Author: lbostgadmin
Early Action
May 27, 2008 (LBO) – Financial regulators should take early preventive action and anticipate trouble spots and Sri Lanka’s banks should keep an eye on apparel firms to manage possible future risks, the island’s central bank governor said. “If necessary policy interventions are done ahead of time, interventions requiring cash could be avoided,” Cabraal said. […]
Tight Numbers
May 28, 2008 (LBO) – Sri Lanka’s Samapath Bank group net profits for the March 2008 quarter fell 24.2 percent amidst rising interest costs while revenue grew 23.2 percent, results filed with the Colombo Stock Exchange said. Group gross assets were up 0.4 percent to 137.9 billion rupees. Group net profit after tax grew to […]
Slow Down
May 28, 2008 (LBO) – Sri Lanka’s Seylan Bank March quarter profits fell 36 percent to 135 million rupees amid flat loan growth as high interest rates made it difficult for companies and individuals to borrow. The bank’s interest income grew 31 percent to almost five billion rupees but interest costs rose 48 percent to […]
Sri Lanka stock market slide deepens
May 28, 2008 (LBO) – The slide in Sri Lankan share prices gathered momentum Wednesday, with the main index down one and a half percent amid disappointing corporate earnings. The All Share Price Index fell 1.49 percent (38.12 points) to 2,520.77 while the more liquid Milanka fell 1.85 percent (56.73 points) to close the day […]
Sri Lanka to sell 200 million dollars in bonds to residents
May 28, 2008 (LBO) – Sri Lanka is offering 200 million dollars worth bonds to resident investors next month, the government’s debt office said.The securities, called Sri Lanka Development Bonds (SLDBs), are offered on three maturities, the Public Debt Department, which is a unit of Sri Lanka’s central bank, said in a letter to market […]
Sri Lanka to raise minimum wage
May 27, 2008 (LBO) – Sri Lanka employers grouping, unions and the government are in discussions to raise minimum wages in the country, an official said Tuesday. Deputy director general of the Employers’ Federation of Ceylon Kanishka Weerasinghe said discussions have started with the department of labour and other stakeholders for around three dozen types […]
Sri Lanka state sector is heavy on poor: minister
May 27, 2008 (LBO) – Sri Lanka has the world’s biggest public sector which is too big a burden on the poor, and the public service must do more to drive economic growth, a senior minister has said.The recruitment to the public sector on an ad hoc basis and the availability of non-performance based benefits […]
Unilateral
May 27, 2008 (LBO) – Lanka IOC, the Sri Lanka unit of the Indian Oil Corporation is raising diesel prices by 20 rupees a litre from midnight Tuesday, the company said. Wheat prices peaked in February, gold in March and rice in April. Oil however is still buoyant hitting a new high of 135 dollars […]
China plans three telecom giants
BEIJING, May 27, 2008 (AFP) – China plans to create three telecom giants as it seeks to bring balance back to an industry where mobile operators have seen the fastest growth by far, the government and state press said Tuesday.Under the plan, the world’s biggest mobile operator China Mobile will acquire fixed-line operator China Tietong […]
US recession still probable: Greenspan
LONDON, May 27, 2008 (AFP) – A recession in the United States remains a probability, former Federal Reserve chairman Alan Greenspan said in an interview published Tuesday. Speaking to the Financial Times from Washington, Greenspan said he believed “there is a greater than 50 percent probability of recession.” He noted, however, that “that probability has […]
Vietnam inflation hits 25 percent in May
HANOI, May 27, 2008 (AFP) – Vietnamese consumer prices surged by over 25 percent in May compared to the same month last year, a trend driven mainly by sharply higher food prices, the communist government said Tuesday. Prices shot up an estimated 3.91 percent between April and May alone, a period that saw some panic-buying […]
Sri Lankan president vows non-stop war against Tamil Tigers
May 27, 2008 (AFP) – Sri Lanka’s president vowed Tuesday to press on with a military campaign to crush Tamil Tiger rebels, a day after guerrillas set off a bomb inside a train killing nine and wounding 84 people.“I will not stop till terrorism is defeated,” President Mahinda Rajapakse told journalists during a meeting at […]