Category:
Hedging Claim
April 04, 2009 (LBO) – Deutsche Bank has filed arbitration proceedings against the government of Sri Lanka over non-payment in oil derivatives deals with state refiner Ceylon Petroleum Corporation (CPC).Citibank has already gone into arbitration against the CPC. CPC did the derivatives deals to protect itself when oil prices were surging and the contracts were […]
Sri Lanka relaxes export support criteria
April 03, 2009 (LBO) – The Sri Lankan government is ready to be flexible on export earnings criteria in a support package for exporters to help them weather the economic recession, a senior finance ministry official said.S R Attygalle, director-general of fiscal policy of the finance ministry, said the government is ready to be flexible […]
Sri Lankan stocks close up on slim turnover
Apr 03, 2009 (LBO) – Sri Lankan shares closed marginally up Friday due to low volume price gains on Hatton National Bank (HNB) and renewed retail interest on Chevron Lubricants Lanka, brokers said. The All Share Price Index was up 0.05 percent (0.86 points) to end at 1,637.19 while the more liquid Milanka gained 0.19 […]
Annual Picture
Apr 03, 2009 (LBO) – Sri Lanka’s People’s Bank group has reported net profits of 3,427 million rupees in 2008, 2.2 percent lower, while interest income grew 23.4 percent to 64.3 billion rupees, according to the annual report. At stand alone bank level net profits were up 13.9 percent to 2,704 million rupees, with group […]
India blames IMF for not checking developed countries
LONDON, April 2, 2009 (AFP) – Indian Prime Minister Manmohan Singh said Thursday the International Monetary Fund was partly to blame for the global financial crisis, highlighting a lack of regulation of developed economies. India did not need to ask the IMF for financial assistance, he said.“We have no intention of going to the IMF… […]
Sri Lanka troops take key village, kill 44 Tigers: military
April 3, 2009 (AFP) – Sri Lankan security forces captured a key village from Tamil Tiger rebels on Friday after heavy fighting that left at least 44 guerrillas dead, a military spokesman said. At the height of their power in the mid-1990s, the Tigers controlled more than a third of the total land mass of […]
Sri Lanka state textile firm to be revived
April 03, 2009 (LBO) – Lanka Salusala, a partly operational Sri Lankan state textile firm which is overstaffed and debt ridden, is to be closed down and re-started as a new business entity. Textile development minister Mahinda Rathnathilaka said the firm will be revived as there are many legal issues relating to its liquidation. “We […]
Sri Lanka rupee looks for direction amid IMF talks
April 03, 2009 (LBO) – The Sri Lanka rupee held steady against the US dollar in intra-day trading around 116.00 rupees Friday days after an International Monetary Fund mission wrapped up talks in Colombo, and a bailout expected within weeks. “An IMF mission is back to Washington and continues discussions with the authorities on the […]
More regulations, same monetary system, after G20
LONDON, April 2, 2009 (AFP) – G20 leaders made major progress in reforming a “failed regulatory system” for global finance which had endangered the world’s prosperity, US President Barack Obama said after their summit Thursday. “We made enormous strides in committing ourselves to comprehensive reform of a failed regulatory system,” he said after a G20 […]
Sri Lanka brain drain still key corporate concern
April 02, 2009 (LBO) – The migration of skilled professionals remains a major concern for Sri Lanka’s corporate sector, the Asian Development Bank (ADB) said.Hasitha Wickremasinghe, an economist for the ADB in Sri Lanka, said a recent survey of the corporate sector by the bank had revealed brain drain was continuing unabated. The problem was […]
Sri Lankan stocks close down
Apr 02, 2009 (LBO) – Sri Lankan shares closed weaker Thursday dragged down by low volume transactions on Hatton National Bank (HNB) and Development Finance Corporation of Ceylon (DFCC), brokers said. Dialog Telekom, a subsidiary of Telekom Malaysia, closed flat at 4.80 rupees, while fixed-line giant Sri Lanka Telecom lost 25 cents to close at […]
Oil Hit
April 02, 2009 (LBO) – Non-performing assets at Citibank’s Sri Lanka branch have rocketed after state-run Ceylon Petroleum Corporation (CPC) refused to pay up on controversial oil derivatives which went against the utility.Citi, Standard Chartered, Deutsche Bank and locally incorporated People’s Bank and Commercial Bank sold oil derivatives to CPC. Commercial Bank took a 692 […]