Category:
Group Rating
Mar 20, 2009 (LBO) – Fitch Ratings has confirmed the ‘AAA(lka)’ rating of Sri Lanka’s John Keells Holdings (JKH) with a ‘stable’ outlook.The ‘AAA(lka)’ rating of the group’s senior notes were also confirmed “JKH’s rating reflects the diversified nature of its businesses, the currently strong financial profile driven in part by its high cash position, […]
Cash Management
Mar 20, 2009 (LBO) – Balance sheets of Sri Lanka’s non bank financial firms have shrunk over 10 percent in two months as jittery savers took cash out, but the sector as a whole is still rolling over most of their deposits, officials said. “Our experience has been that 90 percent of deposits will be […]
Rating Cut
Mar 20, 2009 (LBO) – Sri Lanka’s The Finance Company (TFC) has lost its investment grade rating with a two notch downgrade to ‘BB+(lka)’ from ‘BBB(lka)’ with the rating placed on negative watch, Fitch Ratings said. A negative watch indicates that TFC’s rating could be downgraded further or affirmed. The downgrade reflects the liquidity stresses […]
Sri Lanka treasuries yields fall after rate cut
Mar 19, 2009 (LBO) – Sri Lanka Treasury bill and bond yields fell across the board Wednesday by around 40 basis points following a 175 basis point rate cut, the government’s debt office and dealers said.A bond maturing on 01.08.2013 fell from around 17.90 levels to 17.20 percent levels, dealers said. At the weekly auction […]
Sri Lankan shares revived by rate cut
Mar 19, 2009 (LBO) – Sri Lankan stocks closed up Thursday for the second day running amidst foreign selling in conglomerate John Keells Holdings (JKH) as local investors snapped up shares following an interest rate cut, brokers said. The All Share Price Index was up 0.45 percent (7.21 points) to end at 1,626.05 while the […]
Sri Lankan hotels told of financial gains of cleaner production
March 19, 2009 (LBO) – Sri Lankan hotels stand to make financial gains by adopting cleaner production methods if done in a systematic manner, the head of the hotel trade body has said. Srilal Miththapala, president of the Tourist Hotels Association of Sri Lanka, said many hotels have embarked on some form of energy conservation […]
Sri Lanka tightens corn imports
March 19, 2009 (LBO) – Sri Lanka has tightened rules on corn imports to arrest falling domestic farm gate prices with a record area under cultivation this year, a government minister said.For the 2008/2009 cultivation season 65,850 hectares of corn are expected to be put under the crop and 60,582 has already been planted. The […]
Sri Lanka to protest against pro-Tiger rallies abroad
March 19, 2009 (AFP) – Sri Lanka will lodge strong protests with countries where there have been demonstrations in favour of the island’s separatist Tamil Tiger rebels, a minister said Thursday.Sri Lanka’s Human Rights Minister Mahinda Samarasinghe said pro-rebel sympathisers have been staging demonstrations in Australia, Belgium, Britain, Canada, New Zealand, Switzerland and the United […]
More civilians flee Sri Lanka fighting: military
March 19, 2009 (AFP) – Civilians are continuing to flee Sri Lanka’s war zone as security forces step up an offensive against Tamil Tigers, with another 31 rebels killed, the defence ministry said Thursday.About 1,000 men, women and children left the area still under the control of the rebels on Wednesday to seek shelter with […]
Sri Lanka Allianz unit pre-tax profit up
March 19, 2009 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, said net profit before tax rose 63 percent to 86 million rupees in 2008 from 53 million rupees in 2007.Allianz Lanka said in a statement its pure Underwriting Profit comprises more than 47 percent of the total profit component. The […]
UN urged to act over jailed Sri Lankan reporters
March 18, 2009 (AFP) – A media rights group on Wednesday urged the United Nations to intervene on behalf of two Sri Lankan journalists being held on charges related to the war against the separatist Tamil Tiger guerrillas. The Paris-based Reporters Without Borders (RSF) said J.S. Tissainayagam has been held under an anti-terrorism law for […]
Sri Lanka gets US$85mn from ADB for water supply
March 19, 2009 (LBO) – Sri Lanka will get 85 million US dollars in loans and grants from the Asian Development Bank for water supply and sanitation in four regional urban areas, a government minister said. The National Water Supply and Drainage Board will use the funds to rehabilitate and develop water and sanitation infrastructure […]