Category: Industry
Housing Woes
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, […]
Honest Broker
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 […]
Unsolicited ID
Oct 04, 2008 (LBO) – Sri Lanka is to issue electronic identity cards with transponders which authorities can use to identify fishermen at sea and also develop a database of fisher-folk, a senior minister said.The ministry of fisheries has received the nod from Sri Lanka’s cabinet of ministers to pursue and unsolicited offer from Enterprise […]
State Intervention
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 […]
Banking Reach
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 […]
Fuel Supply
Oct 03, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) plans to increase storage of ship fuels at its newly acquired tank farm near Colombo port by building more tanks, its acting chairman Priyath Bandu Wickrema said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Sri Lankan Airlines gets acting chairman; Emirates directors out
Oct 03, 2008 (LBO) – Nishantha Wikremasinghe, an existing director of SriLankan Airlines has been appointed chairman, following the resignation of P B Jayasundera, the airline said. Jayasundera resigned over a court order relating to a privatization deal involving a bunker firm. Three directors that represented Emirates Airlines, which is the second largest shareholder of […]
Yield Chase
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 […]
Sri Lankan Airlines says turnaround strategy working
Oct 02, 2008 (LBO) – Sri Lankan Airlines has significantly reduced losses in July and August and is confident that the red ink can be contained for the rest of the financial year, its chief executive Manoj Gunawardena says. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Bows Out
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 […]
Digital Identity
Oct 01, 2008 (LBO) – E-Wis, a Sri Lankan information technology firm which has been picked to automate a pension fund of a state-managed private sector workers’ fund, says the new system will trim frauds and delays in processing member information. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Reaching Out
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 […]