Category: Industry
No Control
Dec 29, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says its board has not been given control of Golden Key Credit Card Company, a troubled Ceylinco group firm that could not repay its customers earlier this month. Ceylinco Insurance said in a stock exchange filing that “the control of Golden Key Credit Card Company and […]
Foreign Ratings
Dec 29, 2008 (LBO) – The ‘AAA(lka)’ ratings of Sri Lanka branches of Citibank and Standard Chartered are not affected following a court order that halted payments on oil derivatives with a state-run oil firm, Fitch Ratings said.The findings are expected to be presented at court hearings in February 2009. “As per regulatory requirements, both […]
Local Banks
Dec 29, 2008 (LBO) – Sri Lanka ‘AA+(lka)’ rated Commercial Bank’s rating is unlikely to be changed following potential hedging losses after courts halted oil derivative payments, but capital build-up at ‘A-(lka)’ People’s Bank could be delayed, Fitch Ratings has said. Private-listed Commercial Bank (CB) has a ‘stable’ outlook on its rating and state-run People’s […]
Stability Measure
Dec 29, 2008 (LBO) – Sri Lanka’s Seylan Bank’s board of directors has been dissolved by the monetary board of the Central Bank and its operations brought under state-run Bank of Ceylon, a senior bank official said. The Bank of Ceylon is expected to appoint a board and oversee the operations of Seylan, the official […]
Regulatory Action
Dec 29, 2008 (LBO) – Sri Lanka’s Seylan Bank’s board of directors has been dissolved by the monetary board of the Central Bank and its operations brought under state-run Bank of Ceylon, the regulator said. The Central Bank said it was “discontinuing the services” of the board of Seylan Bank but retaining the current chief […]
Barrelling Down
LONDON, December 28, 2008 (AFP) – Oil prices, which hit record highs above 147 dollars a barrel this year before plunging under 33 dollars, risk slumping more in 2009 as recession curbs the world’s appetite for energy, analysts say. “We expect oil prices in early 2009 to remain under pressure given the weakening demand outlook […]
Sri Lanka boosted by Jayawardene, Sangakkara
DHAKA, December 28, 2008 (AFP) – Mahela Jayawardene and Kumar Sangakkara hit impressive half-centuries to consolidate Sri Lanka’s position in the opening Test against Bangladesh here on Sunday.Skipper Jayawardene scored an unbeaten 83 and left-handed Sangakkara a solid 67 as Sri Lanka reached 190-3 in their second innings at tea on the third day for […]
Petrol Saga
Dec 27, 2008 (LBO) – Sri Lanka’s main opposition United National Party (UNP) plans to file a contempt-of-court case against the government for its refusal to obey a Supreme Court order to reduce petrol prices, a media report said. The Daily Mirror newspaper said UNP wants to file a contempt-of-court case against the Cabinet, the […]
‘s fightback led by Samaraweera
DHAKA, December 27, 2008 (AFP) – Thilan Samaraweera pulled Sri Lanka out of trouble with a gutsy 91 on the second day of the opening Test against Bangladesh here on Saturday.The second and final Test starts in Chittagong on January 3. The tourists, struggling at 172-6 on Friday, were bowled out for a respectable 293 […]
‘s Murali puts Bangladesh in spin
DHAKA, December 27, 2008 (AFP) – Spin wizard Muttiah Muralitharan put Sri Lanka in a commanding position with a five-wicket haul in the opening Test against Bangladesh here on Saturday.The off-spinner grabbed 5-48 — his 66th haul of five or more wickets in a Test innings — as Bangladesh crashed to 177-9 in their first […]
Bank Sale
Dec 27, 2008 (LBO) – Sri Lanka’s Ceylinco group will exit Seylan Bank, a licensed commercial bank, as part of a strategy to raise funds and repay depositors in a troubled group company, chairman Lalith Kotelawala said in a public statement. Golden Key Credit Card Company failed to repay customers who had placed funds in […]
Calming Statement
Dec 27, 2008 (LBO) – Sri Lanka’s central bank says it is ready to intervene if there is a risk to a registered or licensed financial institution following reported depositor ‘stress’ at some regulated Ceylinco group companies. Earlier on Saturday Ceylinco group chairman Lalith Kotelawala, said in a public advertisement that the group was selling […]