Author: lbostgadmin
Sri Lanka tea prices hit by stronger rupee, lower quality
May 22, 2009 (LBO) – Sri Lankan tea prices fell at this week’s auction with a sudden strengthening of the rupee adding to downward price pressure caused by bigger volumes and lower quality, brokers said. Asia Siyaka also said tea prices generally declined for most categories due to lower quality following a holiday period. “The […]
Sri Lankan April tourist arrivals slide
May 22, 2009 (LBO) – The number of tourists visiting Sri Lanka in April 2009 slid 12.4 percent to 26,054 from a year ago, with sharp falls from key markets in Europe and India, the island’s tourism promotion office said. Maldivian arrivals dipped marginally by 2.7 percent to 9,160, while Pakistani arrivals almost halved to […]
Fairer Chance
May 22, 2009 (LBO) – Sri Lanka’s central bank said it has relaxed the criteria for bids for a one-third stake in the troubled Seylan Bank after a poor response from prospective investors to its original call for proposals.It said in a statement the Monetary Board of the Central Bank has decided to invite fresh […]
Sri Lankan stocks up 12.5 pct in the week, rupee stable
May 22, 2009 (LBO) – Sri Lankan shares were subdued on profit taking Friday after this week’s bull-run following the government’s victory in the war against Tamil Tiger rebels while the rupee remained stable against the greenback, brokers and dealers said. The spot dollar remained around 114.90/115.10 levels by late afternoon trade after strengthening against […]
Sri Lanka cuts rates, moves to single policy corridor
May 21, 2009 (LBO) – Sri Lanka moved to a single policy rate with an 11.50 percent window with unrestricted accesss, effectively cutting policy rates by 150 basis as inflation fell and the central bank acted to boost credit. The central bank earlier operated a discount or ‘penal reverse repurchase’ window of 13.0 percent with […]
Sri Lanka rating outlook cut to negative by S&P
May 21, 2009(LBO) – Standard & Poor’s (S&P) has lowered the outlook of Sri Lanka’s ‘B’ sovereign rating to negative from stable, on weak budgets, fallen foreign reserves and uncertainty over an International Monetary Fund loan. “The negative outlook reflects our opinion that underlying pressures on Sri Lanka’s external liquidity position have intensified, while the […]
Sri Lanka navy chief urges common approach to maritime security
May 21, 2009 (LBO) – Indian Ocean navies need to co-operate better to ensure adequate responses to challenges ranging from terrorism to natural disasters, Sri Lankan navy commander Admiral Wasantha Karannagoda said.It would be based on a consensual and co-operative approach to find remedies for regional maritime security concerns. “This forum will be a springboard […]
Maldives joins International Labour Organization
May 21, 2009 (LBO) – The Indian Ocean tourist paradise of Maldives has joined the International Labour Organization (ILO), the UN agency which deals with labour issues said.The membership started on May 15, with president Mohamed Nasheed accepting obligations under the constitution of the ILO. “We warmly welcome the Republic of Maldives to the ILO […]
Cyber Security
May 21, 2009 (LBO) – Sri Lankan companies are concerned over data security with most still not having adequate protection, opening up opportunities for network security players, business research and consulting firm Frost & Sullivan said. A survey done by Frost & Sullivan of chief information officers in Sri Lanka, revealed that major threats for […]
Safe Custody
May 21, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon had provided deposit and gold related services of more than 500 million rupees as displaced people in camps in northern Sri Lanka sought the safety of the bank, a top official said. Bank of Ceylon (BoC) chairman Gamini Wickramasinghe, said more than 10,000 people […]
No Watch
May 21, 2009 (LBO) – RAM Ratings Lanka said a rating watch on Arpico Finance Company has been lifted after the company met a Central Bank requirement for minimum capital of 200 million rupees by March 2009. RAM Ratings Lanka said the regulator would assess the company’s core capital after financial were audited, but RAM […]
Sri Lanka shares surge 5.2%
May 21, 2009 (LBO) – Sri Lankan shares surged Thursday led by blue chips as investors ignored a crop of weak quarterly results to focus on future earnings with the end of the decades-old war, brokers said. Hatangala said he expects the upbeat mood to prevail, now that the conflict that acted as a drag […]