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‘s finance companies pushed into riskier business: ex-banker
Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said. Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers […]
Sri Lanka stocks close down 0.5-pct
Feb 10, 2014 (LBO) – Sri Lanka shares end 0.51 percent down Monday with tobacco and telco stocks losing ground amid net foreign selling, brokers said. The Colombo benchmark All Share Price Index closed 31.45 points lower at 6,110.27, down 0.51 percent. The S&P SL20 closed 14.87 points lower at 3,354.43, down 0.44 percent. Turnover […]
Risky Business
Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said.Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers who […]
Merger Moves
Feb 10, 2014 (LBO) – Sri Lanka’s banks could benefit from a regulatory move for consolidation, despite heightened short term risks, Standard & Poor’s, a rating agency said. Sri Lanka’s central bank is pushing banks and finance companies to merge, to reduce the total number in operation and make remaining ones bigger. “We believe Sri […]
Asia-Pacific needs nearly 13,000 new planes by 2032: Boeing
SINGAPORE, February 10, 2014 (AFP) – The Asia-Pacific will require almost 13,000 new airplanes worth .9 trillion over the next 20 years, Boeing said Monday, as booming wealth in the region fuels demand for air travel.Ahead of the Singapore Airshow, the US plane maker said 12,820 extra aircraft would be needed by 2032 and that […]
Sri Lanka exports up 6.3-pct, imports down 6.2-pct in 2013
Feb 10, 2014 (LBO) – Sri Lanka’s exports rose 6.2 percent to 10.38 billion US dollars in 2013 from a year earlier and imports fell 6.2 percent to 17.99 billion US dollars, the Central Bank said.In December 2013 exports rose 13.2 percent from a year earlier to 986.1 million US dollars with industrial products up […]
What to do about incompetent state enterprises in Sri Lanka
Feb 10, 2014 (LBO) – SriLankan Airlines is expected to lose 25 billion rupees in 2013-14. In the previous year, it lost 22 billion rupees. This annual loss by one state-owned enterprise is more than double the amount doled out by the government in one year as Samurdhi payments. The Lakvijaya coal-fired power station in […]
‘s roads
NEW DELHI, February 8, 2014 (AFP) – India’s Maruti Suzuki said Saturday it had halted production of its iconic first small car, the Maruti 800, which revolutionised road transport for millions of Indians.The boxy, four-seater hatchback — the first car ever owned by many Indian middle class families — first rolled off the production line […]
Pope agrees to Sri Lanka trip, honours Korean martyrs
VATICAN CITY, February 8, 2014 (AFP) – Pope Francis on Saturday turned his focus to Asia, announcing a possible trip to Sri Lanka and approving the beatification of 124 Korean martyrs. Asia has repeatedly been tipped as a destination for possible papal trips as Francis’s predecessor Benedict XVI did not travel there during his eight-year […]
Capital Injection
Feb 09, 2014 (LBO) – Sri Lanka’s Nation Lanka Finance Plc, a registered finance company is getting a 700 million rupee equity investment which will boost its capital over a few weeks, officials said.Financing by GEM was arranged by Yenom (Pvt) Ltd, a company operated by Kosala Heengama and Gregory Scott Newsome, who were connected […]
Cricket: ICC passes controversial revamp despite protests
SINGAPORE, February 8, 2014 (AFP) – Cricket’s world body Saturday passed a wide-ranging and controversial shake-up of its governance and structure despite strident protests that it gives too much power to the “Big Three” of India, England and Australia.The dominant trio seemed to be the big winners after the proposals were approved by the necessary […]
Cricket: ICC board discusses controversial revamp
SINGAPORE, February 8, 2014 (AFP) – The International Cricket Council (ICC) board met to discuss controversial proposals to hand wide-ranging powers to the “Big Three” of India, England and Australia on Saturday, following strong opposition from some members.The full board went into talks at a luxury hotel in Singapore at about 11:00 am (0300 GMT) […]