Author: lbostgadmin
More Time
April 24, 2008 (LBO) – Sri Lanka’s central bank has given more time for founding directors and chairmen of banks to serve on the boards beyond the original nine years specified by the regulator. “These additional transitional provisions give special consideration to the role and contribution of Founding Directors and Incumbent Chairmen to the promotion […]
Confirmed Credit
April 24, 2008 (LBO) – Sri Lanka’s Fitch Ratings has confirmed Commercial Bank of Ceylon’s ‘AA+(lka)’ rating with a stable outlook, citing the bank’s good profitability, asset quality, strong solvency, high capitalization and its standing among local banks. Fitch also confirmed the banks ‘individual rating at ‘D’ and support rating at ‘5’. The ‘AA(lka)’ rating […]
Domino Effect
April 24, 2008 (LBO) – Sri Lanka’s financial regulator Thursday told finance companies to carefully monitor liquidity and be more aware of risks to ensure they survive the current financial markets turmoil. This was because the collapse of one firm could have a domino effect on the whole system, Central Bank governor Ajit Nivard Cabraal […]
Sri Lanka private sector credit falls further: Central Bank
April 23, 2008 (LBO) – Sri Lanka’s private sector credit growth has fallen to 15.8 percent in February from the highs of 25 to 26 percent reach in 2007, but credit to state enterprises should fall further, the Central Bank said. “Although credit to public corporations also declined to 47.5 billion rupees during the month […]
Sri Lanka to subsidize dairy credit amid high interest rates
April 23, 2008 (LBO) – Sri Lanka’s government will give interest subsidies for banks to lend up to 5,000 million rupees to dairy farmers and agricultural processors, the country’s central bank said. “With the sharp increase in the prices of milk powder and food crops in global markets, a favourable environment has been created for […]
Concern mounts as oil price nears 120 dollars
SINGAPORE, April 23, 2008 (AFP) – International concern mounted as world oil prices edged closer to 120 dollars a barrel Wednesday and the world’s top producer called for calm. Analysts said a weakening US dollar, supply worries in Nigeria and the OPEC cartel’s reluctance to increase output have all contributed to the price surge. New […]
Australian inflation rate surges to 4.2 percent
SYDNEY, April 23, 2008 (AFP) – Australia’s annual inflation rate soared to a six-year high of 4.2 percent, quarterly figures released Wednesday showed, outstripping expectations and increasing the chances of an interest rate rise. The Australian Bureau of Statistics said the consumer price index rose 1.3 percent in the three months to March, taking the […]
Sri Lanka says 67 dead in new offensive against rebels
April 23, 2008 (AFP) – At least 67 people, including 15 soldiers, were killed and hundreds wounded when Sri Lankan security forces launched an offensive against Tiger rebels on Wednesday, the defence ministry said.A ministry spokesman said 74 soldiers were also seriously wounded when they tried to advance into territory held by the Liberation Tigers […]
India predicts record grain harvest but experts say not enough
NEW DELHI, April 23, 2008 (AFP) – India has forecast a record grain harvest but experts warned Wednesday farm productivity would have to rise much faster to feed the nation of 1.1 billion people and avert a food security crisis. Food grain production in the crop year ended March 31, 2008 would total a record […]
UBS shareholders vent spleen but approve new chair, capital hike
BASEL, Switzerland, April 23, 2008 (AFP) – Swiss banking giant UBS got approval for a fresh infusion of 14.8 billion dollars and a new chairman Wednesday but shareholders at an annual general meeting made plain their anger over huge subprime losses. Shareholders voted in favour of appointing Swiss lawyer Peter Kurer as chairman, replacing Marcel […]
Sri Lanka ABC Insurance suspension lifted
April 23, 2008 (LBO) – Sri Lanka’s insurance watchdog said it had lifted a suspension of ABC Insurance after the firm complied with solvency rules. The Insurance Board of Sri Lanka said it had lifted a suspension of its registration after the firm had taken corrective measures to comply with general insurance solvency margin rules. […]
Sri Lanka Ceylinco to push retirement thinking in May
April 23, 2008 (LBO) – Sri Lanka’s Ceylinco Life is lunching a month long campaign in May to promote retirement planning, as knowledge about the process is poor and penetration is low, the company said in a statement. Ceylinco says despite an aging population, Sri Lanka’s penetration level of retirement planning is even lower than […]