Author: lbostgadmin
Union Outlook
Dec 07, 2007 (LBO) – Fitch Ratings Sri Lanka has lifted Union Bank of Colombo’s outlook on its BB + (lka) rating to ‘positive’ from ‘stable’ citing an asset quality improvement. “The recent equity injections and the benefits expected, specifically to profitability and scalability of the bank’s business is reflected in the revision of the […]
Logistics Nightmare
Dec 07, 2007 (LBO) – Sri Lanka’s logistics industry is calling for action to get a paperless cargo clearing system on track, through a new operator or allowing competition, five years after a part state-owed firm was given the task. Logistics and shipping firms that wanted to cut cost and speed up cargo clearance are […]
Sri Lanka inflation caused by govt. credit, not private sector: IMF
Dec 06, 2007 (LBO) – Sri Lanka’s inflation is strongly linked to government credit, the International Monetary Fund (IMF) said in a report released this week, clearing the private sector of blame for rapidly rising prices. . IMF said bank credit to the private sector has accelerated in Sri Lanka in recent years, but the […]
Sri Lanka rupee zooms amidst record exporter selling
Dec 06, 2007 (LBO) – The Sri Lanka rupee extended gains against the greenback Thursday as panicky exporters sold dollars fearing more ‘carry trade’ style activity from hedge funds, dealers said, after authorities relaxed foreign investor limits on local bonds. Sri Lanka government securities offer attractive rates of around 19.00 percent a year for macro […]
Sri Lanka fears more attacks on civilians
COLOMBO, Dec 6, 2007 (AFP) – Sri Lanka Thursday warned of more Tamil Tiger attacks against civilians a day after the guerrillas were accused of being responsible for a roadside bomb blast that killed 16 bus passengers.A Norwegian-brokered 2002 truce began to unravel in December 2005.Media Minister Anura Yapa said Wednesday night’s bombing of a […]
Sri Lankan visitors to USA to give all finger prints
Dec 06, 2007 (LBO) – Visa applicants to the United States will have to give prints of all ten fingers from next week, the US embassy in Colombo said. The embassy said the procedure, which was required by US Departments of State and Homeland Security, would be implemented world-wide from December 10. The US started […]
Chavez vents anger after people reject totalitarian constitution
CARACAS, Dec 5, 2007 (AFP) – President Hugo Chavez said Wednesday his push to have Venezuela accept sweeping constitutional reforms has “not finished” despite being rejected in a weekend referendum. “The discussion on the transformation of the state is not finished,” he told state VTV television. “While the opposition continues to celebrate a Pyrrhic victory, […]
Oil prices lower as OPEC keeps output quota unchanged
SINGAPORE, Dec 6, 2007 (AFP) – Oil prices fell in Asia trade Thursday after OPEC rebuffed pressure and left output unchanged, dealers said. The market’s muted reaction to a sharper-than-expected drawdown in US crude stocks also reflected growing concerns that high prices may eventually take their toll on consumers, they said. In early morning trade, […]
Police, politicians and judges most corrupt: watchdog
BERLIN, Dec 6, 2007 (AFP) – One in every four people has been asked to pay a bribe to the police, and political parties and parliaments are the most tainted by corruption, a Transparency International study released on Thursday shows. The poor are targeted for bribes in both developed and developing countries, according to the […]
OECD sees strong euro, tight credit hitting eurozone growth
PARIS, Dec 6, 2007 (AFP) – A strong euro and tougher credit conditions will weigh on the eurozone economy next year, the OECD predicted on Thursday, cutting its 2008 growth forecast to 1.9 percent from 2.3 percent previously. It also warned that a stronger-than-expected slowdown in the United States, Europe’s biggest trade partner, would also […]
Money Trees
Dec 06, 2007 (LBO) – Sri Lanka’s financial and accounting regulators are developing more reliable ways of valuing trees in forestry firms, the Sri Lanka Accounting Auditing Standards Monitoring Board (SLAASMB) said. “When finalized, the guidelines will provide a reliable basis to value biological assets,” the SLAASMB said. “It will provide preparers, auditors and regulators […]
Railway Repair
Dec 06, 2007 (LBO) – Sri Lanka plans to rehabilitate a tsunami-hit coastal railway line at a cost of 167.4 million dollar using an Indian credit line, a minister said. The proposed project that extends the railway line beyond Matara, a town in the southern tip of the island, will be completed within three years, […]