Wednesday, 30 December, 2009
 
 
OTHER STORIES
 

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Private banks slow to adjust rates

By Azhar Razak

Although Sri Lanka’s state banks have complied with the recent instruction given by President Mahinda Rajapaksa and reduced interest rates by around 7%, other private commercial banks which were also expected to follow suit are however a little sluggish to take a drastic rate cut, a senior official from Central Bank said.
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For New Year or Election?

According to shop keepers, people are seen keener on buying fire crackers this year than last year. “We have good business these days” was the response our shutterbug Rukshan Abeywansha received when he inquired about their business these days. However, the local fire cracker manufacturers have been complaining about the flooding of Chinese fire crackers in the local market, which negatively impacts the livelihood of local fire cracker manufacturers

Fonseka will only debate with President – Anura

By Gagani Weerakoon

Opposition Presidential candidate Sarath Fonseka is ready to face a public debate on his involvement in an alleged corrupt arms deal,

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LIOC to sell below world prices?

Following in the wake of state-run fuel retailer – the Ceylon Petroleum Corporation (CPC), its competitor Lanka IOC PLC (LIOC) said yesterday that it too would lower prices and be compelled to sell lower than world fuel prices.

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Unforgettable star-studded night at Galadari

As the curtain goes down on year 2009, the Galadari Hotel will be setting the scene for Colombo’s most illustrious night of entertainment and celebrations… Join us for an exhilarating atmosphere of dazzling decorations, culinary delights and live entertainment.
Our renowned chefs will be working their magic behind the scenes, preparing a sumptuous dinner. The red carpet will be laid; the stage set… and when the clock strikes 12, you will be part of the most magnificent New Year Celebration party.


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Fitch affirms Sri Lanka’s Pan Asia Bank’s National Long-term Rating at ‘BBB-(lka)’

Fitch Ratings Lanka has affirmed Pan Asia Banking Corporation PLC’s (PABC) National Long-term rating at ‘BBB-(lka)’. The agency has also affirmed PABC’s proposed subordinated debenture issue of up to LKR150m (which was to take place in 2008) at ‘BB+(lka)’, and simultaneously withdrawn the rating. The Outlook is Stable.
PABC’s rating is constrained by its weak asset quality and consequently high net NPLs/equity ratio. Fitch further notes that although capital adequacy ratios of the bank remain strong, PABC has yet to meet the LKR2.5bn minimum capital requirement imposed on all licensed commercial banks by the regulator-the deadline for which has now been extended to June 2010.



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