Author: lbostgadmin
Consolidation
July 12, 2007 (LBO) – Asian Finance is planning a merger with its parent company, Lanka Ratings (LRA) said, while confirming a negative outlook on the firm’s rating due to its high exposure to the share market. Lanka Ratings Agency confirmed BBB3 investment grade rating of Asian Finance. “The negative outlook is premised on the […]
Money Man
July 12, 2007 (LBO) – The governing board of Sri Lanka’s central bank is filling a vacancy with President’s Counsel K C Kamalasabayson, the monetary authority said Thursday. He was educated at St. Thomas’ College Mount Lavinia and was conferred a First Class Honours Pass at the Advocates Final Examination from Sri Lanka Law College […]
Body Check
July 11, 2007 (AFP) – An Etihad Airways plane en route from Indonesia to the United Arab Emirates made an emergency landing in Sri Lanka Wednesday following a bomb scare, an airport official said. Flight EY-471 from Jakarta to Abu Dhabi was diverted to Colombo and checked by police commandos and bomb disposal units, the […]
Sri Lanka treasury auctions resume
July 12, 2007 (LBO) – Sri Lanka has accepted a small amount of bids from this week’s treasury bills after rejecting bids outright for two weeks in a row, data released by the public debt office showed. The government accepted 1.1 billion out of an auction of 11.3 billion rupees of maturing treasury bills.The bills, […]
Sri Lanka seeks 400 million dollars
June 12, 2007 (LBO) – Sri Lanka has asked for proposals from international banks to raise 400 million dollars in medium term bonds, banking officials said.Banks that participated in a conference yesterday in Colombo have been given until July 16 to submit proposals with the deal expected to reach closure by October. The government is […]
Sri Lanka shops for 400 million dollars as rupee dips to new low
June 12, 2007 (LBO) – Sri Lanka is shopping for 400 million dollars in medium term finance in global markets as a rising budget deficit is sending local interest rates rocketing up and the rupee fell to a new life low, bankers said. “Sooner or later it is going to blow up.” The Central Bank, […]
Sri Lankan industrialists concerned about slowing economic growth
July 11, 2007 (LBO) – Sri Lanka’s top industrialists have expressed concern over the noticeable slowing down of economic growth and delays in legislating protection for local industries under new world trade rules. “Rural development is essential for growth and stability must come mainly from business linkages – not handouts.” Industry needs better access to […]
Power Seed
July 11, 2007 (LBO) – Sri Lanka is seeking Indian support to develop bio-diesel plants in the island’s Puttalam region, north of the capital Colombo, a senior public estate management ministry official says. The bio-diesel project, which is to be launched in mid-July, will use the Jatropha plant (endaru), Merinus Fernando, advisor to the ministry […]
Sri Lanka claims capture of Tamil Tiger jungle base
July 11, 2007 (AFP) – Sri Lankan troops captured on Wednesday the jungle “nerve centre” of Tamil Tiger guerrillas in the east of the island after months of fighting, the defence ministry said.He said the objective of the security forces was not limited to capturing Thoppigala, but was to take full control over the multi-ethnic […]
Bangladesh lose wicket in rain-hit Sri Lanka Test
KANDY, Sri Lanka, July 11, 2007 (AFP) – Tourists Bangladesh lost a second wicket in the 20 minutes of play possible between lunch and tea on the opening day of Wednesday’s rain-hit third and final cricket Test against Sri Lanka.Former captain Habibul Bashar was caught behind off Farveez Maharoof for 18 as the tourists moved […]
Strikes at Chilean mines send copper prices sky-high
SANTIAGO, July 10, 2007 (AFP) – Copper prices soared Tuesday as labor strikes pressured some of the largest copper mines in Chile, which supplies one-third of the world’s supply of the metal.“There is a direct impact on the mine’s production.Because of the violence by a group of subcontractors, it was decided to suspend ore extraction, […]
Free World
BRUSSELS, July 11, 2007 (AFP) – A top European court ordered EU antitrust regulators Wednesday to pay damages to French firm Schneider for wrongfully blocking its takeover bid of a rival, potentially opening a floodgate to other cases.The court’s ruling was one of two blows it dealt to the Commission on Wednesday after it also […]