Author: lbostgadmin
Takeover Watch
May 17, 2008 (LBO) – Fitch Sri Lanka has placed the ‘A-(lka)’ rated Commercial Leasing Company on credit watch after Lanka Orix Leasing Company (LOLC) gained 67 percent control of the firm. CLC was started in 1988 by Commercial Bank of Ceylon PLC, Chemanex Limited, and Singer (Sri Lanka) Limited (‘A+(lka)’/Negative). It has a network […]
Sri Lanka former Tamil Tiger becomes provincial chief minister
May 16, 2008 (LBO) – A former Tamil Tiger who broke away and later allied himself with the government was Friday sworn in as the chief minister of the island’s eastern province following last week’s polls. Sivanesathurai Chandrakanthan, also known as Pillayan, was sworn in as chief minister of the eastern provincial council by President […]
EU urges agreement on WTO trade talks before US election
LIMA, May 15, 2008 (AFP) – EU Trade Commissioner Peter Mandelson on Thursday urged a quick draft agreement on the direction of global trade talks underway in Geneva before US elections in November closed “the window of opportunity.” Negotiating papers in the so-called Doha Round were to be published next week and Europe and developing […]
Booming Singapore luring SAsia, Thai construction workers
SINGAPORE, May 16, 2008 (AFP) – T. Junardhan is helping to install the plumbing at a luxury shopping and residential tower rising in Singapore’s prime Orchard Road tourist belt. He can also balance your books if the need arises. Junardhan, an Indian with a degree in accountancy, is one of almost 150,000 foreigners labouring in […]
‘s economy grows briskly despite credit woes
TOKYO, May 16, 2008 (AFP) – Japan’s economy grew at a faster than expected 3.3 percent annualised pace in the first quarter of 2008 despite a global credit crunch and US economic slowdown, official figures showed Friday.The world’s second-largest economy remained in sound health as robust exports to China and other emerging markets offset weaker […]
Shareholder activist quits Hong Kong exchange board over governance
HONG KONG, May 16, 2008 (AFP) – Hong Kong’s leading shareholder activist has quit the board of the city’s stock exchange, accusing it of being under the influence of politicians and compromising its listing standards.David Webb, who has been a constant critic of government interference on the exchange operator, Hong Kong Exchange and Clearing, resigned […]
‘s inflation edges toward 8-pct
NEW DELHI, May 16, 2008 (AFP) – India’s inflation rate accelerated to a 44-month high of nearly eight percent on Friday, dealing a fresh blow to the government which fears a voter backlash.India’s industrial production rose at the slowest pace for six years in March as tighter credit to stem rising inflation hit manufacturing, according […]
Sri Lanka capital rocked by bomb
May 16, 2008 (LBO) – A bomb blast shook the Sri Lankan capital Colombo just before noon Friday, defence officials said. The blast occured near the Sambhodi temple next to the Hotel Hilton, near which there is an army checkpoint. No details of casualties or damage were immediately available.
Sri Lanka police bus blasted in suicide attack
May 16, 2008 (LBO ) A Sri Lanka police bus was targeted by a suspected Tamil Tiger suicide bomber in the capital Colombo Friday, killing 8 persons and injuring 90, defence officials said.The blast went off at a busy roundabout near Colombo’s Hilton hotel. Military spokesman Udaya Nanayakkara said a suspected Tamil Tiger suicide bomber […]
Sri Lankan tea prices ease on higher volumes
May 16, 2008 (LBO) – Sri Lankan tea prices fell at this week’s auction because of seasonal factors such as bigger volumes and lower quality, brokers said. A larger than usual volume of 8.2 million kilos came under the hammer this week with the quantities inflated by a backlog of teas held over from the […]
Mortgage Strength
May 16, 2008 (LBO) – A mortgage backed security issued by Sri Lanka’s HDFC Bank retained its enhanced credit, three notches higher than the issuer, as Fitch Ratings Lanka confirmed an ‘AA-(lka)’ rating on the securities. However, loans overdue for 6-months increased marginally to 2.4 percent from 2.0 percent and defaulted loans over 12 months […]
Sri Lankan stocks fall on profit taking, earnings fears
May 16, 2008 (LBO) – Sri Lankan stocks ended lower Friday with investors taking profits, ahead of a four day holiday, amid continuing worries about future corporate earnings, brokers said, as a suicide blast occurred a block away from the stock exchange. A Tamil Tiger suicide bomber rammed a police bus killing nine people and […]