Category: Banking and Finance

Oct 07, 2008 (LBO) – Sri Lanka’s troubled merchant bank Vanik Incorporation said it had been ordered to wind up by the district court of Colombo in a case filed by a foreign and a local bank. The case will be called on November 21, 2008 for further steps, Vanik said in a stock exchange […]

Oct 07, 2008 (LBO) – The World Bank is increasing support for Sri Lankan small businesses, through its private sector funding arm, International Finance Corporation (IFC) which is considering giving rupee loans.“Such financing would allow IFC to reach out to companies and sectors which generate local currency revenues (such as the infrastructure sector and second-tier […]

Oct 07, 2008 (LBO) – Sri Lanka has called proposals for a 300 million US dollar syndicated loan, with another 150 million US dollars now being negotiated, the government’s debt office said. The proposed syndicated loan would be about 32 billion Sri Lankan rupees. “As envisaged in the Budget and approved by Parliament, the funds […]

Oct 06, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sri Lanka’s People’s Bank (PB) national long-term ‘A-(lka)’ rating with a ‘positive’ outlook and the bank’s other ratings at Support ‘4’ and Individual ‘E’. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Long-term and Support ratings […]

LONDON, October 6, 2008 (AFP) – World markets suffered massive losses Monday, striking four-year lows, as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis. London, Frankfurt and Paris all tumbled more than six percent approaching the half-way mark while a 15-percent dive in Moscow forced a halt to […]

Oct 05, 2008 (LBO) – Sri Lanka’s HDFC Bank, a state-backed mortgage lender, has been downgraded a notch from ‘A-(lka)’ to ‘BBB+(lka)’, on rising interest costs, with the outlook remaining ‘negative’, Fitch Ratings has said. Fitch also downgraded 250 million rupees of senior unsecured debentures due in 2010, 2015 and 2020 it issued in 2005, […]

Oct 05, 2008 (LBO) – US Treasury Secretary Henry Paulson’s request from lawmakers for 700 billion dollars to bailout Wall Street banks, including one he was formerly chief executive of, Goldman Sachs, has spawned an American version of the Nigerian letter. This is a matter of great urgency. We need blank check. We need funds […]

WASHINGTON, October 3, 2008 (AFP) – US lawmakers Friday approved a historic financial rescue plan that was quickly signed into law, but the measure failed to calm financial markets nervous about a weak economy and credit crunch.The Bank of Japan said it injected 800 billion yen (7.6 billion dollars) into the financial system in the […]

Oct 03, 2008 (LBO) – Sri Lanka’s central bank promised more action against unauthorized deposit institutions but said those who lost money in recent Ponzi-style financial scams were victims of chasing high yields. Central Bank governor Nivard Cabraal said the central bank itself has spent millions of rupees advertising against high yield scams and pyramid […]

Oct 03, 2008 (LBO) – Sri Lanka’s National Development Bank (NDB) said Friday it had got central bank approval to set up an investment bank in Bangladesh. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The bank said in a stock exchange filing that it was waiting […]

Oct 02, 2008 (LBO) – Sri Lanka’s former finance ministry secretary P B Jayasundera, who resigned as chairman from national carrier Sri Lankan Airlines, says he will be taking a break before taking up any new assignments. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Jayasundera told […]

Oct 01, 2008 (LBO) – The International Finance Corporation (IFC) is organizing a banking road show in Ratnapura, in southern Sri Lanka, to help small and medium enterprises get access to finance.“There will also be sessions on handling complex loan applications, preparing business plans and project proposals, and establishing new banking products for small and […]