Author: lbostgadmin
Sri Lanka tea trade warns labour action will hit exports
Sept 03, 2009 (LBO) – Action by labour unions on Sri Lanka’s tea estates to disrupt the movement of teas could hamper exports and threatens the industry and entire economy, the Colombo Tea Traders™ Association (CTTA) warned. It would also worsen the current cash-flow problems of plantation companies, the CTTA warned and result in serious […]
Savings Rating
Sept 03, 2009 (LBO) – Sri Lanka’s Fitch Ratings has confirmed the ‘AAA(lka)’ rating of state-run National Savings Bank (NSB), with a ‘stable’ outlook. “The rating reflects NSB’s state ownership, systemic importance, the low risk nature of most of its asset base and explicit guarantee from the Government of Sri Lanka on its deposits,” Fitch […]
Rating Retained
Sept 03, 2009 (LBO) – Fitch Ratings has confirmed HSBC Sri Lanka’s long term national Long-term rating at ‘AAA(lka)’ with a ‘stable’ outlook, on the strength of its parents ‘AA/negative outlook’ rating. HSBC Sri Lanka is a branch of Hongkong & Shanghai Banking Corporation Limited, Hong Kong’s largest banking group and is wholly-owned by HSBC […]
Loss Transfer
Sept 03, 2009 (LBO) – Citibank Sri Lanka has transferred billions of rupees of losses from a defaulted derivative deal with a state-run oil retailer to a foreign unit and the local branch has retained its ‘AAA(lka)’ rating, Fitch Ratings said. At end-December 2008, the top 20 loans had accounted for 93.1 percent of total […]
Abandoned Property
Sept 03, 2009 (LBO) – Sri Lanka’s Central Bank said it has issued new instructions to banks to put assets unclaimed by customers for a long period to an account in the Central Bank. All licensed commercial banks holding any abandoned property are required to inform the banking regulator each year and transfer such monies […]
Road Upgrade
Sept 03, 2009 (LBO) – Sri Lanka will upgrade 150 kilometres of provincial roads in the east of the country and 220 kilometres in the north central province with a 70 million US dollar credit from the Asian Development Bank (ADB), a senior minister said.Information minister Anura Yapa said the total cost of the project […]
Chinese Leg
Sept 03, 2009 (LBO) – A 30-kilometer fourth stage of a 126-kilometre expressway from Sri Lanka’s capital Colombo to the southern city of Matara will go to a Chinese contractor but the supervision consultancy will be open for international bids. The first two sections of the road (34.3 and 31.7 km) is financed by the […]
Uva Roads
Sep 03, 2009 (LBO) – Sri Lanka will upgrade 200 kilometres of roads in the under-developed Uva province and 100 kilometres in Amparai in the eastern province with a 105 million US dollar World Bank credit, a senior minister said. “The project is aimed at improving access to social and economic activities in the Eastern […]
Tug Boats
Sept 03, 2009 (LBO) – Sri Lanka’s Colombo Dockyard said it has won an order worth about seven billion rupees to build two tugs for a Singapore customer with an option for two more vessels of the same type.The contract for the 130 tonne bollard pull Anchor Handling Tug Supply Vessels was significant as it […]
Sri Lankan stocks close flat
Sep 03, 2009 (LBO) – Sri Lanka shares closed flat Thursday, as retail investors took profits and bet heavily on Seylan Bank and Blue Diamonds Jewelry Worldwide non-voting shares, which are part of troubled Ceylinco Group, brokers said. The benchmark Colombo All Share Price Index (ASPI) was down 0.06 percent (1.55 points) to close at […]
Sri Lanka bond yields fall
Sept 03, 2009 (LBO) – Sri Lanka bond yield have fallen around 30 t0 40 basis points over the past week with high trading volumes and expectations of purchases by foreign buyers, dealers said.A 6-year bond maturing on 15.03.2015 which was quoted around 12.55/57 percent Tuesday from around 12.83/85 a week earlier. A 4-yar bond […]
US, press groups condemn Sri Lanka over jailed journalist
September 1, 2009 (AFP) – Sri Lanka faced a barrage of criticism on Tuesday for sentencing a journalist to 20 years of hard labour, led by US condemnation and warnings about censorship from press freedom groups.Human Rights Watch urged Sri Lankan President Mahinda Rajapakse to overturn the Colombo High Court order that on Monday convicted […]