2013 (LBO) – Sri Lanka’s stocks closed up 0.16 percent on Friday, with diversified and consumer companies showing gains, brokers said in shortened trading day hit by technical glitches at the exchange. The benchmark Colombo All Share Index closed 09.65 points higher at 6,121.01 and the S&P SL 20 Index closed 05.26 points […]
‘s plans 10-year Rs3.0 deep discount debenture
June 28, 2013 (LBO) – Fitch Ratings has given an ‘AA-(lka)’ expected rating to a 3.0 billion rupee deep discount debenture to be sold by Sri Lanka’s Hatton National Bank. HNB expects to list the debentures subject to regulatory approvals.The final rating is contingent upon the receipt of final documentation conforming to information already received. […]
Sri Lanka President on state visit to Tanzania, Seychelles
June 27, 2013 (LBO) – President Mahinda Rajapaksa has left of Tanzania and Seychelles on the first by a Sri Lankan president to the countries, where he will meet national leaders and attend business forums, his office in Colombo said. Seychelles’ James Alix Michel had visited Sri Lanka last year. President Rajapaksa will attend the […]
‘s eyes banana, tuna fishing in Sri Lanka: ministry
June 27, 2013 (LBO) – Japan’s ITOCHU Corporation is looking at expanding trade and investment in banana and tuna fishing in the island, Sri Lanka’s economic development ministry said.The ministry said Kouhei Watanebe, Chairman, Japan – Sri Lanka Business Co-operation Council and adviser to ITOCHU Corporation had had talks with economic development minister Basil Rajapaksa […]
New Rules
BRUSSELS, June 27, 2013 (AFP) – European finance ministers on Thursday agreed a draft deal on new rules for bank rescues that will only allow bailouts by taxpayers in exceptional cases and shift the burden onto bank owners, creditors and large depositors.The Irish presidency said it hoped the new rules would be finalised by early […]
Foreign Credit
June 27, 2013 (LBO) – Sri Lanka’s Hatton National Bank said it had inked a deal to raise 49 million US dollars from China Development Bank. Acting chief executive of Hatton National Bank, Jonathan Alles said it was the second loan given by CDB, indicating the confidence in the bank’s strength. State-run CDB has assets […]
Expansion Idea
June 27, 2013 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the island’s largest non-bank lender is studying investments in fast growing economies in South East Asia, shareholders were told.“We have already earmarked to penetrate into the growth centric Southeast Asia possibly Vietnam, Myanmar and Indonesia,” chief executive D P Kumarage said in the […]
Sri Lanka rupee reaches 130 to the dollar
June 27, 2013 (LBO) – Sri Lanka’s rupee was quoted as weak as 130.75/90 to the US dollar in the spot market Thursday, dealers said.In December the rupee traded at 130.55 levels, according to Bloomberg data. One week forwards were traded around 130.40/45 dealers said. The rupee steadily weakened amid excess liquidity in money markets […]
Sri Lanka rupee fall unnecessary, no cause for concern: CB Governor
June 27, 2013 (LBO) – A sharp weakening of the rupee against the US dollar was unnecessary and there was no cause for concern Central Bank Governor Nivard Cabraal said as the rupee fell to one year lows.“There is no need for concern,” Cabraal said.“Those who buy at high prices will get hurt.” The Sri […]