Category:
Savings Rating
Sept 03, 2009 (LBO) – Sri Lanka’s Fitch Ratings has confirmed the ‘AAA(lka)’ rating of state-run National Savings Bank (NSB), with a ‘stable’ outlook. “The rating reflects NSB’s state ownership, systemic importance, the low risk nature of most of its asset base and explicit guarantee from the Government of Sri Lanka on its deposits,” Fitch […]
Sri Lanka tea trade warns labour action will hit exports
Sept 03, 2009 (LBO) – Action by labour unions on Sri Lanka’s tea estates to disrupt the movement of teas could hamper exports and threatens the industry and entire economy, the Colombo Tea Traders™ Association (CTTA) warned. It would also worsen the current cash-flow problems of plantation companies, the CTTA warned and result in serious […]
Jailed Journalist
OTTAWA, September 2, 2009 (AFP) – Canada is “deeply concerned” by Sri Lanka’s sentencing of a journalist to 20 years of hard labor, Foreign Affairs Minister Lawrence Cannon said Wednesday. “The government of Canada is deeply concerned by the sentencing of J.S. Tissainayagam to 20 years in prison for violating Sri Lanka’s Prevention of Terrorism […]
”’ adjusts to life in the IT sector
KATHMANDU, September 3, 2009 (AFP) – As a child, she was worshipped as a “living goddess” in Nepal after she proved her bravery in an ancient ritual by not crying at the sight of a sacrificed buffalo.But now Rashmila Shakya, 29, meets friends in cafes, listens to Bollywood music — and is building a promising […]
Kiwi Oram stumped by his hat-trick feat
September 3, 2009 (AFP) – New Zealand’s Jacob Oram said Thursday he was unaware he had taken a hat-trick during the thrilling three-run win over Sri Lanka in a Twenty20 international. Oram’s three wickets in three balls, but in separate overs, was missed by almost everyone at the Premadasa stadium on Wednesday night, including Oram’s […]
Sri Lanka non-state sector to bear adjustment burden under IMF deal
Sept 03, 2009 (LBO) – Workers in Sri Lanka’s private sector and their workplaces will bear the brunt of an adjustment to stabilize the economy under an International Monetary Fund backed program, economists have said.Under an IMF stand-by loan, Sri Lanka is planning a 7.0 budget deficit and 5.0 percent deficit over two years.Officials are […]
Sri Lanka tightens rules on forex dealers
Sept 02, 2009 (LBO) – Sri Lanka has tightened rules on foreign exchange dealing issuing a direction that specifies qualifications and experience of dealing room personnel, Central Bank Governor Nivard Cabraal said.The new rules comes soon after Nations Trust Bank, a licensed commercial bank, reported 800 million in forex losses following trades which the bank […]
Sri Lankan shares close up 0.91-pct
Sep 02, 2009 (LBO) – Sri Lankan shares closed up on Wednesday as retail investors chased after small and medium sized stocks on a highly speculative market, brokers said. Ceylinco Insurance non-voting shares closed at 135.25 rupees, up 10.25, while Ceylon Grain Elevators closed at 14.25 rupees, up 2.00. Warrats Environmental Resources Investments formerly Walker […]
‘ Move
Sept 02, 2009 (LBO) – The Asian Shippers’ Council is to relocate its permanent secretariat to Sri Lanka from Singapore following the improved security environment in the island with the end of the 30-year ethnic war, an official said.The ASC has also decided to appoint Rohan Masakorala, former chairman of the Sri Lanka Shippers’ Council, […]
Bank Rating
Sept 02, 2009 (LBO) – Fitch Ratings said it has confirmed HSBC Sri Lanka’s (HSBCSL) National Long-term rating at ‘AAA(lka)’ with a stable outlook.In addition to conservative write-off policies adopted for unsecured consumer NPLs, HSBCSL’s provisioning is more prudent, with specific provision covering 69 percent of NPLs at FYE08. Profitability as measured by ROA (return […]
Sri Lanka apparel exporter goes east
Sept 02, 2009 (LBO) – A big Sri Lankan apparel exporter has set up a new factory in the east after it was cleared of Tamil Tiger rebels, saying its main baby wear product has not been affected by the slump in demand caused by recession.Kumar Dewapura, chairman of Tristar Apparel Exports, said the 50,000 […]
Sri Lanka may lose EU trade concessions: report
Aug 02, 2009 (LBO) – Sri Lanka may lose lucrative trade concessions to the European Union as the results of an initial investigation on human rights abuses in the country was very adverse, a media report said. EU has banned the Tigers as terrorists but relations with the West deteriorated in the last stages of […]