Category:
Upgrade Potential
Sept 23, 2010 (LBO) – Fitch Ratings Lanka said it has raised the outlook on Sri Lanka’s Sampath Bank (SB) ˜AA−(lka)’ national longterm rating to positive from stable, indicating a potential for an upgrade in the next 1224 months. “This is based on structural improvements that have occurred within the bank since early 2009, across […]
Vehicle Pact
Sept 23, 2010 (LBO) – Sri Lanka’s SMB Leasing has struck a deal with Lanka Ashok Leyland, the local unit of the Indian vehicle manufacturer, to distribute its vehicles in the former north-east war zone, a statement said. Under the agreement SMB Leasing is to be the sole agent for Lanka Ashok Leyland in Sri […]
Delhi faces threat of mass exodus from Commonwealth Games
NEW DELHI, September 23, 2010 (AFP) – The chaotic Delhi Commonwealth Games faced dire warnings Thursday of a mass pullout by teams as organisers worked frantically to save the event from disaster with just 10 days to go. Eight countries have written a joint letter to the Indian organisers, demanding a list of conditions covering […]
Sri Lanka upgrades growth forecast for 2010
Sept 23, 2010 (LBO) – Sri Lanka has upgraded its growth forecast to between 7.5 to 8.0 percent for 2010, on a better than expected second quarter economic expansion and stronger credit flows, Central Bank governor Nivard Cabraal said. The central bank which cut policy rates for two months in a row held rates in […]
Sri Lanka tax appeals process seen flawed, unjust
Sept 23, 2010 (LBO) – Sri Lankan tax payers are at the mercy of an unfair system with no proper appeal mechanism and aging members of a review board not bothering to turn up for hearings, an expert said. “Some members do not bother to turn up for the hearing of an appeal and delegate […]
Knowledge Source
Sept 22, 2010 (LBO) – India’s CRISIL, a unit of the rating agency Standard & Poor’s said it is buying Pipal Research Corporation, a knowledge process outsourcing firm for 12.75 million US dollars. The purchase will be done through , Irevna, CRISIL’s own KPO division. “The Irevna-Pipal combination will be uniquely positioned in the high-end […]
”’s
Sept 22, 2010 (LBO) – Moody’s Investors Service said it had given a ‘B1’ sovereign rating for Sri Lanka with a ‘stable’ outlook on the end of a war, low inflation and efforts to contain the budget deficit, despite having high levels of debt. “The stable outlook also considers Sri Lanka’s small size, partial dollarization, […]
Sri Lanka central bank holds policy rates steady
Sept 21, 2010 (LBO) – Sri Lanka’s central bank said it has decided to hold policy interest rates steady at a meeting Tuesday given falling market rates and increased credit flows to the private sector. The central bank said it expects market interest rates to fall further. “Market interest rates continued to adjust downwards in […]
Sri Lanka stocks close up 2.8-pct
Sept 21, 2010 (LBO) – Sri Lankan shares closed higher Tuesday in trading marked by a change in control of an asset-rich pharamaceutical firm and the first imposiotn of a price band under new rules, brokers said. The All Share Price Index closed at 6,702.99, up 2.8 percent (181.56 points) while the more liquid Milanka […]
Container Cash
Sept 21, 2010 (LBO) – Sri Lanka’s Aitken Spence has to raise 4. 5 billion rupees for its stake in a new port terminal, which if funded by debt might invite a downgrade of its ‘AA(lka)’ rating, Fitch Ratings said. Fitch Ratings Lanka is reviewing Aitken Spence’s (ASP) senior unsecured notes’ ‘AA(lka)’ National Long-term rating […]
Remittance Deal
Sep 21, 2010 (LBO) – Sri Lanka’s state-run National Savings Bank (NSB) has inked inked a deal with a financial partner in Jordan as part of a bid to expand its remittance business tenfold over two years, officials said. NSB announced a deal with JRM Alami and Partners Exchange Company in Jordan Monday to help […]
Lesson
September 20, 2010 (AFP) – The Sri Lankan government’s war probe Monday visited the final battleground where Tamil Tiger rebels were annihilated last year, but the international media was barred from reporting proceedings. However, the United Nations has estimated at least 7,000 civilians were also killed in the first four months of fighting while international […]