Category:
Tighter Margins
Oct 12, 2010 (LBO) – The efficiency in Sri Lanka’s banking system can be improved with interest margin tightening at least 150 basis points over the next nine months to 5. 0 percent with banks remaining profitable, Central Bank Governor Nivard Cabraal said. Profits are needed to build capital to buffer deposits. “About a year […]
Sri Lanka tourism industry should focus on niche: officials
Oct 12, 2010 (LBO) – Sri Lanka’s tourism future lies in focusing on niche products and not in the mass market, given its small size and excess capacity in competing destinations, industry officials said. The country’s target of attracting 2. 5 million visitors and adding 25,000 rooms by 2016 might not be achievable nor desirable, […]
Bangladesh stock market boom fuels dire warnings
DHAKA, October 12, 2010 (AFP) – A flurry of cooling measures has failed to end a record-breaking bull run at Bangladesh’s main stock market, with regulators now warning of an imminent crash that could devastate the broader economy. The main Dhaka Stock Exchange (DSE) general index has hit new highs nearly every day for the […]
Kandy man Manju boxes for sweet success
NEW DELHI, October 12, 2010 (AFP) – Manju Wanniarachchi could win Sri Lanka’s first Commonwealth Games boxing gold medal in 72 years on Wednesday in the highlight of a final day of bouts in which British fighters dominate. But the 24-year-old — dubbed “the David Beckham of India” — was one of four home boxers […]
‘s ex-army chief
October 11, 2010 (AFP) – Thousands of protestors marched through the streets of Sri Lanka’s capital Monday, demanding the release of ex-army chief and opposition leader Sarath Fonseka who is serving a 30-month jail term. Activists led by Fonseka’s Democratic National Alliance (DNA) and his wife Anoma marched to the maximum security Welikada prison in […]
Gas Wrap
Oct 12, 2010 (LBO) – Sri Lanka’s government is expecting to wrap up the purchase of Shell’s gas unit in the island within a month, Sirisena Amarasekera, who heads the state committee in charge of the deal said. Sri Lanka’s information minister Keheliya Rambukwella has said the government was planning to sell down a 49 […]
Trio of labour market specialists wins 2010 Economics prize
STOCKHOLM, October 12, 2010 (AFP) – Three labour market experts, including one blocked for a top post at the US Federal Reserve, won the 2010 Nobel Economics Prize Monday for research that has had an impact on employment reforms worldwide. The Nobel jury said the work of Peter Diamond and Dale Mortensen of the United […]
Sri Lankan stocks close flat
Oct 11, 2010 (LBO) – Sri Lankan stocks closed flat after early morning gains were lost brokers said, while a large deal on Aitken Spence pushed turnover to almost seven billion rupees. The All Share Price Index closed at 6,834.61, up 0.01 percent (1.00 points), while the more liquid Milanka index fell 0. 11 percent […]
Transport Options
Oct 11, 2010 (LBO) – Sri Lanka’s logistics and transport bottlenecks will come under scrutiny at an international conference this week where partnerships between the public and private sectors will also be considered, officials said. The island now has an opportunity to rebuild its transport infrastructure which was neglected or destroyed during the 30-year ethnic […]
Better Outlook
Oct 11, 2010 (LBO) – The outlook on Sri Lanka’s stat-run Bank of Ceylon, the island’s largest commercial bank by assets, has been lifted to ‘positive’ from ‘stable’ after a lifting of the sovereign rating increased the capacity of the state to support it, Fitch Ratings said. But Fitch said it considered the absolute capitalisation […]
Default Warning
Oct 11, 2010 (LBO) – Sri Lanka’s Credit Information Bureau (CRIB) is to launch an ‘e-alert’ service using mobile phones and email to warn banks of defaulters who have borrowed from more than one bank, an official said. Furthermore, there are also no detailed reports being exchanged now on monthly loan installment payments by borrowers. […]
Sri Lanka Jetwing plans hotel in former Jaffna war zone
Oct 11, 2010 (LBO) – Sri Lanka’s Jetwing group plans to build a hotel in the northern Jaffna peninsula, part of the former war zone which is recovering after the end of the island’s ethnic war, an official said. Hiran Cooray, chairman of Jetwing, said the hotel was part of the group’s expansion plan to […]