Author: lbostgadmin
Slow Quarter
Nov 22, 2007 (LBO) – Sri Lanka’s PABC Bank said net profit for the September quarter was down five percent year-on-year to 40 million rupees. Interest income rose to 521 million rupees from 342 million rupees in the same period the year before, according to interim result given to the Colombo bourse. Net interest income […]
NPL Hit
Nov 22, 2007 (LBO) – The Sri Lanka branch of HSBC has taken a record 1.4 billion rupee hit from bad loans which saw net profits plummeting 56 percent in the first nine months of the year, the bank’s interim accounts showed. HSBC made a specific provision of 1,414 million rupees, up from 120 million […]
Sri Lanka seeks to develop bond market to access foreign capital
Nov 22, 2007 (LBO) – Sri Lanka Central Bank governor Ajith Nivard Cabraal said Thursday the government wants to develop the bond market to be able to access new sources of capital and reduce reliance on concessionary lending. The government’s main funding sources were still mainly taxes and bilateral and multilateral loans but it wanted […]
Sri Lanka sovereign bonds plummet as govt. seeks new cash
Nov 22, 2007 (LBO) – Sri Lanka’s maiden sovereign bond has plunged in the secondary market just a month after its issue, as authorities indicated that the country may go to international markets again for new dollars. The 500 million dollar sovereign bond which was issued in late on October 23, was oversubscribed. But now […]
Sri Lanka independent newspaper press set on fire; rights body outraged
Nov 21, 2007 (LBO) – An armed group wearing masks that entered the premises of an independent Sri Lankan newspaper house has set on fire and destroyed its printing press early Wednesday morning.“FMM urges civil society and political society who uphold freedom of expression to come forward at this time in defence of people’s right […]
Sri Lanka editor says torching of press is cowardly
COLOMBO, Nov 21, 2007 (AFP) – Unidentified gunmen stormed a pro-opposition newspaper office in Sri Lanka on Wednesday and set fire to the printing presses, police said.More than a dozen armed men started the blaze after breaking into the Sunday Leader newspaper building — which is within a high-security air force complex on the edge […]
Sri Lanka hammer England in tour opener
Nov 21, 2007 (AFP) – England’s bowlers got a taste of the perils that await them in the upcoming Test series as Sri Lanka’s second-string battered them in a practice match here on Wednesday.The Sri Lanka Cricket XI batted through the second consecutive day to take their overnight total of 218-3 to 500-5 declared by […]
Oil prices breach 99 dollars
SINGAPORE, Nov 21, 2007 (AFP) – Oil prices rose above 99 US dollars per barrel in Asian trade on Wednesday, within striking distance of the 100-dollar level as the greenback slumped further, dealers said. Concerns over tight global supplies was also helping push prices up, they said. In early morning trade New York’s main contract […]
Dubai port firm nets 4.96 billion dollars in IPO
DUBAI, Nov 21, 2007 (AFP) – Dubai port operator DP World said on Wednesday that the proceeds of its initial public offering (IPO) totalled 4.96 billion dollars, making it the largest ever in the Middle East. The world’s fourth largest container port operator said the IPO priced its shares at 1.30 dollars — the top […]
KE Strategy
Nov 21, 2007 (LBO) – Sri Lanka could boost economic activity and social well-being through a knowledge economy (KE) strategy that makes better use of ‘grey matter’ the World Bank has said. “With globalization and the technological revolution of the last few decades, knowledge has clearly become the key driver of competitiveness and is now […]
Vital Links
Nov 21, 2007 (LBO) – Sri Lanka is in danger of losing an opportunity to emerge as a logistics hub for the south Asian region unless it acts to improve port efficiency, fast track infrastructure projects and cut red tape, officials said Wednesday. “Apart from peace, the most important requirement for Sri Lanka is logistics,” […]
Sri Lanka treasuries yields shoot up as dollar honeymoon ends
Nov 21, 2007 (LBO) – Sri Lanka’s benchmark 3-month Treasury yields shot up 33 basis points to 16.07 percent Wednesday, ending a near month long honeymoon from a sovereign bond that made markets liquid and sent rates plummeting. Due a flaw in Sri Lanka’s monetary law the Central Bank could be used by the government […]