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‘s Sangakkara bats for Asian supremacy in cricket
KARACHI, July 5, 2008 (AFP) – Sri Lanka’s wicket-keeper batsman Kumar Sangakkara Saturday said Asia leads international cricket as the financial hub and custodian of the game which has pioneered unprecedented globalisation.“Asia have produced teams that have impacted the game in profound ways and cricketers who have individually shaped the way cricket is played and […]
Sri Lanka exchange rate policy under fire
July 05, 2008 (LBO) – Sri Lanka’s central bank which has debauched the rupee since its creation in 1950, has made a strong case for a stable national currency, but a top industrialist warned that high inflation was making the policy backfire on industry. Sri Lanka lost exchange rate stability shortly after 1950, when a […]
Sri Lanka DIMO price drops after share buy-back
July 04, 2008 (LBO) – The share price of Diesel and Motor Engineering (DIMO) dropped below 100 rupees Friday amidst investor concern that last month’s share buyback at 160 rupees would push up debt and trim profits. The overall market ended lower, continuing the weak trend as investors believe high inflation and interest rates could […]
Bank Rating
July 4, 2008 (LBO) – Fitch Sri Lanka has today confirmed the BB+(lka) rating of Union Bank of Colombo (UB) saying its asset quality has improved, but more capital was needed to meet minimum requirements. UB’s existing loan book has concentrations to the export-import and wholesale trader segments through overdraft facilities which were 39 percent […]
Re-pricing
July 04, 2008 (LBO) – Sri Lanka’s Sampath Bank is re-thinking the price of a rights issue and a share placement after market prices fell below the issue price, the bank said in a stock exchange filing.Sampath shares traded at 97 rupees on Friday. Sampath said the market price of the share dropped below the […]
” to oil surge: ADB
TOKYO, July 4, 2008 (AFP) – Asia’s emerging economies are “highly vulnerable” to skyrocketing oil prices, making inflation the number one concern for policymakers, the head of the Asian Development Bank said Friday.But emerging Asia looks set to avoid a sharp slowdown given strong economic growth in China and should easily avoid a repeat of […]
Biofuels behind food price hikes: leaked World Bank report
LONDON, July 4, 2008 (AFP) – Biofuels have caused world food prices to increase by 75 percent, according to the findings of an unpublished World Bank report published in The Guardian newspaper on Friday.The daily said the report was finished in April but was not published to avoid embarrassing the US government, which has claimed […]
High hopes for Asia at Beijing
SINGAPORE, July 4, 2008 (AFP) – Asian nations will without doubt bag plenty of medals at the Olympics but what is blindingly clear is that host China will outdo all its regional competitors.At the 2004 Games in Athens 15 Olympic Council of Asia (OCA) nations fought their way onto the medal table. A rampant China […]
Expelled Sri Lanka ex-warlord returns from Britain
July 3, 2008 (AFP) – A former Sri Lankan Tamil guerrilla leader expelled from Britain returned Thursday after serving a brief jail term on immigration charges, officials said. Vinayagamoorthy Muralitharan, also known as Colonel Karuna and who was jailed in London in January, was escorted back to Sri Lanka, airport officials said. Karuna, who led […]
Sri Lankan share prices sink again
July 03, 2008 (LBO) – Sri Lankan shares sank again Thursday with large trades in John Keells Holdings boosting turnover, brokers said.The All Share Price Index fell 0.55 percent (13.29 points) to end at 2,420.06 while the more liquid Milanka was down 1.11 percent (32.59 points) to 2,913.77. Turnover was 530 million rupees. “Foreigners were […]
Bond Deal
July 3, 2008 (LBO) – Sri Lanka’s Peoples’ Leasing Company (PLC) is selling a billion rupee 5-year bond to extend the maturity of its short term borrowings, Fitch Ratings which gave the security a ‘BBB+(lka)’ rating said. The leasing company, which is rated ‘A-(lka)’ with a ‘stable’ outlook, is planning to list the subordinated, unsecured […]
Bank Rating
July 3, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sampath Bank’s local long-term rating of ‘AA-(lka)’ with a stable outlook. It also confirmed the ratings on the bank’s outstanding unsecured debentures of 3.3 billion rupees at ‘A+(lka)’, and the bank’s Individual and Support ratings at ‘D/E’ and ‘5’. “The ratings reflect Sampath Bank’s strong […]