Category:
Banking Fortunes
Feb 25, 2010 (LBO) – Sri Lanka’s Nation Trust Bank (NTB) group December quarter profits rose 5.0 percent to 181.1 million rupees from a year ago, and full year profits were up 16 percent 686.1 million rupees. For the year non-interest income was up 8.0 percent to 1.9 billion rupees, and non interest expenses were […]
Commercial Profits
Feb 25, 2010 (LBO) – Sri Lanka’s Commercial Bank said group December quarter profits rose 8.3 percent to 1,207 million rupees while full year profits were up 1.7 percent to 4,191 million rupees. Basic earnings per share for the quarter were reported at 4.84 rupees and the full year at 16.80 rupees. In the December […]
Arabian Call
Feb 25, 2010 (LBO) – Etisalat’s new Sri Lankan mobile subsidiary said it plans to expand coverage to cover the entire island, offer high speed links and use its international group network to give preferential rates to win customers. “We’re here to stay in Sri Lanka,” Etisalat group chief marketing officer Essa Al Haddad told […]
Sri Lanka IMF loan tranche held back on runaway budget
Feb 25, 2010 (LBO) – The International Monetary Fund (IMF) has held back the third tranche of a 2. 6 billion US dollar loan to Sri Lanka after the country’s budget went off track in the last quarter of 2009. The tranche of slightly over 300 million US dollars was expected in March after following […]
Sri Lanka to keep limit on foreign owned rupee debt for now
Feb 24, 2010 (LBO) – Sri Lanka will hold a 10 percent limit of foreign holdings of rupee Treasuries for the time being, Central Bank Governor Nivard Cabraal said, despite a widening fiscal deficit putting pressure on financial markets. Foreign investors were allowed to buy into bonds to the tune of about 30 million US […]
Sri Lanka short-end Treasuries edge up
Feb 24, 2010 (LBO) – Sri Lanka’s three, six and 12 month Treasury bill yields edged up at Wednesday’s auction, the government’s debt office said. This was higher than the 12.5 billion rupees of maturing bills. The 3-month yield edged up 09 basis points to 8. 26 percent, the 6-month yield was up 06 basis […]
Sri Lankan stocks close 0.14-pct higher
Feb 24, 2010 (LBO) – Sri Lankan shares edged up Wednesday, boosted by renewed buying interest on plantation, construction and insurance stocks, brokers said. The All Share Price Index closed at 3,775. 51, up 5.11 points, while the Milanka index of more liquid shares gained 0.39 percent (16.78 points) to close at 4,331.98. Turnover was […]
Rating Risk
Feb 24, 2010 (LBO) – A fresh risk evaluation of Sri Lanka by London insurers, considered critical in attracting investors after the end of its ethnic war, has been delayed by elections, official involved in the matter said. London underwriters have reduced the risk rating after the 30-year ethnic war ended in May 2009, with […]
Indian rail budget promises high-speed trains
NEW DELHI, February 24, 2010 (AFP) – India’s rail minister announced Wednesday plans for high-speed trains for Asia’s largest rail network as she kept fares unchanged — underscoring the government’s focus on “inclusive growth”. Indian Railways boasts a network of 109,000 kilometers (67,730 miles) that transports some 18.5 million people daily on 14,000 passenger and […]
Sri Lanka gets UN agency loan to help farmers
Feb 24, 2010 (LBO) – A United Nations agricultural development agency said it will give Sri Lanka a loan of 25 million dollars to help small holder farmers increase incomes. The International Fund for Agricultural Development (IFAD), based in Rome, said the loan will directly benefit small producers, women, landless households and young people in […]
‘s biggest carmaker Maruti Suzuki India announced Tuesday it has recalled 100,000 of its best-selling A-Star hatchback cars due to a fuel leakage problem
Maruti, majority owned by Japan’s Suzuki Motor Corp, said it launched the recall last November to fix the fault. The A-Star cars are being recalled both locally and internationally, mainly in Europe, as a “proactive” step, the company said in a statement. “We decided to check all vehicles from the lot, around 100,000 units including […]
Sri Lanka civil rights body warns of growing repression
Feb 24, 2010 (LBO) – Sri Lanka’s Civil Rights Movement (CRM) said recent attacks on peaceful anti-government protestors by government supporters indicated an ‘alarming slide’ towards curbs on democracy. The CRM said previous attempt to violently suppress peaceful protest had given rise to violent rebellions. The Tamil Tiger separatist insurgency began in the late 1970s […]