Category:
Narrower Margin
August 18, 2007 (LBO) – Sri Lanka Telecom (SLT), the island’s only wireline operator, has reported 45 percent lower profits in the June quarter as it sliced 875 million rupees off revenue pending a court decision on a case filed by a consumer organization. SLT reported 560 million rupees of consolidated profits down from 1,000 […]
Bruised US investors see perilous waters ahead
NEW YORK, Aug 17, 2007 (AFP) – Credit fears have played havoc with Wall Street stock portfolios and US investors could suffer more bruises from fresh upheavals sweeping world markets in the week ahead, despite an emergency rate cut. Confidence was in short supply on Wall Street this past week as investors sold off stocks […]
Card Credit
August 17, 2007 (LBO) – Sri Lanka’s HSBC bank, the top credit card issuer in the island has tightened credit card based lending in the face of a spike in defaults, officials said.“We have seen an increase in non-performing advances,” HSBC’s head of personal banking Simon Williams told LBO. “When inflation picks up and expenses […]
Looking Up
August 17, 2007 (LBO) – Sri Lanka’s Seylan Bank June quarter profits surged 78 percent with revenues going up by 21 percent despite flat loan growth, interim results filed with the Colombo Stock Exchange showed. Group net profit after tax grew to 458.6 million rupees in the three months ended June 2007 from 257.7 million […]
Credit Build
August 17, 2007 (LBO) – Sri Lanka’s banking sector assets had expanded 9.5 percent, with loans rising 11.2 percent against deposit growth of 7.6 percent, the Central Bank which regulates the sector said. . “Banking sector has shown a significant expansion during the first half of 2007 reflecting continued expansion in economic activity,” the Central […]
Hospital Play
August 17, 2007 (LBO) – Asha Central Hospitals said Friday several parties were negotiating to buy the controlling stake of the firm after its share price more than doubled to 80 rupees over the week. The firm later bought the property in Norris Canal Road with borrowed funds. More than 80 percent of the company […]
Green Revolution
August 17, 2007 (LBO) – Rice farmers in India™s West Bengal made history when they successfully traded carbon credits for cash – with lessons for Sri Lanka taking its first tentative steps in carbon finance. About 33 Indian rice mill owners banded together and agreed to switch from polluting diesel oil they used in their […]
US signals opposition to APEC membership expansion
WASHINGTON, Aug 16, 2007 (AFP) – The United States on Thursday signalled opposition to any immediate expansion of the 21-member Asia-Pacific Economic Cooperation (APEC) forum, ahead of upcoming summit talks on the sensitive issue. “Our view right now is that we would like to focus on deepening reform within APEC before we look at expanding […]
Fed cuts discount rate by 50bp amid increased uncertainty
WASHINGTON, Aug 17, 2007 (AFP) – The US Federal Reserve said Friday it had cut its discount window rate by 50 basis points to 5.75 percent citing “increased uncertainty” in the financial markets.The Fed moved to lower the overnight interest rate it charges members banks for loans in a bid to help soothe the US […]
G7 nations discussing market-stabilising measures: report
TOKYO, Aug 17, 2007 (AFP) – The Group of Seven industrialised nations have begun discussing measures to cope with plunging stock markets and wild foreign exchange fluctuations caused by US credit turmoil, a press report said Friday.Japan’s finance ministry was unable to confirm or deny the report. Britain, Canada, France, Germany, Italy, Japan and the […]
Chavez to grab control of Venezuela central bank, international reserves and be president longer
CARACAS, Aug 16, 2007 (AFP) – President Hugo Chavez late Wednesday proposed sweeping changes to Venezuela’s constitution to remove presidential term limits and consolidate his vision of “21st Century Socialism”.Addressing a National Assembly stacked with loyalists, the leftist leader offered a reform plan that would also end autonomy of the country’s central bank and put […]
Bruised Asian markets struggle to find a floor
TOKYO, Aug 17, 2007 (AFP) – Credit fears unleashed fresh turbulence on Asian stock markets Friday as Tokyo spiralled lower and other bourses in the region struggled to find a floor a day after one of the worst routs in recent years.A late recovery overnight on Wall Street helped shares to open higher in Sydney, […]