Author: lbostgadmin
Sri Lanka foreign debt profile good even after bond issue: S&P
August 09, 2007 (LBO) – Though Sri Lanka had “substantial” foreign debt, the country would be able to maintain external liquidity even after an upcoming bond issue, Standard & Poor’s Rating Services (S&P) has said. “The interest burden of the debt was nearly 30 percent of general government revenue, while debt-to-revenue ratio, at an estimated […]
UN urges Sri Lanka to disarm paramilitary group
Aug 9, 2007 (AFP) – The United Nations on Thursday urged Sri Lanka to disarm a pro-government paramilitary group operating in the east of the island to ensure safety and security for aid workers and residents.John Holmes, the UN undersecretary general for humanitarian affairs and emergency relief coordinator, ended a four-day tour of the country […]
Sri Lanka faces cricket selector trouble
Aug 9, 2007 (AFP) – A depleted selection panel picked Sri Lanka’s Twenty-20 World Championships team Thursday following a spate of no-shows and resignations from the committee, sports minister Gamini Lokuge told AFP. “But I have told Sri Lanka Cricket that I have no objection if the selectors are given an allowance and other perks […]
Sri Lanka name strong Twenty20 squad
Aug 9, 2007 (AFP) – Mahela Jayawardene will lead a strong Sri Lankan team to the inaugural Twenty20 World Championships to be held in South Africa in September, officials said on Thursday.The 15-man squad shows no surprises, with prolific off-spinner Muttiah Muralitharan confirmed to play after earlier reports suggested that he may be rested from […]
Dollar falls as China threatens to unload US assets
NEW YORK, Aug 8, 2007 (AFP) – The dollar weakened against the euro and other world currencies Wednesday after a British newspaper report claimed China’s government may “liquidate” its large holdings of US assets if Washington imposes threatened trade sanctions on Beijing. The dollar did gain against the Japanese yen, however, rising to 119.72 compared […]
Soldier arrested at UK military academy over sex assault
LONDON, Aug 9, 2007 (AFP) – A soldier was arrested at the elite Sandhurst British military academy on suspicion of sexual assault, a Ministry of Defence spokeswoman said on Thursday.“The MOD can confirm that a soldier at Sandhurst has been arrested by the police on suspicion of sexual assault,” the spokeswoman, speaking on customary condition […]
South Korea raises interest rates for second month
SEOUL, Aug 9, 2007 (AFP) – South Korea Thursday raised its key interest rate for the second time in as many months in an attempt to soak up liquidity and keep inflation in check. But he added that “problems could arise if the BOK is forced to further increase interest rates in the future.” The […]
Tele Rating
August 9, 2007 (LBO) – Standard and Poor’s (S&P) has upgraded the outlook on Sri Lanka Telecom (SLT) from negative to stable while affirming its ‘B+’ foreign currency and ‘BB-‘ local currency rating. “The rating on SLT continues to reflect the long-term rating on the sovereign given its government ownership and its exposure to domestic […]
Loss Leaders
August 08, 2007 (LBO) – Sri Lanka’s Cargills Food City supermarket chain has announced a month of discounts on a range of consumer goods, including milk powder which has risen sharply in recent days. “What we do is that we compromise our margins to give the best deals for our customers. The company said it […]
Banking Gains
August 08, 2007 (LBO) – Sri Lanka’s Hatton National Bank (HNB) group has reported a 35 percent increase in net profit to 682 million rupees for the second quarter ended June 2007 with provision for bad loans also increasing. The HNB group revenues were up 41 percent to 7.78 billion rupees, the bank said in […]
Maritime Fraud
August 09, 2007 (LBO) – Trade finance involving shipment of goods by sea could lend itself to money laundering, a top international maritime fraud investigator has warned Sri Lanka’s shipping community. Companies involved in the transport of goods by sea and related business like banks should take more care in their transactions and know better […]
Skills Boost
August 9, 2007 (LBO) – The United States has completed a program with a Sri Lanka state training institute to improve public sector finance skills of government officers, the US embassy in Colombo said. “U.S. Treasury focused on these objectives because of an urgent need to train young professionals in government service,” the embassy said […]