Author: lbostgadmin
Sri Lanka starts work on compiling single set of national accounts
September 29, 2006 (LBO) – Two key agencies that prepare Sri Lanka’s national accounts, are working towards compiling a single set of numbers, to ensure credibility in growth figures, officials said Friday. The Census & Statistics Dept and the Central Bank now issue two sets of growth numbers for Sri Lanka, and they differ by […]
UN says Sri Lanka violence hitting tsunami aid work
Sept 29, 2006 (AFP) – The United Nations said Friday ongoing fighting between government forces in Sri Lanka and Tamil Tiger rebels had badly hit tsunami reconstruction efforts.The UN Secretary-General’s Deputy Special Envoy for Tsunami Recovery, Eric Schwartz, also said he was “deeply disturbed” to learn that more than 200 civilians had been killed and […]
’s Marxist nationalist JVP
Sept 29 (LBO) – A leading member of the Marxist-nationalist Janatha Vimukthi Peramuna has resigned his position in the party. Nandana Gunathilake told a local radio station that he has finally resigned his positions in the JVP because the party failed to reform. He said has taken a backseat in the party since February but […]
”s split bursts into the open
Sept 29 (LBO) – The simmering power-struggle within the JVP, or People’s Liberation Front, came out into the open today with a stalwart disclosing his differences with the leadership of Somawansa Amarasinghe.Nandana Gunathilake, a politburo member of the Marxist-nationalist party said he sent in his resignations from the high party positions on February 7, but […]
India logs 8.9 pct first quarter growth, beats forecasts
NEW DELHI, Sept 29, 2006 (AFP) – India, the world’s second-fastest growing major economy after China, beat most forecasts Friday by reporting 8.9 percent growth in the first quarter to June, official data showed. The robust performance, driven by strong manufacturing, services and construction numbers, came as the ruling Congress-led coalition marked the midway point […]
Small Print
September 29, 2006 (LBO) – Commercial Bank of Ceylon secured a AA(lka) for its upcoming 1.5 billion rupee debenture, with Fitch Ratings asking the bank to match its growth with capital. Sri Lanka’s biggest private bank in terms of assets, Commercial Bank is raising debt with maturities ranging from 5-10 years to meet upcoming expansion […]
Fitch rates The Finance Company’s Rs500 mn debentures BBB-(lka)
Sept 29, 2006 (LBO) – The Finance Company Ltd (TFC) gets ‘BBB- (lka)’ national long-term rating from Fitch for its upcoming 500 million rupee 5-year unsecured subordinated redeemable debentures.The Finance’s senior debt currently carries a BBB (lka) from Fitch. As at June, 76 percent of TFC’s funding portfolio had maturities less than a year and […]
Fitch affirms NDBs AA(lka) rating post merger with NDB Housing
Sept 29, 2006 (LBO) – Fitch Ratings Lanka Friday affirmed its AA (lka) rating for NDB Bank following its merger with NDB Housing Bank. NDB tookover the assets and liabilities of NDB Housing Bank on Sept 1 after securing the blessings of Sri Lanka’s Central Bank. The merger helps NDB Housing to overcome Central Bank’s […]
Sri Lanka economy grew 7.2% 2Q06: Statistics Dept
September 28, 2006 (LBO) – Sri Lanka’s economy expanded 7.2 percent for the second quarter of this year, on the back of good rainfall and higher export volumes, the Census and Statistics Dept said Thursday. Economic growth during the same period last year was 6.0 percent, the statement said. Good rainfall helped agriculture sector to […]
Hedge Advice
Sept 28, 2006 (LBO) – Sri Lanka should hedge oil prices to mitigate negative effects on the economy, by entering into contracts with foreign banks, the country’s central bank said in a statement. The Central Bank said it had made a presentation in early September to the President and Cabinet of Ministers to explain schemes […]
Norway steps up Sri Lanka peace drive
Sept 28, 2006 (AFP) – Sri Lanka’s peace broker Norway stepped up moves to arrange face-to-face talks after the government accepted a pledge by the rebel Tamil Tigers to resume negotiations, diplomats said Thursday.The renewed effort came as truce monitors said that intensified fighting between government troops and the Liberation Tigers of Tamil Eelam (LTTE) […]
200 civilians die in two months of Sri Lanka fighting: monitors
Sept 28, 2006 (AFP) – Fighting between Sri Lankan troops and Tamil Tiger rebels has caused the deaths of at least 200 civilians in the past two months, Norwegian-led truce monitors said Thursday.The Sri Lanka Monitoring Mission (SLMM) said both the Colombo government and the rebel Liberation Tigers of Tamil Eelam (LTTE) had openly violated […]