Category:
Banking Secrecy
Dec 13, 2012 (LBO) – A rights activist who was a chief executive of a top financial firm has questioned what action Sri Lanka’s banks will take following an apparent breaching of banking secrecy involving accounts of the island’s chief justice. The full letter is produced below: 10th December 2012 Open Letter to; Anil Amarasuriya […]
Second Opinion
Dec 13, 2012 (LBO) – A proposed committee to examine a report by a parliamentary committee involving the impeachment of Sri Lanka’s Chief Justice will be made up of independent experts, President Mahinda Rajapaksa said. President Rajapaksa told editors of media institutions Monday that such a committee was not mandated by the constitution but will […]
School Software
Dec 13, 2012 (LBO) – Virtusa Corporation, a US listed IT firm with development facilities in Sri Lanka has won a top award for a school management software, which is now being used in 130 countries, the firm said. Its Àkura School Management System (http://akuraschools.org) was recognized by the World Information Technology and Services Alliance […]
Belgian Interest
Dec 12, 2012 (LBO) – Sri Lanka’s state investment promotion agency said a visiting Belgian delegation had expressed interest in setting up information technology and IT enabled services. At present, Belgian investments range from the manufacture of solid rubber tires, one of Sri Lanka’s single largest export firms, diamond cutting and the manufacture of cigars […]
Sri Lanka Treasuries yields down after rate cut
Dec 12, 2012 (LBO) – Sri Lanka’s Treasuries yields tumbled across maturities at Wednesday’s auction with the 12-month yield falling as much as 41 basis points, data from the state debt office showed. The debt office said it sold a billion rupees of 3-month bills, 3. 9 billion rupees of 6-month bills and 8.5 billion […]
Sri Lanka will not sell sovereign bond this year: CB Governor
Dec 12, 2012 (LBO) – Sri Lanka has decided not to sell a sovereign bond in 2013, Central Bank Governor Nivard Cabraal said, urging commercial banks to tap the international capital market more. “Government will not be taking direct loans from abroad,” Cabraal told bank directors at a forum in Colombo. “Commercial borrowing from the […]
Sri Lanka stocks close up 1.8-pct
Dec 12, 2012 (LBO) – Sri Lanka stocks closed up 1.8 percent Wednesday after the Central Bank cut rates by 25 basis points, driven mostly by domestic buying, brokers said. Asian Alliance Insurance said it had been investing 177 million rupees in commercial paper of Softlogic Capital Ltd, a related party and earned interest of […]
Group Risk
Dec 12, 2012 (LBO) – Sri Lanka’s financial regulators will monitor banks connected to conglomerates closely in the future as firms and the financial sector becomes bigger in the future, Central Bank Governor Nivard Cabraal said. “I know many of you are not only looking at the banking sector but you have other businesses as […]
Sri Lanka cuts interest rates to boost credit
Dec 12, 2012 (LBO) – Sri Lanka has cut its main policy rate at which money injected to banks by 25 basis points to 9. 50 percent to boost loans and the Central Bank said a credit ceiling would expire by the end of this month. “The Central Bank has been carefully monitoring the developments […]
Sri Lanka firms to benefit from widening diversity
Dec 12, 2012 (LBO) – Sri Lankan firms can benefit from being more inclusive, and while comprehensive diversity policies were still rare, many were making a start by promoting equal opportunity and combating sexual harassment, top executives said. Kasturi Chellaraja Wilson, managing director, Transportation Sector, Hemas Holdings recalled an instance where a new person who […]
Sri Lanka stock close up 0.2-pct
Dec 11, 2012 (LBO) – Sri Lanka’s stocks closed up 0.2 percent Tuesday, helped by gains in Nestle and CTC while forex markets saw import demand later in the day, brokers and dealers said. NDB Capital Holdings closed at 460.00 down 39.80 rupees, Hunters fell 44.90 to close at 294.50, Kelani Valley Plantations fell 7.80 […]
Top Rating
Dec 11, 2012 (LBO) – Fitch Ratings has confirmed a ‘AAA(lka)’ rating of HSBC Sri Lanka with a stable outlook, on the strength of its parent. The full statement is reproduced below: Fitch Affirms HSBC Sri Lanka Branch at ‘AAA(lka)’; Outlook Stable Fitch Ratings-Colombo/Seoul/Singapore-10 December 2012: Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch’s […]