Author: lbostgadmin
Sri Lanka Janashakthi rating watch lifted, BBB+ confirmed
Nov 19, 2009 (LBO) – RAM Ratings Lanka said it has lifted the Rating Watch with a negative outlook on Janashakthi Insurance and confirmed its BBB+ rating with a stable outlook. It said in a statement Janashakthi had improved its solvency margins with better investments. “The reaffirmation of the company’s rating is reflective of its […]
Sri Lanka flash floods make 58,000 homeless: official
November 19, 2009 (AFP) – Nearly 60,000 people were left homeless in Sri Lanka Thursday following flash floods in the capital Colombo and the suburbs, an official said.“We have a list of over 58,000 individuals who were left homeless in and around Colombo,” Kodipillai said, adding that they were being housed in public buildings. Thousands […]
Sri Lanka Hayleys helps mechanise rice farms
Nov 19, 2009 (LBO) – Sri Lanka’s Hayleys conglomerate said it plans to introduce machines for seeding and transplanting that will help paddy farmers reduce costs and improve yields.It said in a statement that the locally-built machines can halve the costs of sowing, provide up to 15 percent gain in yields and reduce harvesting costs. […]
Sri Lanka tea crop lowest in 10 years
Nov 19, 2009 (LBO) – Sri Lanka’s tea production in October 2009 improved from that of the same month last year when the market had crashed but output in the 10-months is the lowest in 10 years, brokers said. “Conditions that prevailed in that year were far from normal,” the brokers said. “The fourth quarter […]
State Banking
Nov 19, 2009 (LBO) – Sri Lanka’s state-run Lankaputhra Development Bank (LDB) has received an ‘A’ rating on state support, Ram Ratings Lanka said but the bank’s bad loans had risen to 38.9 percent by end-August 2009. “Over the longer term, however, this ratio is expected to ease as concentration risk becomes more diluted due […]
Sri Lankan stocks close down 0.34-pct
Nov 19, 2009 (LBO) – Sri Lankan shares closed down Thursday, on news billionaire fund manager Raj Rajaratnam was selling part of his stocks, while retail investors who got burnt on margin calls in a downturn stayed on the sidelines, brokers said. The All Share Price Index closed at 2,960.77, down 0.34 percent (10.13 points) […]
Sri Lanka cuts rates, narrows policy corridor
Nov 18, 2009 (LBO) – Sri Lanka’s Central Bank has cut its main policy rate that injects liquidity into the banking system by 75 basis points to 9.75 percent and the rate at which it drains liquidity by 50 basis points to 7.50 percent. The Central Bank said it had bought dollars from the market […]
‘s double ton floors India in first Test
AHMEDABAD, November 18, 2009 (AFP) – Former captain Mahela Jayawardene scored his sixth double-century as Sri Lanka seized control of the first Test against India here on Wednesday.Jayawardene was unbeaten on 204 as the tourists closed the third day at 591-5 in their first innings, a lead of 165 runs over India’s 426 with five […]
Sri Lanka to do tourism master plan
Nov 18, 2009 (LBO) – Sri Lanka is preparing a 10-year tourism master plan covering new infrastructure in former war zones and avoiding the haphazard development that happened in existing resort areas, an official said.S Kalaiselvam, director-general of the Tourism Authority, said a new master plan was needed to ensure planned, sustainable development of tourism […]
Capital Measures
Nov 18, 2009 (LBO) – Sri Lanka’s The Finance Company, which ran out of capital at the end of the September 2009 quarter, said it was cutting deposit rates and has called a meeting of shareholders on December 11.The firm had lost 1.528 billion during the six months to September 2009, had lost its capital […]
Sri Lankan stocks close down 0.41-pct
Nov 19, 2009 (LBO) – Sri Lankan shares closed down Wednesday as retail investors were seen unloading mid capped stocks due to selling pressure, brokers said.The All Share Price Index closed at 2,970.90, down 0.41 percent (12.35 points), while the Milanka Price Index of more liquid stocks closed at 3,376.44, down 0.12 percent (4.04 points). […]
Sri Lanka bill yields fall after rate cut
Nov 18, 2009 (LBO) – Sri Lanka Treasury bill yields fell across the board following a 50 basis point rate cut earlier in the day, and with the 3-month yield slipping below the repo rate at which cash is drained from the system. The debt office, which is a unit of the Central Bank, said […]