Category: Industry
Be Careful
Nov 08, 2007 (LBO) – Sri Lanka’s shaky budgets and complementary monetary policy are the biggest dangers to the banking system, an international rating agency has warned. Fitch Ratings says the ongoing internal war and even the December 2004 tsunami had little direct impact on the stability of Sri Lanka’s banking system. “However, the state’s […]
Sri Lanka Australia Tests open with global media locked out
BRISBANE, Australia, Nov 8, 2007 (AFP) – Australia’s Test cricket season opened Thursday with international fans unable to follow the action after organisers locked global news agencies out of the ground in Brisbane.The restriction was lifted 90 minutes before the tournament kicked off. The row also left Australia’s largest media organisation, News Limited, unable to […]
Heavy fighting in Sri Lanka leaves scores killed and wounded
Nov 7, 2007 (AFP) – Heavy fighting between Sri Lankan troops and Tamil Tiger rebels Wednesday left a large number killed or wounded, both sides said. The government and rebels had agreed to a Norwegian-brokered truce in 2002, but the peace process began to unravel in December 2005. The Liberation Tigers of Tamil Eelam (LTTE) […]
Sri Lanka test news coverage threatened over Cricket Australia restrictions
SYDNEY, Nov 6, 2007 (AFP) – Global news agencies said Tuesday they may be forced to cancel coverage of the first Australia-Sri Lanka cricket Test after organisers imposed unprecedented restrictions on the media. “The broader global debate is probably not going to be resolved for several years, as all parties increasingly understand what this means […]
Agri Tour
Nov 06, 2007 (LBO) – Sri Lanka’s Hatton National Bank is sending local farmers to India to study agricultural practices and learn new techniques, officials said. The farmers, who are customers of 12 HNB branches hail from agricultural centres like Dambulla, Trincomalee, Vavuniya, Tissamaharama, Gampaha and Nuwara Eliya. “This is to encourage farmers to be […]
Central Rating
Nov 06, 2007 (LBO) – Fitch Ratings Lanka has confirmed Central Finance Company’s (CF) long-term rating of ‘A+ (lka)’ with a ‘stable’ outlook. CF has a 20 percent interest in Nations Trust Bank (‘A (lka)’), a licensed commercial bank. “CF’s rating factors in its strong financial profile and its dominant market position as the second-largest […]
Top Dog
SHANGHAI, Nov 5, 2007 (AFP) – PetroChina became the world’s largest company by market value Monday, worth nearly one trillion dollars — double the value of ExxonMobil — as its shares surged in their debut on the Chinese mainland. The milestone underlined the ongoing boom on Chinese markets, which have been flooded with ready cash […]
Open Sesame
Nov 05, 2007 (LBO) – Sri Lanka’s teleco operators are pushing the industry regulator to remove technology limits and allow networks to share resources as part of a broad plan to liberalise the market further, officials said.The wish list — prepared during an industry pow-wow with the telecom watchdog last week — also includes prickly […]
Under Pressure
Nov 05, 2007 (LBO) – Fitch Ratings says Sri Lanka’s finance companies are coming under stress from the current high interest rates and inflation, which increases risks especially in smaller finance companies. Updated/corrected, bailout numbers While most finance companies are well capitalized compared to their risk assets, 12 smaller firms out of 31 do not […]
High Growth
Nov 05, 2007 (LBO) – Lanka Orix Leasing Company (LOLC) has grown 40.3 percent in the year to March 31 2007 compared to the rest of the industry which grew at 16 percent, Fitch Ratings said, confirming the firm’s ‘A(lka)’ rating. However Fitch said bad loans were rising and asked the leasing firm to “aggressively […]
Sri Lanka beaten by Queensland in tour match
BRISBANE, Australia, Nov 4, 2007 (AFP) – Queensland staved off a Sri Lankan pace onslaught to hold on for a four-wicket victory on the final day of their three-day tour match at Allan Border Field here Sunday.In-form Noffke had match figures of 8-57 while Test squad member Mitchell Johnson had a quiet game ahead of […]
Sri Lanka, Australia announce Warne-Muralitharan trophy
SYDNEY, Nov 3, 2007 (AFP) – Australia and Sri Lanka will play for the Warne-Muralitharan Trophy this month in honour of the two leading wicket-takers in Test history, Cricket Australia and Sri Lanka Cricket announced Saturday.Shane Warne and Muttiah Muralitharan, who have taken more than 1400 Test wickets between them, have lent their names to […]