Author: lbostgadmin
Risk Management
March 23, 2009 (LBO) – The International Finance Corporation said it is helping bank executives in Sri Lanka and other South Asian countries to understand and better manage risks in the wake of the global financial crisis. “The financial crisis has taken a global form, affecting people’s livelihoods directly and indirectly all over the world,” […]
More than 1,000 civilians escape Sri Lanka war: military
March 22, 2009 (AFP) – More than 1,000 civilians fled Sri Lanka’s war zone as government troops fought to wipe out separatist Tamil Tiger rebels, the military said Sunday.Of the 1,150 who escaped from rebel-controlled areas on Saturday, 108 left by boat while the others walked out through the jungle, it said in a statement. […]
World Forum pledges action on water, but rift over statement
ISTANBUL, March 22, 2009 (AFP) – A seven-day focus on the world’s water crunch wound up here on Sunday with a pledge by more than 100 countries to strive for clean water and sanitation for billions in need and fight drought and flood.But some countries criticised the cornerstone outcome of the fifth World Water Forum […]
Sri Lanka central bank in bid to push credit
Mar 21, 2009 (LBO) – Sri Lanka’s central bank has asked banks to lend to the private sector amidst a peg defence exercise that has created a liquidity crunch, heavy state borrowing and banks that are wary of rising bad loans. The central bank said it had cut its de facto main policy signal rate, […]
Sri Lankan Airlines in green flight
Mar 21, 2009 (LBO) – Sri Lankan Airlines, the national carrier of the Indian Ocean island had its first ‘green flight’ Saturday using recyclable consumables on board and flying practices that minimize fuel burn.The airline says it ‘green flight’ to Frankfurt was the first in the region and it wants to make ‘planet friendly flights’ […]
Sri Lanka Tamil Tiger threat puts Indian airports on alert
THIRUVANANTHAPURAM, March 21, 2009 (AFP) – India tightened security at three major airports in the southern state of Kerala after a call threatening attacks by Tamil Tiger sympathizers, police said Saturday.Extra security measures were in place at the international airports of Kochi, Thiruvananthapuram and Kozhikode following the threat, the director general of police told AFP. […]
Rating Cut
Mar 20, 2009 (LBO) – Sri Lanka’s The Finance Company (TFC) has lost its investment grade rating with a two notch downgrade to ‘BB+(lka)’ from ‘BBB(lka)’ with the rating placed on negative watch, Fitch Ratings said. A negative watch indicates that TFC’s rating could be downgraded further or affirmed. The downgrade reflects the liquidity stresses […]
Cash Management
Mar 20, 2009 (LBO) – Balance sheets of Sri Lanka’s non bank financial firms have shrunk over 10 percent in two months as jittery savers took cash out, but the sector as a whole is still rolling over most of their deposits, officials said. “Our experience has been that 90 percent of deposits will be […]
Group Rating
Mar 20, 2009 (LBO) – Fitch Ratings has confirmed the ‘AAA(lka)’ rating of Sri Lanka’s John Keells Holdings (JKH) with a ‘stable’ outlook.The ‘AAA(lka)’ rating of the group’s senior notes were also confirmed “JKH’s rating reflects the diversified nature of its businesses, the currently strong financial profile driven in part by its high cash position, […]
No Scrapping
March 20, 2009 (LBO) – Sri Lanka has ruled out ship breaking as an industry under its efforts to promote the island as a maritime hub, going against the trend in the region, according to a new national port and shipping policy.Developed countries have had to face pressure from the public as well as environmental […]
Sri Lanka shares slide
March 20, 2009 (LBO) – Sri Lankan shares ended slightly weaker Friday, dragged down by heavyweights, in thin trade with conglomerate John Keells Holdings ending firmer after its AAA rating was confirmed, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Sri Lanka puts on brave face before IMF bailout
March 19, 2009 (LBO) – Sri Lanka is putting on a brave face after being forced into an International Monetary Fund bailout having spent its way into trouble and busted up billions of dollars of foreign reserves on an ill-fated peg defence exercise.“This is a special measure taken by the IMF to help countries cope […]