Author: lbostgadmin
No Conflict
Dec 18, 2007 (LBO) – Sri Lanka’s capital markets watchdog should be made more transparent and its officials more independent, the International Monetary Fund (IMF) has said. The island’s Securities and Exchange Commission (SEC) is “well-resourced”, but its capacity needs to be further strengthened, the IMF said in a comprehensive financial sector assessment report on […]
Crisp Tender
Dec 18, 2007 (LBO) – Sri Lanka is issuing its first currency note under the signature of Governor Nivard Cabraal with added security features to battle a rising threat of counterfeiting, the Central Bank said. The note is dated 2006.07.03. The one thousand rupee note will have upgraded security features to battle an “increasing threat” […]
Consumer Slowdown
Dec 18, 2007 (LBO) – Fitch Ratings Lanka has lowered the outlook on the ‘A+(lka)’ long-term ratings on Singer Sri Lanka’s senior unsecured notes to negative, the rating agency said Tuesday. Singer is the Sri Lanka’s largest retailer of consumer electronics and household appliances, in terms of revenue and points of presence. It is 84 […]
Better Outlook
Dec 18, 2007 (LBO) – Fitch Sri Lanka has lifted the outlook on Edirisinghe Trust Investment’s ‘B+(lka)’ rating to ‘positive’ from stable citing substantial improvements in the in the firm’s operational risk management. . “The company concluded the automation of its systems across all business lines in the six month period ending September 2007,” Fitch […]
Sri Lanka 3-month treasury yields up sharply amidst cash crunch
Dec 18, 2007 (LBO) – Sri Lanka’s 3-month Treasury bill yields soared by 115 basis points to 20.14 percent in one of the biggest one day gains ever, at Wednesday’s auction, though 6 and 12 month yields were steady, dealers said. The six month average yield was 19.99 percent and the 12-month yield was 19.96 […]
Sri Lanka has no alternative but to print money: minister
Dec 17, 2007 (LBO) – Sri Lanka has no alternative but to print money because the government cannot move into a framework of limiting expenditure, a senior minister has said. Speaking to the British Broadcasting Service’s Sinhala language Sandeshaya program, consumer affairs minister Bandula Gunewardene said it had become necessary to print money because the […]
Red Cross worker abducted and killed in Sri Lanka
COLOMBO, Dec 17, 2007 (AFP) – The International Red Cross Monday said one of its workers had been abducted and murdered by unidentified gunmen in Sri Lanka’s tense government-controlled northern Jaffna peninsula.Sooriyakanthy Thavarajah, 40, a volunteer with the Jaffna branch of the Sri Lankan Red Cross, was taken from his home on Friday and his […]
Saudi king pardons female rape victim: report
RIYADH, Dec 17, 2007 (AFP) – Saudi Arabia’s King Abdullah has pardoned a teenage girl sentenced to six months in jail and 200 lashes after being gang raped, Al Jazirah newspaper reported on Monday.The ruling against the 19-year-old girl in the ultra-conservative Muslim kingdom had attracted widespread international condemnation, including from human rights groups and […]
Money printing Iran blames critics for 19.1-pct inflation; money supply growth 40-pct
TEHRAN, Dec 16, 2007 (AFP) – President Mahmoud Ahmadinejad on Sunday blamed his political rivals and the global economy for stoking inflation in Iran, amid increasing domestic criticism of his economic policies.Prominent moderates such as reformist ex-president Mohammad Khatami have publicly lambasted Ahmadinejad for his handling of the economy in recent weeks. In a prime-time […]
‘s roots under the hammer in New York
NEW YORK, Dec 17, 2007 (AFP) – Arguably the most important document ever to be auctioned goes on sale Tuesday when the Magna Carta, an 800-year-old English royal manuscript, goes under the hammer at Sotheby’s in New York. The royal charter, dated 1297 and bearing the wax seal of King Edward I, enshrined the rights […]
Turbulence Strategy
Dec 17, 2007 (LBO) – Sri Lanka’s companies can make money in even the most turbulent times by redefining marketing strategies to get the best results, a senior official of top celco Dialog Telekom’s told a forum of marketers. “Even during a turbulent time, there is an opportunity in brand building,” said Nushad Perera, Dialog […]
Visa Inflation
Dec 17, 2007 (LBO) – Visa fees for Sri Lankans traveling to the United States has increased from 100 US dollars to 131 US dollar, the US embassy in Colombo said. Applicants who have paid the 100 dollar fee before January 01 would be processed until January 31, but if the interview is after that […]