Author: lbostgadmin
Inside Information
Aug 19, 2010 (LBO) – Sri Lanka’s Central Bank is violating its own good governance code when a pension fund it manages buys stakes in banks and financial institutions which it regulates, an economist and opposition parliamentarian said. Harsha de Silva said he was “appalled” at the statement by the Central Bank that the Employees […]
Bank Trends
Aug 19, 2010 (LBO) – National Development Bank (NDB) June quarter profits fell 17. 9 percent to 434.7 million rupees, due to a fall in fee-based incomes, while personal, premises and operating costs have gone up, a stock exchange filing said. NDB group’s interest income had come down 16. 4 percent to 2.45 billion rupees, […]
Rural Competition
Aug 19, 2010 (LBO) – India’s Mahindra and Mahindra group plans to enter Sri Lanka’s financial sector, especially the rural areas, officials said. There were “imminent opportunities in financial services’, said Ramesh Iyer, managing director of Mahindra & Mahindra Financial Services. “Capital is not a constraint in terms of wanting to grow in Sri Lanka. […]
Sri Lankan stocks close up 2.71-pct, pass 5,500 points mark
Aug 19, 2010 (LBO) – Sri Lankan stocks broke new ground yet again this week and passed 5,500 points, Thursday, from gains across the board on low volume trading, brokers said. Hemas Holdings closed at 40.00 rupees, up 30 cents (0.76 percent) and John Keells Holdings, an index heavy stock closed at 258.00 rupees, 1.00 […]
Sri Lanka Treasuries yields slip further
Aug 19, 2010 (LBO) – Sri Lanka’s Treasury bill yields slipped further at Wednesday’s auction, down by between 24 basis points to 36 basis points with one year yields slipping the most, results from the government debt office showed. The debt office sold 1.250 billion rupees in 3-month bills, 4.535 billion rupees in 6-month yields […]
‘s Mahindra group
Aug 18, 2010 (LBO) – India’s Mahindra and Mahindra group is planning to make investments in Sri Lanka initially in tourism and financial services and also increasing vehicles sales in the island, an official said. “Sri Lanka can provide a platform for large multinationals like us,” Anand Mahindra, Vice Chairman and Managing Director of the […]
Sri Lanka gets visit by ADB vice president
Aug 18, 2010 (LBO) – Asian Development Bank (ADB) said its Vice President Xiaoyu Zhao will visit Sri Lanka from 19-21 August for talks with the government and to visit ADB funded projects especially in the former northern war zone. The bank said in a statement Zhao will review ADB support for the reconstruction and […]
Canada takes hard line on Tamil migrants
VANCOUVER, August 17, 2010 (AFP) – A Canadian tribunal on Tuesday ordered continued detention for the first person interviewed in a group of 492 Tamil asylum seekers that reached Vancouver last week aboard a battered cargo ship. Canadian Prime Minister Stephen Harper, citing sovereignty, “significant security concerns” and “increasing” human smuggling for financial gain, said […]
Sri Lanka denies war crimes in domestic probe
August 17, 2010 (AFP) – Sri Lanka’s powerful defence chief Tuesday staunchly defended the government’s human rights record, saying troops suffered heavy losses to avoid civilian casualties during last year’s assault on Tamil Tiger rebels. Defence Secretary Gotabhaya Rajapakse said foreign diplomats and aid agencies had lauded his measures to protect civilians during the major […]
Sri Lankan seasonal tea prices rise
Aug 18, 2010 (LBO) – Prices of Sri Lanka’s seasonal ‘Uva’ teas rose sharply at the latest auction with tight global supply and anticipated higher demand for the winter seen keeping the market firm, brokers said. While the better made teas from different elevations fetched highr prices at last week’s Colombo sale, poorer teas weakened […]
Derived Rating
Aug 18 (LBO) – Fitch Ratings Lanka said it has confirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-term rating at ‘AAA(lka)’ with a stable outlook. “SCBSL’s rating reflects Standard Chartered Bank’s (SCB) financial strength, of which SCBSL is a branch and part of the same legal entity,” Fitch said in a statement. SCB […]
Equities Foray
Aug 18, 2010 (LBO) – Sri Lanka’s Central Bank said a pension fund it manages would increase exposure to equities as government paper, in which it has invested the bulk of money, become less attractive with falling interest rates. The bank said the Employees’ Provident Fund, the biggest fund in the country, has authority to […]