Category:
Asset Quality
Oct 26, 2010 (LBO) – Sri Lanka’s Sampath Bank September 2010 net profit rose 47 percent to 789 million rupees from a year ago as it reversed provisioning for bad loans, a stock exchange filing said. The bank’s interest income fell 13.1 percent to 4.7 billion rupees while interest expenses fell at a faster 23. […]
Implied Support
Oct 26, 2010 (LBO) – Sri Lanka’s Seylan Bank was assigned a ‘BBB+(lka)’ National Long-term rating for its proposed senior unsecured redeemable debentures of up to two billion rupees, Fitch Ratings Lanka said. The rating agency also confirmed the bank’s National Long-term rating at ‘BBB+(lka)’ with a stable outlook while also confirming the bank’s 3.4 […]
Bank Numbers
Oct 26, 2010 (LBO) – Sri Lanka’s Pan Asia Bank net profit for the September 2010 quarter rose 87 percent to 129 million rupees from a year ago as interest costs fell and non-interest income rose, a stock exchange filing said. Interest income fell two percent in the September 2010 quarter to 776 million rupees […]
Mercy Plea
October 26, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse has appealed for the king of Saudi Arabia to spare the life of a Sri Lankan housemaid convicted of killing an infant, his office said Tuesday. Rizana Nafeek, who was working in the Middle Eastern country, was found guilty of killing a four-month-old baby boy […]
Arbitration
Oct 26, 2010 (LBO) – Arbitration proceedings of disputed oil derivative contracts between Sri Lanka’s state-run run Ceylon Petroleum Corporation (CPC) and Citibank will start in Singapore on November 01, a top official said. Sri Lanka has disputed oil derivative contracts sold to the CPC by Citibank, Standard Chartered, Deutsche Bank and two Sri Lankan […]
Indian arms race offers prizes for presidential visits
NEW DELHI, October 26, 2010 (AFP) – Arms-hungry India is expected to hand out a raft of military deals worth billions of dollars during an upcoming rush of presidential visits from the United States, France and Russia. The biggest-ticket item is the scheduled signing of an estimated 30 billion-dollar stealth fighter co-production agreement when Russian […]
Sri Lanka lifts price controls on rice
Oct 26, 2010 (LBO) – Sri Lanka has lifted price controls on rice originally imposed to prevent a sharp price spike caused by low harvests and state controls that prevented imports from coming in to stabilize prices. The government’s information office said the consumer affairs authority has lifted a 70 rupee per kilogram price cap […]
Singapore, Australian bourses to form new trading powerhouse
SINGAPORE, October 25, 2010 (AFP) – The Singapore and Australian stock exchanges on Monday announced a multi-billion dollar merger that will create one of the world’s largest and most diversified financial trading hubs. Singapore’s SGX offered 8.2 billion US dollars to take over Australia’s ASX to form ASX-SGX Ltd, which will be the world’s fifth […]
Sri Lanka stocks close down 0.79-pct
Oct 25, 2010 (LBO) – Sri Lanka stocks closed down Monday, dragged down by index heavy stocks like John Keells Holdings (JKH) and Aitken Spence, brokers said. Sampth bank closed at 295.10 rupees, up 21.50 (7.86 percent) while HNB, closed at 407.00 rupees, up 6.70 (1.67 percent). There were 53 gainers and 148 losers. The […]
Sound Profile
Oct 25, 2010 (LBO) – Fitch Ratings Lanka has confirmed the national long-term rating of Sri Lanka’s Hatton National Bank (HNB) at ‘AA-(lka)’ and its subordinated debentures at ‘A+(lka)’ with a stable outlook, a statement said. “The ratings reflect HNB’s sound financial profile supported by good profitability, asset quality and capitalisation among local commercial banks,” […]
Sri Lanka Aitken Spence proposes city hotel on state land: minister
Oct 25, 2010 (LBO) – Sri Lanka’s listed Aitken Spence group has proposed to build a luxury city hotel on excess land owned by a state-run firm in the island’s capital Colombo, fisheries minister Rajitha Senaratna said. The land belongs to Ceynor Foundation, a state-run boat builder. The firm has offices in Colombo’s D R […]
Sri Lanka state backing for Shangi-La hotel project: report
Oct 25, 2010 (LBO) – Land in a military sports ground in Sri Lanka’s capital Colombo would be given to Hong Kong-based Shangri-La group to build a 75 million US dollar luxury hotel and apartment complex, a media report said. Sri Lanka’s The Sunday Times newspaper said the cabinet of ministers had approved the proposal […]