Category:
Wheels Trend
Mar 23, 2012 (LBO) – Sri Lanka’s car imports have begun to taper off after surging following tax cuts with sales of Malaysia’s Perodua rising rapidly in a market where Japanese and Indian brands hold sway. In brand new car imports, India’s Maruti/ Suzuki remained the most popular by far with registrations rising from 97 […]
Timely Payment
Mar 23, 2012 (LBO) – Fitch Ratings Lanka has given People’s Leasing Company’s proposed commercial paper issue of up to a billion rupees an ‘F1(lka)’ National Short-term rating. PLC itself is rated ‘A+(lka)’ with a stable outlook, a statement said. “The proposed issuance will be utilised to finance PLC’s working capital / lending.” Of the […]
Finance Rating
Mar 23, 2012 (LBO) – RAM Ratings Lanka has confirmed Bartleet Finance Limited’s long- and short-term financial institution ratings at BBB- and P3 but revised the outlook to negative from stable, a statement said. At the same time, the long-term issue rating of BFL’s 204 million rupee unsubordinated unsecured redeemable debenture has also been confirmed […]
Business Degree
Mar 23, 2012 (LBO) – Sri Lanka is to set up a school of business management with degree awarding status under the state-run National Institute of Business Management. “The National School of Business Management has been incorporated to conduct Degree Courses under the supervision of the National Institute of Business Management. ” The school will […]
Iran seeks to import tea, wheat, rice from India
NEW DELHI, Mar 23 (Asia Pulse) – Sanction-struck Iran is looking to import four major farm commodities — wheat, rice, sugar and tea — from India, an export body FIEO said. “They (Iranian traders) want to import four major agri commodities from India. They are wheat, sugar, tea and rice,” Federation of Indian Export Organisations […]
Indian banks should open 25% branches in unbanked areas: RBI
JAMMU, March 23 (Asia Pulse) – The Reserve Bank of India asked banks to comply with the prescription of opening at least 25 per cent of new branches in a year in unbanked areas with a population less than 10,000. “At RBI we have said at least 25 per cent of all the branches opened […]
Sri Lanka Mackwoods Energy share issue oversubscribed
Mar 23, 2012 (LBO) – The Initial Public Offering of Sri Lanka’s Mackwoods Energy Limited was oversubscribed on the opening day Thursday, registrars to the issue S S P Corporate Services said in a stock exchange filing. “The funds are expected to be used to finance the working capital requirements and part finance the company’s […]
Sri Lanka rupee weaker
Mar 22, 2012 (LBO) – Sri Lanka’s rupee opened firmer against the US dollar Thursday but weakened in mid-morning trade with no sign of intervention by state banks to support the currency, dealers said. It said in a statement more inflows of dollars were expected in the weeks ahead as several commercial banks raise funds […]
Policy Position
Mar 22, 2012 (LBO) – Central bank ‘moralsuasion’ on commercial banks in Sri Lanka may have to be strengthened if current credit demand prevails, Treasury secretary P B Jayasundera said. He said the monetary authorities will wait and watch how the economy responds to recent interest rate hikes and curbs on lending. The economy is […]
Finance Outlook
Mar 22, 2012 (LBO) – Sri Lanka’s licensed finance companies have revived but asset quality is expected to be pressured with rising interest rates and inflationary pressures, RAM Ratings said in a report on the sector. But in future, RAM Ratings said the industry’s asset quality is expected to be pressured, testing the strength of […]
Sri Lanka February tea output falls
Mar 22, 2012 (LBO) – Tea production in Sri Lanka in February 2012 fell compared with last year with much of the fall coming from low grown types harvested by small farmers, according to the Tea Board. Low grown teas are produced mainly by small holders who have been hit hard by lower demand from […]
Global financial crisis impacted India significantly: RBI
NEW DELHI, March 22 (Asia Pulse) – The Reserve Bank of India said the global financial crisis has impacted India significantly despite its sound banking system and negligible exposure of banks to sub-prime assets. “The global financial crisis impacted India significantly, notwithstanding the sound banking system, negligible exposure of banks to sub-prime assets and relatively […]