Category:
Sri Lanka Ceylinco to create insurance awareness
Jan 31, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says it is launching a life insurance week in February to increase awareness of life products and expand the life insurance market in the country. Ceylinco says market penetration for life insurance is 8.7 percent in Sri Lanka despite marketing initiatives by a competitive industry. “We […]
Sri Lanka activists demand energy equity
Jan 31, 2008 (LBO) – Sri Lankan villagers are paying a high price for off-grid power while city folk are getting billions in power subsidies from a state power utility, an activist has charged. The activist also criticized a World Bank loan project the only significant fund that has come forward to fund such rural […]
Shell profits surge to record 31 billion dollars in 2007
LONDON, Jan 31, 2008 (AFP) – Anglo-Dutch oil giant Royal Dutch Shell said on Thursday that net profits leapt 23 percent last year to a record 31.331 billion dollars (21.115 billion euros), energised by soaring crude prices.Net profit on a current cost of supply basis, excluding fluctuations in the value of inventories, rose by 9.0 […]
Bernanke cuts rates to protect financial system
WASHINGTON, Jan 30, 2008 (AFP) – The US Federal Reserve has stepped up its campaign to head off recession with another half-point rate cut as part of an aggressive move to avert a downward economic spiral, analysts say.The cut Wednesday in the federal funds rate to 3.0 percent came just eight days after an emergency […]
Japanese envoy warns Sri Lanka of aid cut
TOKYO, Jan 31, 2008 (AFP) – Japan, Sri Lanka’s top donor, warned Thursday it could cut off aid if violence continued to escalate but said it hoped to provide long-term support to bring peace.“We could be forced to review our aid policy if military action keeps escalating, although Sri Lanka wants Japan to continue it,” […]
Sri Lanka blast kills four: officials
Jan 31, 2008 (AFP) – At least four people were killed in a powerful explosion in Sri Lanka’s embattled northern peninsula of Jaffna on Thursday, officials said.The explosion at Thirunelveli was believed to be the work of a suicide bomber, a military official here said, adding that initial reports said four civilians had been killed. […]
Sri Lanka Tigers protest to UN
Jan 30, 2008 (AFP) – Sri Lanka’s Tamil Tiger rebels Wednesday lodged a formal protest with the United Nations alleging that security forces bombed a school bus and killed 18 civilians, mostly children, and accused them of targeting non-combatants. Among those dead on the bus were 12 children between the ages of eight and 16, […]
Oil Search
Jan 31, 2008 (LBO) – Sri Lanka is evaluating bids for offshore oil exploration in the island’s north-east from firms in Cyprus and India, petroleum minister A H M Fowzie said. The island has put three exploration bids on offer in the Mannar basin area. The bids closed today. ONGC Videsh and Cairn India from […]
Sri Lanka negotiates more trade, investment deals
Jan 31, 2008 (LBO) – Sri Lanka is negotiating more free trade and investment deals with other countries to increase trade and foreign investment, the Foreign Affairs Ministry said Thursday. Two rounds of talks were held in January with neighbours India and Pakistan on free trade and investment agreements while the first negotiations on an […]
Sri Lanka treasury yields steady, tap open
Jan 30, 2008 (LBO) — Average yields at a Treasury bill auction remained steady Wednesday but the government was fishing for more cash after the auction, dealers and the debt office said. Treasuries were extensively sold on ‘tap’ after the auction by the debt office, which is part of the Central Bank, in December 2007, […]
Asset Backed
Jan 30, 2008 (LBO) – Fitch Sri Lanka has confirmed an ‘A-(lka)’ rating on lease backed trust certificates (LBTCs) issued by Peoples’ Leasing Company, the rating agency said, as it kept close watch to ensure that delinquent and prepaying loans were replaced. Peoples’ Leasing Company (PLC) is also rated ‘A-(lka)’ with a ‘stable’ outlook. The […]
Growth Numbers
Jan 30, 2008 (LBO) — Sri Lanka’s Nations Trust Bank profits surged 56 percent to 504 million in 2007 as revenues grew 54 percent to 9.1 billion rupees, the company said.In the December quarter its profits grew 64 percent to 151 million rupees as revenues grew 109 percent to 2.7 billion rupees. “Despite loans and […]